OKLAHOMA CITY, Oct. 15, 2010 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR) (visit www.gmxresources.com to view the most recent Company presentation and for more information on the Company) today announces that the Company's Vice President of Geosciences, Mr. Timothy L. Benton, will make a presentation at the Shale Tech Conference at the Le Meridien Hotel in Vienna, Austria on October 28, 2010 at 2:45 GMT. The Conference to be held October 28th and 29th will be the first dedicated Shale Gas conference in Europe focusing on technical innovation. Mr. Benton's presentation, "Determining the critical technical innovations which made US shale gas commercially viable and how this can be transported to the rest of the world" is part of a very distinguished program of experts from around the globe.
Joining Mr. Benton in presenting at the conference include: The Chief Specialist & Head of the Petroleum Geology Laboratory Polish Geological Institute, Geologists from the GFZ German Research Centre for Geosciences, Unconventional Gas Expert from Oxford Institute for Energy Studies, Project Manager from Statoil, Senior Vice President Exploration for OMV, General Manger, Europe, Africa and Middle East at Hunt Oil Company, Project Leader and Leading Geologist from GASH as well as presenters from Total, Chevron and other industry leaders from around the world. Mr. Benton's presentation in Vienna follows his recent presentation at the Global Shale Gas Summit in Warsaw, Poland in July of this year.
GMXR is a 'Pure Play,' E & P Company with operations in East Texas focused on Haynesville/Bossier (H/B) Horizontal Shale and Cotton Valley Sand (CVS) development. The Company had 355 Bcfe in proved reserves (YE2009). The Company has bought puts for 14.9 BCFe in 2011 and 16.7 Bcfe in 2012 with strike prices above $6.00 per MMBtu. The Company expects full year 2010 production growth of 28% over 2009. The 2010 production is comprised of approximately 9% NGLs, 3% oil and 88% natural gas. Multiple resource layers across the Company's East Texas property base provide a robust inventory for high probability, repeatable, organic growth and contain 268 net H/B Hz undrilled locations and 1,092 net CVS un-drilled locations. The leased acreage is very contiguous, and the Company utilizes existing infrastructure throughout this property base.
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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.