GMX RESOURCES INC. Announces Highlights of 2007 Annual Meeting
22 Maio 2007 - 6:45PM
PR Newswire (US)
OKLAHOMA CITY, May 22 /PRNewswire-FirstCall/ -- GMX RESOURCES INC.
(NASDAQ:GMXR) (visit http://www.gmxresources.com/ to view the most
recent Company presentation and for more information on the
Company) today announces that approximately 95% of all outstanding
shares were represented at our 2007 Annual Shareholders Meeting,
held in Oklahoma City, OK today. Some highlights of the meeting are
as follows: -- The existing five directors were re-elected. -- The
shareholders ratified the selection of existing Independent
Registered Accounting Firm as auditors for 2007. -- The amendment
to the Company's Stock Option Plan to increase the shares available
for grant from 550,000 to 850,000 shares was approved. Management
of the Company reported the following plans and developments: --
GMXR has planned six 20 acre pilot wells for 2007. -- GMXR is
planning 2 horizontal Bossier Shale pilot wells for 2H07. -- GMXR
currently operates 62% of its production, currently 23mmcfepd. --
The borrowing base under our credit facility with our current
lenders was increased by $12MM to $62MM, effective on May 7, 2007.
-- Effective May 17, 2007, the Company's common stock shares,
ticker symbol, GMXR, and the Company's Series B Preferred shares,
ticker symbol, GMXRP, began trading on The NASDAQ Global Select
Market. The Company's shares had been trading on the NASDAQ Global
Market. GMX RESOURCES INC. is a rapidly growing, E & P company
with high quality unconventional gas resources, currently drilling
with 7 rigs in its Cotton Valley (CV) Gas Resource Play on the
Sabine Uplift; Carthage, North Field, East Texas, Panola &
Harrison County, developing its Upper CV "Tight Gas Sands"; 156
gross/80 net producers and Lower CV Bossier "Gas Shales", also
containing Travis Peak/Hosston Sands & Pettit Sands and Limes.
The Company has experienced a 100% success rate in this
development. These key resource layers provide repeatable organic
growth for the Company; Core Area 99% of NAV; 94% Natural Gas.
Headquartered in Oklahoma City, Oklahoma, GMXR has interests in 204
gross/117.04 net producing wells and operates 62% of its
production. The Company's strategy is to develop its resource play
with 7-8 rigs, increase production, grow its natural gas reserves
and continue to build shareholder value. 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. DATASOURCE: GMX RESOURCES INC.
CONTACT: Ken L. Kenworthy, Sr., Executive V. P., CFO,
+1-405-600-0711 x316, or Ken L. Kenworthy, Jr., President, CEO,
+1-405-600-0711 x311, both of GMX RESOURCES INC. Web site:
http://www.gmxresources.com/
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