The MEditerranean Balloon EXperiment (MEBEX), conducted in August 99 from the middle–up stratosphere, was designed to assess the wind retrieval sensitivity of Global Navigation Satellite Systems Reflections (GNSSR) technology from high altitudes. Global Positioning System reflected signals (GPSR) collected at altitudes around 37 km with a dedicated receiver have been inverted to mean square slopes (MSS) of the sea surface and wind speeds. The theoretical tool to interpret the geophysical parameters was a bistatic model, which also depends on geometrical parameters. The results have been analyzed in terms of internal consistency, repeatability and geometry-dependent performance. In addition, wind velocities have been compared to independent measurements by QuikSCAT, TOPEX, ERS/RA and a Radio Sonde, with an agreement better than 2 m/s. A Numerical Weather Prediction Model (NWPM, the MM5 mesoscale forecast model) has also been used for comparison with varying results during the experiment. The conclusion of this study confirms the capability of high altitude GPSR/Delay-map receivers with low gain antennas to infer surface winds.