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Oklahoma business briefs for Nov. 9

Oklahoma business briefs for Nov. 9.
Published: November 9, 2012
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SYNTROLEUM CORP.

— Syntroleum Corp. on Thursday reported a net loss of $1 million, or a penny a share, for the third quarter. The synthetic fuel-maker lost $4.6 million, or 5 cents a share, for the same period of last year. Dynamic Fuels, Syntroleum's joint venture with Tyson Foods, lost $5.7 million for the nine months ending June 30, after losing $12.3 million in the same period of the previous year. The Dynamic Fuels plant produced 26.5 million gallons of fuels over the past nine months.

GMX RESOURCES INC.

GMX Resources Inc. on Wednesday reported a net loss of $60 million, or 82 cents a share in the most recent quarter. The Oklahoma City-based oil and natural gas company lost $68.9 million, or $1.21 a share, in the same period of 2011. The company's total production for the quarter was nearly 487,000 barrels of oil equivalent, with oil production up 185 percent over the same period of last year to more than 53,000 barrels. “The third quarter oil production should represent the trough for the Company,” President Michael J. Rohleder said. “We are projected to grow production to 75,000 Bbls (barrels) in the fourth quarter, and on just a one-rig program we expect to grow Bakken production to 2,000 BOEPD (barrels of oil equivalent per day) by November 2013.”

From Staff Reports