updated 12/7/2010 4:17:07 PM ET 2010-12-07T21:17:07

OKLAHOMA CITY, Dec. 7, 2010 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR) ("GMXR" or the "Company") today announces that the Company will pay a regular quarterly dividend of $0.578125 per share on December 31, 2010 to holders of record as of December 21, 2010 on the 2,000,000 outstanding shares of its 9.25% Series B Cumulative Preferred Stock. (Visit www.gmxresources.com for more information on the Company) 

GMXR is a 'Pure Play', E&P Company with operations in East Texas focused on Haynesville/Bossier (H/B) Horizontal Shale and Cotton Valley Sand (CVS) development. The Company's 2010 production through September 30, 2010 is comprised of approximately 9% NGLs, 3% oil and 88% natural gas. The Company believes multiple resource layers across the Company's East Texas property base provide a robust inventory for high probability, repeatable, organic growth and contain 263 net H/B Hz undrilled locations and 1,092 net CVS un-drilled locations. A substantial portion of the Company's leased acreage is contiguous, and the Company utilizes existing infrastructure throughout this property base.

The GMX RESOURCES INC. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158

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 "Risk Factors" contained in the Company's reports on Form 10-K and Form 10-Q 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

          Alan Van Horn, Manager, Investor Relations
          (405) 254-5839

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