Oklahoma City-based GMX Resources Inc. has hired Global Hunter Securities to help it sell a portion of the company’s Cotton Valley Sand liquids-rich natural gas properties in East Texas. A transaction is expected during the third quarter, GMX said. The company’s natural gas resources are in the East Texas Basin, in the Haynesville/Bossier shale and the Cotton Valley Sand Formation, where the majority of its acreage is contiguous, with infrastructure in place and substantially all held by production, GMX said. In early 2011 GMX branched out from its Haynesville/Bossier properties and acquired about 67,724 net acres within the core horizontal oil development areas of the Bakken/Sanish-Three Forks Formation in the Williston Basin and the Niobrara Formation in the Denver-Julesburg Basin (see Shale Daily, Feb. 2, 2011).
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Magnum Hunter Grows Reserves, Oil/Liquids Exposure
Magnum Hunter Resources Corp. posted a 51% increase in estimated total proved reserves as of June 30 compared to the year-ago period, the shale-focused producer said.
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Dynegy Inc. announced Monday is has named a new interim CEO, E. Hunter Harrison, the former CEO at Canadian National Railway Co. and a current independent Dynegy director. He replaces another independent director, David Biegler, who was serving as the independent power provider’s CEO on an interim basis since Bruce Williamson resigned (see Daily GPI, Feb. 23). Biegler will continue to serve on the Dynegy board along with other independent directors Patricia Hammick, Victor Grijalva, Howard Sheppard and William Trubeck. As announced in February, these directors are not standing for reelection at the company’s annual shareholders meeting in June15. Hammick will continue as chairman of the board. A search continues by the board for a permanent president/CEO of the company. Harrison, 66, had a long career as a CEO and board member of several companies in the U.S. and Canadian companies. Four new directors joined Dynegy’s board in March (see Daily GPI, March 10) — selected by one of the company’s two major shareholders, billionaire Carl Icahn or Seneca Capital — and Harrison has ties to these new board members, according to Biegler who characterized the new interim CEO’s selection as “an important step as we execute the transition to new leadership.”
