GMX shareholders OK split
GMX Resources Inc. shareholders on Thursday approved a proposal to allow the board to proceed with a reverse stock split. The board will decide the details of the split by the end of January. GMX will combine five to 13 outstanding shares into one share. The company has said the split is meant to give GMX's board flexibility to act in the best interests of its shareholders.
Gulfport completes test of well
Gulfport Energy Corp. produced more than 28 million cubic feet of natural gas, 300 barrels of condensate and 2,900 barrels of liquids during a recent test of a well in Ohio's Utica Shale, the company announced. The test occurred at the end of a 60-day resting period. Gulfport also announced operations are under way at a gas processing plant developed by MarkWest Utica EMG LLC. “Our results to date continue to validate our high expectations for the play and, with the commencement of operations at MarkWest's Cadiz Complex, we look forward to maximizing the play's potential,” Gulfport CEO Jim Palm said.
Equity firm acquires WellMark
The WellMark Co. LLC has been acquired by a Denver-based private equity firm. Platte River Equity did not disclose the price it paid for the Oklahoma City manufacturer, which makes liquid and pneumatic flow controls and valves used in the oil and natural gas and petrochemical industries. “We are pleased about WellMark's new partnership with Platte River Equity,” WellMark co-founder Dick Pfieffer said. “The additional capital along with the significant operating and financial experience of the Platte River team creates exciting opportunities for WellMark as we remain focused on building quality products and maintaining the highest level of service for our customers.”