OKLAHOMA CITY, Sept. 23, 2010 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (NYSE:GMXR) (visit to view the most recent Company presentation and for more information on the Company) today announces that the Company's President, Michael J. Rohleder, will present at the Johnson Rice & Company Energy Conference at The Ritz-Carlton Hotel located at 921 Canal Street New Orleans, LA on Thursday, October 7, from 11:15 to 11:45 am. Joining Mr. Rohleder at the conference will be Vice President of Finance Mr. Harry Stahel, Jr. and Manager, Investor Relations Mr. Alan Van Horn. The Company plans to be available during the conference for one on one meetings with investors. A copy of the presentation will be available on the Company's website beginning Tuesday, October 5, 2010 at
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 has 355 Bcfe in proved reserves (YE2009). The Company has bought puts for 57% of its 2011 and 50% of its 2012 expected gas production with strike prices above $6.00 per MMBtu. The Company expects full year 2010 production growth of 28% over 2009. The 2010 production is comprised of approximately 9% NGLs, 3% oil and 88% natural gas. Multiple resource layers across the Company's East Texas property base provide a robust inventory for high probability, repeatable, organic growth and contain 268 net H/B Hz undrilled locations and 1,382 net CVS un-drilled locations. The leased acreage is very contiguous, and the Company utilizes existing infrastructure throughout this property base.
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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.
CONTACT: GMX RESOURCES INC. Alan Van Horn, Manager, Investor Relations (405) 254-5839