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GMX RESOURCES INC.
GMX Resources Adds Additional 'Haynesville'/Bossier Shale Acreage; Announces Increase in Credit Facility and Preferred Dividend
OKLAHOMA CITY, June 17, 2008 (PRIME NEWSWIRE) -- GMX Resources (Nasdaq:GMXR) (visit www.gmxresources.com to view the most recent Company presentation and for more information on the Company) today announced the execution of two definitive agreements with a private company to purchase 9,865 gross / 7231 net operated developed and undeveloped acres mostly in Harrison County, East Texas and Caddo Parish North Louisiana, which includes an average of 85% working interest in 11 units, producing 1,900 mcfepd. This acquisition increases the Company's net operated acreage to 74%. The mineral leases contain multiple producing layers and 90% of the acreage includes deep rights in the 'Haynesville'/Bossier Shale bringing the total approximate net 'Haynesville'/Bossier Shale acreage to 27,500. "These acquisitions represent a significant growth opportunity for GMXR, especially as we prepare our accelerated drilling plans for the 'Haynesville'/Bossier Shale," stated Ken Kenworthy, Jr., CEO and President. "The acreage represents excellent bolt-on operated opportunities adjoining our core development," he continued. The Company expects to begin horizontal drilling with multiple rigs in the 'Haynesville'/Bossier Shale within the next six months. Closing of the transaction will occur in the next few weeks.