OKLAHOMA CITY, June 9, 2011 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (NYSE:GMXR) today announces that the Company will pay a regular quarterly dividend of $0.578125 per share on June 30, 2011 to holders of record as of June 20, 2011 on the 3,176,734 outstanding shares of its 9.25% Series B Cumulative Preferred Stock.
GMXR is a resource play rich E&P company with development acreage in two oil shale resources in the Williston Basin (North Dakota / Montana) targeting the Bakken & Sanish-Three Forks and the DJ Basin (Wyoming), targeting the Niobrara Formation; both plays are 90% oil. Our natural gas resources are located in the East Texas Basin, in the Haynesville/Bossier gas shale and the Cotton Valley Sand Formation, where the majority of our acreage is contiguous and held by production. These oil and natural gas resources provide a robust inventory of operated, high probability, repeatable, organic growth opportunities for our company's growth. The Bakken properties contain 34 potential operated units (1,280 acre) and 136 operated locations (10,000 ft. laterals; est. 45-55% working interest), giving the Company an estimated seven-year inventory using a two-rig development program. The Niobrara properties contain 133 potential operated units (640 acre) and 532 operated locations (5,000 ft. laterals; est. 45% working interest), giving the Company a 5.5-year inventory using a two-rig development program. The Haynesville/Bossier and the Cotton Valley Sand locations include 253 net Haynesville/Bossier horizontal locations, and 100-250 net Cotton Valley Sand horizontal locations, representing an estimated 12 year inventory of development utilizing two continuous rigs. The Company believes multiple basins and both oil and natural gas resource choices will provide us flexibility to allocate capital to achieve the highest risk adjusted rate of return on our portfolio. Please visit www.gmxresources.com for more information on the Company.
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This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of planned wells, reserve estimates and values, statements regarding the quality of the Company's properties and potential reserve and production levels. These statements are based on certain assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes appropriate in the circumstances, including the assumption that there will be no material change in the operating environment for the Company's properties. Such statements are subject to a number of risks, including but not limited to the completion of announced acquisitions, commodity price risks, drilling and production risks, risks relating to the Company's ability to obtain financing for its planned activities, risks related to weather and unforeseen events, governmental regulatory risks and other risks, many of which are beyond the control of the Company. Reference is made to the Company's reports filed with the Securities and Exchange Commission for a more detailed disclosure of the risks. For all these reasons, actual results or developments may differ materially from those projected in the forward-looking statements.