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OKLAHOMA CITY, Jul 14, 2008 (PrimeNewswire via COMTEX News Network) -- GMX Resources Inc. (Nasdaq:GMXR) today announced that it intends to commence a public offering of 2 million shares of its common stock. The Company intends to use a substantial portion of the net proceeds from the offering to temporarily repay outstanding indebtedness under its revolving bank credit facility. The balance of the net proceeds will be used to fund the development of oil and natural gas properties, acquisitions of additional properties and for general corporate purposes. The Company also anticipates reborrowing under its revolving bank credit facility from time to time for the same purposes. The common stock will be offered pursuant to an effective registration statement filed with the Securities and Exchange Commission. The Company intends to grant the underwriters a 30-day option to purchase a maximum of 300,000 additional shares of its common stock.
Jefferies & Company, Inc. will act as sole book-running manager for the offering. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which, when available, may be obtained by mail from Jefferies & Company, Inc., Equity Capital Markets, 520 Madison Avenue, New York, New York 10022 or by telephone request to 888-449-2342 or 212-284-2342. An electronic copy of the prospectus and prospectus supplement will be available on the website of the Securities and Exchange Commission at www.sec.gov.
The GMX Resources Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5158
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: GMX Resources Inc.
GMX Resources, Inc.
Ken L. Kenworthy, Jr., President, CEO
405-600-0711 x311
James Merrill, CFO
405-600-0711 x305
Michael Rohleder, Executive VP, Corporate Development
405-600-0711 x338
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