Wednesday, April 13, 2011

GMX RESOURCES INC. Announces Record First Quarter 2011 Production and Guidance for Second Quarter 2011; Plan to increase liquidity through asset sales and Joint Ventures

GMX RESOURCES INC., has reported hydrocarbon production of 6.0 Bcfe for the first quarter 2011, up 14% over the fourth quarter of 2010 and up 89% increase over the first quarter of 2010. The Company’s second quarter and full year 2011 guidance is 6.1 Bcfe with an expected range of 25.0-26.0 Bcfe, respectively, which represents an increase of 42% and 43%-49% in the second quarter and full year 2010.

GMX plan to deploy capital in high value opportunities. The company initiated Bakken and Niobrara acreage development plans by allocating capital across three basins to diversify commodity price and basin risk.

The company announced $168 million capital program, of which 24% is allocated for oil developments and projected 54% of its 2012 capital program for oil developments.

Recent JVs Increase Value of GMXR Acreage

The company announced JV between Marathon Oil & Marubeni Corp. values nearby acreage at ≈ $5,000/acre
JV between CHK and CNOOC values nearby acreage at over $4,750/acre

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