GMX RESOURCES INC. Announces Cash Dividend on 9.25% Series B Cumulative Preferred Stock and Operation Update
11 9월 2007 - 8:15AM
PR Newswire (US)
OKLAHOMA CITY, Sept. 10 /PRNewswire-FirstCall/ -- 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 the Company will pay a regular
quarterly dividend of $0.578125 per share on October 2, 2007 to
holders of record as of September 21, 2007 on the 2,000,000
outstanding shares 9.25% Series B Cumulative (non convertible)
Preferred Stock. The shares are listed on The Global Select Market
of The NASDAQ Stock Market LLC under the symbol "GMXRP." The
Company's wholly owned subsidiary, Diamond Blue Drilling Co.,
completed construction of its third rig, Rig #9 (1,200 hp) which is
drilling its first well to 10,066 feet and is currently at 4,882'.
Three 20 acre tests have been drilled by GMXR and our JV operator
Penn Virginia Oil & Gas, L.P. (PVOG), a subsidiary of Penn
Virginia Corporation (NYSE:PVA). The initial 24 hour production
rates have averaged 1,571 mcfepd; a fourth well is waiting on
completion. GMXR will begin drilling three additional 20 acre tests
in October, 2007; with two more planned in November, 2007.
"Performance of the 1st three 20 acre pilot tests continues to
mirror our other producers, which are very encouraging results and
further supports ultimate down-spacing development," stated Ken L.
Kenworthy, Executive Vice President and Chief Financial Officer of
GMXR. Kenworthy also stated, "GMXR's current daily production rate
during the week ending September 9, 2007 is 23.6 mmcfepd." GMX
RESOURCES INC. is a rapidly growing, 'Pure Play' E & P company
with high quality unconventional gas resources. 8 rigs are
currently drilling its 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"; 191 gross / 102 net CV producers; Travis Peak/Hosston Sands
& Pettit Reservoirs (TP/P); 32 gross / 26 net TP/P producers;
with a 100% success rate!; 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 242
gross / 140 net producing wells and operates 60% of its reserves.
The Company's strategy is steady production growth, proving-up its
natural gas reserves in its resource play with 7-8 rigs and
continue to grow shareholder value. 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.
DATASOURCE: GMX RESOURCES INC. CONTACT: Ken L. Kenworthy, Sr.,
Executive V.P., CFO, +1-405-600-0711, ext. 316, or Ken L.
Kenworthy, Jr., President, CEO, +1-405-600-0711, ext. 311, both of
GMX RESOURCES INC. Web site: http://www.gmxresources.com/
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