OKLAHOMA CITY, Jan. 26, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR) today announced that that it filed two registration statements on January 25, 2012 in accordance with registration rights agreements made in connection with its issuance of Senior Secured Notes due 2017. The registration statement on Form S-4 relates to an exchange offer of registered Senior Secured Notes due 2017 for its unregistered Senior Secured Notes due 2017.
The registration statement on Form S-3 was filed on behalf of certain stockholders who received 3,877,254 shares of the company's common stock as consideration for their backstop of $100.0 million of new Senior Secured Notes due 2017 offered for cash. The company will not receive any proceeds from the sale of these shares by the stockholders named therein. The stockholders may resell these shares in their sole discretion from time to time in the manners set forth in the prospectus.
This press release is being made by the company to address certain investor questions made in connection with these SEC filings and to correct certain erroneous information in third party reports.
Registration statements relating to these securities have been filed with the Securities and Exchange Commission but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the applicable registration statement becomes effective.
When a final written prospectus becomes available, such written prospectus for each of the offerings described above may be obtained from GMX Resources Inc., 9400 N. Broadway, Suite 600, Oklahoma City, OK 73114, Attn: Manager, Investor Relations, or as otherwise set forth in such final prospectuses.
GMXR is a resource play rich E&P company. Oil shale resources are located in the Williston Basin, North Dakota & Montana targeting the Bakken Petroleum System and in the DJ Basin, Wyoming targeting the Niobrara Petroleum System; 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, with infrastructure in place and mostly held by production. We believe these oil and natural gas resource plays provide a substantial inventory of operated, high probability, repeatable, organic growth opportunities. The Company's multiple basin strategy provides flexibility to allocate capital to achieve the highest risk adjusted rate of return, with both oil and natural gas resources throughout our portfolio.
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