Energy Business Recap: Energy XXI Partner With Exxon, GMX Divests Assets
Water-well driller Layne Christensen Company (NASDAQ:LAYN) shares jump on Monday following positive remarks by Kian Ghazi at Hawkshaw Capital Management at the Value Investing Conference.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
Shares of Energy XXI (Bermuda) Limited (NASDAQ:EXXI) move higher on word of its first horizontal well having the highest oil rate ever produced in the West Delta 73 field since its discovery in 1962. The company has also purchased shallow-water Gulf of Mexico assets from Exxon Mobil Corporation (NYSE:XOM), and enters into a joint venture with the company to explore for oil and gas in the Gulf.
GMX Resources (NYSE:GMXR) will divest a section of its East Texas and Louisiana assets to an unnamed third party for $69 million. However, GMX will retain its entire Haynesville/Bossier natural gas resource base along with other locations within its East Texas core position.
Investing Insights: Gold Reaches New High for 2012.