"GMX RESOURCES INC. Announces Spudding of Eighth Bakken Well With Helmerich & Payne FlexRig 3" ($GMXR)

GMX RESOURCES INC announces today that,

"the Company has spud the Basaraba 24-35-1H located in Sections 26&35, Township 144N, Range 100W in Billings County, North Dakota. The Company has a 50% working interest in the Basaraba 24-35-1H which has a proposed total depth of 20,950' and a proposed total vertical depth of 11,221'. The well was spud with an H&P FlexRig 3(TM) #255."

It'd be better for them if they were announcing that they were drilling wells with high IRRs, rather than just drilling wells.