GMX Resources Inc. has successfully drilled and completed its fifth operated horizontal Bakken well, the Akovenko 24-34-1H, 66% working interest, located in Sections 3&10 Township 145N Range 95W in McKenzie County, North Dakota. The Akovenko 24-34-1H was drilled to a measured depth of 19,927' with a lateral length of 8,305'. It was completed as a 31 stage frac Middle Bakken producer achieving a peak rate of 1,483 boepd @ 1,300 psi flowing casing pressure.
The Akovenko 24-34-1H follows last month's announcement of the Lange 11-30-1H which had a peak flow rate of 2,549 boepd and confirms our ability to successfully develop our oil resource. With completed well costs in the $8.0 to $8.5 million dollar range we are estimating that rates of return in our focus areas of McKenzie and Billings Counties to be 50-60%.