OKLAHOMA CITY, April 7, 2010 (GLOBE NEWSWIRE) -- GMXR (NYSE:GMXR) (visit www.gmxresources.com to view the most recent Company presentation and for more information on the Company) announces that on April 5th the Board of Directors of GMX Resources Inc. elected Thomas G. Casso to fill a newly-created position on the Company's Board of Directors. Mr. Casso, age 52, serves as a senior officer of Toni Brattin & Co, Inc., a privately held international marketing firm. He previously served as the Executive Director of the Catholic Foundation of Oklahoma, a philanthropic foundation from 2005 to 2009. Prior to that, Mr. Casso was Executive Vice President/General Manager and co-owner of Bryson, Inc., an Anheuser-Busch beer wholesaler. Mr. Casso has significant experience in operations, administration and finance. Mr. Casso holds a Bachelor's degree in Marketing and a Master's degree in Business Administration – Finance from the University of Missouri – St. Louis.
The Company's Board of Directors has appointed Mr. Casso to its Audit and Nominating/Corporate Governance Committees, effective as of the Company's next Board of Directors meeting.
As previously announced the Company's Board of Directors, unanimously elected Michael G. Cook to its Board of Directors at the Company's March 12, 2010 meeting. Mr. Cook, age 65, is the principal owner of Cook Energy LLC, a privately held energy investment firm. He has extensive experience with oil and natural gas firms, including prior employment as an executive officer of three different exploration and production companies with responsibilities in administration, finance, operations and engineering. Mr. Cook received a Bachelor's degree in Geology from the University of Iowa in 1969. Mr. Cook was appointed to the Audit and Compensation Committees.
Both Mr. Cook and Mr. Casso are independent according to the director independence standards of the New York Stock Exchange as currently in effect.
GMX Resources Inc., also announces today that the Company's President, Michael J. Rohleder will present at the IPAA's OGIS New York Energy Conference at the Sheraton New York Hotel and Towers located at 811 7th Avenue at 53rd Street New York, NY on Wednesday, April 14, at 10:50 am with a breakout session to follow at 11:10 am. A copy of the presentation will be available on the Company's website beginning Monday, April 12, 2010 at www.gmxresources.com
GMXR is a 'Pure Play', E & P Company with one of the most focused Haynesville / Bossier (H/B) Horizontal Shale Operations in East Texas. The Company has 355 Bcfe in proved reserves (YE2009), 94% of which are natural gas. The Company's proved reserves are 81% operated and consist of 278 net "Capital Core" H/B Hz un-drilled locations; 14 gross / 13.9 net H/B producers, and 324 gross / 186.9 net Cotton Valley Sand ("CVS") producers; 1,382 net CVS acre un-drilled locations; and 47 net Travis Peak / Hosston Sands & Pettit producers. These multiple resource layers provide high probability and the potential for repeatable, organic growth.
The GMX Resources Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158
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.