updated 3/14/2011 6:28:47 AM ET 2011-03-14T10:28:47

OKLAHOMA CITY, March 14, 2011 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (NYSE:GMXR), announces today three new members have been added to the Company's land department. The new land department staff will focus on development of our acreage in the Bakken, Niobrara and Haynesville/Bossier core areas.   The Company has also opened a Denver, CO regional office which will provide support for the Bakken and Niobrara operations. 

Buddy Wade joined the Company in 2010 as Manager of Acquisitions.  Most recently he was Manager/Senior A&D Landman/Mineral Buyer for Chesapeake Energy.   Buddy was an original member of MC Mineral Company, Inc., Chesapeake's wholly owned mineral buying subsidiary and was responsible for the management of large scale acquisitions of oil and gas mineral interests in multi-state regions.  He was Vice President, Land for William H. Lackey Oil and Gas /Saturn Land Company in Shawnee, Oklahoma for ten years and was Land Manager for Phoenix Acquisitions in Shawnee. 

Buddy holds a BBA in Petroleum Land Management from the University of Texas, Austin.  He is a Certified Professional Landman and is active in the American Association of Professional Landmen and the Oklahoma City Association of Professional Landmen.    Buddy will be located in GMXR Corporate offices in Oklahoma City.

Gregory (Greg) Ryan has been named Land Manager for the Bakken.   Most recently he was Land Negotiator Advisor DJ Basin for Noble Energy.    His previous experience includes roles as Sr. VP Land with Atlas Energy, Sr. Landman and Group Leader with Vantage Energy, EnCana Oil and Gas, Williams Production Co., Marathon Oil, JN Oil and Gas and Exxon USA.     

Greg holds a BBA in Petroleum Land Management from the University of Oklahoma.   He is Certified Professional Landman and is active in the American Association of Professional Landmen including the Denver and Montana Associations where he served on Executive Board from 1997-2000. 

Dennis J. Gustafson has been named Land Manager for the Niobrara.   Most recently he was Land Manager – Rockies, DJ, Powder River with Petro-Canada Resources (USA).    He also held the title of Regional Landman – Rockies- DJ, Powder River for Prima Oil and Gas Co.    Dennis also served Land Manager roles with Legacy Energy, Foreland Corporation and Mobile Oil Corp.   

Dennis holds a B.S. Business Administration from Iowa State University.   He is an active member of the Rocky Mountain Mineral Law Foundation and is an active member of the American Association of Professional Landmen, Wyoming Association of Landmen and the Petroleum Association of Wyoming. 

The Company has opened a regional office in Denver, CO that should be fully functional by the end of March and will serve as the working office for both our Bakken and Niobrara operations.  

Gary Jackson, Vice President of Land said, "The Company is very pleased to have three such highly qualified individuals join our Land Department. Their vast experience adds to and compliments the existing experience of our growing Land Department. Opening a Denver, CO office gives us a regional base headquarters and will help us facilitate the needed land management work that will enable the Company to begin executing on our two oil resource plays."

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), 136 operated locations (10,000 ft. laterals; est. 45% working interest) giving the Company a 7 year inventory using a two rig development program. The Niobrara properties contain 133 potential operated units (640 acre), 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 259 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; 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.

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 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. 

CONTACT: Alan Van Horn
         Manager, Investor Relations

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com