updated 3/28/2011 10:46:20 PM ET 2011-03-29T02:46:20

OKLAHOMA CITY, March 28, 2011 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (NYSE:GMXR) (NYSE:GMXR-P) ("GMXR" or the "Company") today announced that the Company sold 247,250 shares of its 9.25% Series B Cumulative Preferred Stock, par value $0.001 per share, liquidation preference $25.00 ("Series B Preferred Stock") at a price of $24.00 in a registered sale of shares under the Company's at-the-market program pursuant to agreement with McNicoll, Lewis & Vlak LLC ("MLV").   The Company expects net proceeds of approximately $5.6 million from the sale. 

The offering is being made by means of the prospectus filed with the U.S. Securities and Exchange Commission (the "SEC") as part of the Company's registration statement. A copy of the prospectus for the offering may be obtained from MLV located at 420 Lexington Avenue, Suite 628, New York, NY 10170, or by contacting Randy Billhardt at (212) 542-5882 or by email to rbillhardt@mlvco.com. The Company's registration statement and prospectus are also available on the SEC website at www.sec.gov .

This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of preferred stock or any other securities of the Company, nor shall there be any sale of the shares of preferred stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Statements in this news release, including but not limited to those relating to the proposed offering of shares of preferred stock and other statements that are not historical facts are forward-looking statements that are based on current expectations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct.

GMXR is an 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 and natural gas resources 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.

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

CONTACT: Alan Van Horn
         Manager, Investor Relations
         405.254.5839

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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