OKLAHOMA CITY, Dec. 14, 2010 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR) (NYSE:GMXR-PR) ("GMXR" or the "Company") today announced that the Company may sell shares of its 9.25% Series B Cumulative Preferred Stock, par value $0.001 per share, liquidation preference $25.00 ("Series B Preferred Stock"), in an aggregate amount not to exceed $62,712,500 (which amount shall also not exceed 3,000,000 shares) from time-to-time, pursuant to an at-the-market offering through McNicoll, Lewis & Vlak LLC ("MLV"). Shares of the Series B Preferred Stock are listed on the New York Stock Exchange under the symbol "GMXR PR".
The Company currently intends to use the net proceeds from the sale of the shares to repay a portion of the outstanding indebtedness under its revolving bank credit facility.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities 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. The offering is being made by means of the prospectus and the related prospectus supplement filed with the SEC as part of the Company's registration statement. When available, copies of the prospectus and the related prospectus supplement may be obtained from McNicoll, Lewis & Vlak LLC, Graybar Building, 420 Lexington Avenue, Suite 628, New York, NY 10170, Attn: Randy Billhardt at (212) 542-5882 or by email to firstname.lastname@example.org. The Company's registration statement, prospectus supplement and prospectus are also available n the SEC website 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's 2010 production through September 30, 2010 is comprised of approximately 9% NGLs, 3% oil and 88% natural gas. (Visit for more information on the Company)
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CONTACT: GMX RESOURCES INC. Alan Van Horn, Manager, Investor Relations (405) 254-5839