![]() ![]() The Company is a smaller operator with around 42,000 net acres in the Haynesville shale in the eastern Texas counties of Harrison, Marion and Panola. The purchase is to be made in $1.8 million in cash and up to 2.7 million shares of stock. In addition, this provides 342 additional horizontal drilling locations. The 67,724 net acres is includes 26,087 net acres in the Williston Basin, North Dakota and Montana targeting the Bakken/Sanish – Three Forks Formation and approximately 41,637 acres in the DJ Basin in Wyoming targeting the Niobrara Formation. GMX Resources ( GMXR) announced on January 28 that it would buy 67,724 net acres of horizontal oil resources within the core development areas of the Bakken / Sanish-Three Forks Formation in the Williston Basin (Bakken) and the Niobrara Formation in the Denver Julesburg (DJ) Basin. ![]() GMX Resources ( GMXR) and SandRidge ( SD) tipped their hats toward oil in the near-term by introducing themselves to significant oil plays. We think mixed oil and gas players in the deepwater, such as ATP Oil and Gas ( ATPG), are also likely to fare well, given that there remains plenty of commodity price upside from here. The best deals around include the lowest cost producer in Marcellus, Range Resources ( RRC), and Wyoming, Ultra Petroleum ( UPL). We think Exxon Mobil's ( XOM) purchase of XTO, in addition to the flurry of deals completed by Chesapeake ( CHK) has put a floor on valuations, going forward. We searched for exploration and production (E&P) companies with undervalued natural gas reserves. By Roger Choudhury and the Investment Underground editors ![]()
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