OKLAHOMA CITY, Feb. 14, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR) today announced that it filed a final prospectus with the Securities and Exchange Commission relating to a registration statement on Form S-3 that was previously declared effective on February 8, 2012. The prospectus relates to the previously announced resales of up to 3,877,254 shares of common stock by certain shareholders at their discretion from time to time and completes the necessary filings in accordance with a registration rights agreement made in connection with its issuance of Senior Secured Notes due 2017.
The registration statement on Form S-3 was filed on behalf of certain stockholders who received 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.
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 estimated to be 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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