OKLAHOMA CITY, April 20, 2009 (GLOBE NEWSWIRE) -- GMX Resources Inc. (Nasdaq:GMXR) (please visit www.gmxresources.com to view the latest corporate presentation) today Announced that Ken Kenworthy, Jr., Chairman and CEO will present at the IPAA OGIS New York Conference on April 21, 2009 at 4:10 PM (EDT) in the Metropolitan West conference room of the Sheraton New York Hotel and Towers located at 811 Seventh Avenue, New York, NY. The presentation will be available via webcast from the following link (http://www.investorcalendar.com/CEPage.asp?ID=143794). This link is also available on the GMXR website under the investor relations tab. A copy of the IPAA presentation will be posted on the Company's website Monday, April 20, 2009.
GMXR began 5 successive Haynesville/Bossier Horizontal (H/B Hz) completions, Monday April 13, 2009.
* Baldwin 14H 4,620' Lateral 12 Stages 1st Sales est. 4/25/09 * Verhalen A2H 4,198' Lateral 12 Stages 1st Sales est. 5/07/09 * Blocker Ware 19H 4,446' Lateral 12 Stages 1st Sales est. 5/30/09 * Blocker Heirs 12H 4,934' Lateral 12 Stages 1st Sales est. 6/08/09 * TJT Simpson 1H 4,606' Lateral 12 Stages 1st Sales est. 6/18/09
"The Blocker Heirs 12H has nearly reached total depth; all other wells have casing cemented and are ready for completion. The production from these five completions could double our current production in June, 2009. The production growth achieved from the H/B Hz wells is unprecedented in our company's history," added Ken Kenworthy, Chairman, CEO and President of GMXR.
GMXR is a 'Pure Play', E & P Company with one of the most leveraged Haynesville / Bossier Horizontal Shale Operations in East Texas. The Company has 465 Bcfe in proved reserves (YE2008) and over 4.4 TCFE in total potential reserves; 94% natural gas. The reserve potential consists of 770 gross / 529 net Haynesville /Bossier 80 acre horizontal un-drilled locations; 3 gross / 3 net H/B producers, and 324 gross / 186.9 net Cotton Valley Sand ("CVS") producers; 2,657 gross / 1,974 net CVS un-drilled locations; and 45 gross / 37.5 net Travis Peak / Hosston Sands & Pettit producers. These multiple resource layers provide high probability and repeatable, organic growth.
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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.