OKLAHOMA CITY, Sept. 7, 2010 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (NYSE:GMXR) (visit www.gmxresources.com to view the most recent Company presentation and for more information on the Company) today announces that the Company will pay a regular quarterly dividend of $0.578125 per share on September 30, 2010 to holders of record as of September 20, 2010 on the 2,000,000 outstanding shares of its 9.25% Series B Cumulative Preferred Stock.
GMX Resources Inc. is a 'Pure Play' E & P Company with one of the most concentrated Haynesville/Bossier (H/B) Horizontal Shale Operations in East Texas. The Company has 355 Bcfe in proved reserves (YE2009). Of the total production guidance, approximately 4% is oil. Of the remaining 96%, 85% is natural gas and 11% is natural gas that is converted to natural gas liquids (NGLs). The Company's proved reserves are 81% operated and consist of 22 gross /21.46 net H/B producers, 324 gross / 186.9 net Cotton Valley Sand ("CVS") producers; and 47 net Travis Peak/Hosston Sands & Pettit producers. These multiple resource layers provide high probability and the potential for repeatable, organic growth and contain 270 net H/B Hz undrilled locations and 1,382 net CVS un-drilled locations.
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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 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.