OKLAHOMA CITY, June 3, 2009 (GLOBE NEWSWIRE) -- GMX Resources Inc. (Nasdaq:GMXR) (please visit www.gmxresources.com to view the latest corporate presentation) today announced the Board of Directors of GMXR has appointed Mr. Michael J. Rohleder as President; Mr. Timothy L. Benton, Vice President of Geosciences; and Mr. Harry C. Stahel, Jr., Vice President of Finance. Mr. Ken Kenworthy, Jr. will remain Chairman and CEO, and Mr. James A. Merrill will remain CFO, Secretary and Treasurer.
Mr. Rohleder has served as Executive Vice President of GMXR for the past fifteen months focused on corporate development, investor relations and strategic growth and planning. Mr. Rohleder brings over 20 years of executive management experience to the GMXR team with an emphasis in financing, corporate development and leadership. Prior to joining GMXR, Rohleder served as the Sr. Vice President of Worldwide Sales and Marketing for ON Semiconductor, a $1.5b semiconductor manufacturer (formerly the Motorola Semiconductor Components Division). From 1991 to 1999 he was CEO of MEMEC North America, an international wholesaler of semiconductor components, which was a division of VEBA AG. During his tenure at MEMEC the company grew organically and through acquisition from $18 mm per year in sales to over $2.5b.
Mr. Benton has been responsible for engineering and geological characterization work of the company's assets since 2005. Prior to coming to GMXR he worked in reservoir, completion and production positions with Gulf Oil Corporation, Texas Pacific Oil Company, Long, Atteberry & Associates and as an independent consultant. Mr. Benton is a Registered Professional Engineer in the state of Oklahoma. He is a Member of the Society of Petrophysicists & Well Log Analysts and the Society of Petroleum Engineers. As a consultant, Mr. Benton provided engineering and geological studies for many U.S. based oil and gas producers. This work included expert witness testimony, prospect evaluations, acquisitions/divestitures, and property economics and generalized field engineering/geological studies. Mr. Benton has developed software for gas reservoir simulation, petrophysics, fracture stimulation design, geological mapping, pressure transient analysis, pressure maintenance, economics, and risk analysis. He is a Tau Beta Pi and Pi Epsilon Tau Outstanding Senior graduate from the University of Oklahoma earning a B.S. in Petroleum Engineering and completed post graduate work in fracture stimulation design, pressure transient analysis, fluid flow through porous media and advanced engineering mathematics.
Mr. Stahel joins GMXR after more than eighteen years in the energy industry including Finance and Treasury roles at Aquila, Inc. that were primarily centered on finance, acquisitions and the creation of joint ventures. During his tenure as Finance Director of Aquila, Mr. Stahel spent three years in the company's London office and five years at the company's headquarters in Kansas City. He spent the last five years at OG&E/Enogex, first as Director of Finance for Enogex and then as the Director of Business Development-Finance. In his different roles at Enogex, Mr. Stahel led the finance function, and participated in strategy development, greenfield project development, and the divestiture of a number of pipeline assets; he also provided financial support for various public transactions. Mr. Stahel also worked for Arthur Andersen & Company for five years, is a Certified Public Accountant and graduated with honors from Washington and Lee University with a Bachelor of Science degree in Finance and Accounting.
Ken Kenworthy, Jr. commented, "All three of these promotions strengthen and broaden our executive management team, greatly enhancing our growth potential for the company. As we move into a better economic environment our business plan is to increase development of our Haynesville/Bossier horizontal resources, grow our inventory of operated locations and restart our Cotton Valley Sands development. These key people will position us again for growth leadership in our E & P sector."
GMXR is a 'Pure Play', E & P Company with one of the most leveraged Haynesville/Bossier Horizontal Shale (H/B Hz) operations in East Texas. The Company has 465 Bcfe in proved reserves (YE2008); 94% natural gas consisting of 6 gross/6 net H/B Hz producers; 324 gross/186.9 net Cotton Valley Sand ("CVS") producers; and 45 gross/37.5 net Travis Peak/Hosston Sands & Pettit producers. Our properties are 81% operated and consist of 770 gross/529 net Haynesville/Bossier 80 acre horizontal un-drilled locations; 2,657 gross/1,974 net CVS un-drilled locations; these multiple resource layers provide high probability and potentially 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.