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GMX RESOURCES INC. Announces Retirement of Chief Financial Officer and Additional Natural Gas Hedges
OKLAHOMA CITY, Jan. 17 , 2008 - GMX RESOURCES INC., (Nasdaq: GMXR) - visit http://www.gmxresources.com to view the most recent Company presentation and for more information on the Company) today announces that Ken L. Kenworthy, Sr., 72, co-founder of GMXR, will retire as Executive Vice President, Chief Financial Officer, Secretary and Treasurer of the Company effective as of February 1, 2008. He will remain as a director and will provide transition services as a consultant as requested by the Company.
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Jim Merrill, currently the Controller of GMXR, a position he has held since August 2006, will become the Company's Chief Financial Officer, Secretary and Treasurer effective February 2, 2008, to serve at the pleasure of the Board. Prior to joining GMXR, Mr. Merrill was Controller of National American Insurance Company from 1998 to 2006. National American is a privately-held multi-state property and casualty insurer based in Chandler, Oklahoma which had net written premiums of $65 million in 2006. Prior to that time, Mr. Merrill was employed by Deloitte & Touche LLP. Mr. Merrill, 39, is a certified public accountant and has bachelor's degrees in finance and accounting from the University of Oklahoma.
The Company entered into natural gas hedges (costless collars) for 200,000 MMBTU's per month for calendar year 2009 at $7.50 minimum to $9.17 maximum, Houston Ship Channel and 300,000 MMBTU's per month for calendar year 2010 at $7.50 minimum to $8.91 maximum, Houston Ship Channel.
About GMX RESOURCES INC.
GMX RESOURCES INC. is a rapidly growing, 'Pure Play' E & P company with over 1150 high quality unconventional gas resource un-drilled locations. 8 rigs are currently drilling its large contiguous Cotton Valley (CV) Gas Resource Play on the Sabine Uplift; Carthage, North Field, East Texas, Panola & Harrison County. Development is focused in the Upper CV "Tight Gas Sands"; 240 gross / 130 net CV producers; with a 100% success rate and 16% developed; Travis Peak/Hosston Sands & Pettit Reservoirs (TP/P); 37 gross / 30 net TP/P producers; also containing Lower CV Bossier/Haynesville "Gas Shales". These key resource layers provide repeatable organic growth at low finding and development costs for the Company and are contained in one contiguous 'Core Area' which constitutes 99% of Company's NAV, consisting of 94% Natural Gas. Headquartered in Oklahoma City, Oklahoma, GMXR has interests in 295 gross / 172 net producing wells and operates 60% of its reserves. The Company's strategy is steady production growth, maintaining low finding and development cost, growing & proving-up its natural gas reserves in this resource play with 8 rigs; which should continue to result in shareholder value 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.
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Source: GMX RESOURCES INC.
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