DALLAS, Feb. 28, 2011 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring GMX Resources Inc. (NYSE:GMXR). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at:
GMX Resources Inc. (GMXR) is a pure play oil and natural gas exploration and production company with 442 billion of cubic feet equivalent (Bcfe) in proved reserves at September 30, 2010, and 2.7 trillion cubic feet equivalent (Tcfe) in reserve potential that are 94% natural gas. The Company's Helmerich & Payne (H&P) FlexRig 3 rigs are currently developing this contiguous gas resource play on the Sabine Uplift; Carthage, North Field, in Panola & Harrison County of East Texas. The Company currently focuses on developing the Haynesville/Bossier (H/B) resource through horizontal shale drilling. In addition to the Haynesville/Bossier development, GMXR has 325 gross/186.9 net Cotton Valley Sand (CVS) producers and 45 net Travis Peak Hosston Sands Pettit producers.
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In the report, the analyst notes:
"Shares of GMXR added $0.54, or 11.09%, to close Friday at $5.41. The stock traded with volume of 5.37 million shares, nearly five times the daily average of 1.14 million shares. The stock has so far reached a 52-week high of $10.69, its 52-week low being $3.98.
"GMXR late last month announced deals to acquire a total of 67,724 net acres of horizontal oil resources within the core development areas of the Bakken / Sanish-Three Forks Formation. CEO Ken L. Kenworthy Jr. said these combined transactions are transformational for GMXR, providing the Company with 342 additional horizontal drilling locations in the most actively developed oil resource play in the United States and one of the most promising emerging oil resource plays."
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