OilVoice - GMX Resources to List Shares on the New York Stock Exchange

GMX Resources to List Shares on the New York Stock Exchange

Wednesday, December 02, 2009

GMX Resources announces that it has filed an application to list its common stock and 9.25% Series B Cumulative Preferred Stock on the New York Stock Exchange ("NYSE"). Subject to the approval of the NYSE, GMXR expects both the common stock and preferred stock to begin trading on the NYSE on or about December 16, 2009, using the current symbol "GMXR" for its common stock and using "GMXR Pr", for the preferred stock. The Company's common stock and preferred stock will continue to trade on the NASDAQ until the transfer is completed. The listing requirements of the NYSE require GMXR to disclose that certain adjusted financial information included in the Company's listing application and upon which the NYSE relied to list the Company is available to the public from GMXR upon request.

"We look forward to our shares trading on the NYSE and building a new long-term relationship with a leading and diverse global exchange," said Ken Kenworthy, Jr., GMXR's Chief Executive Officer.

GMXR is a 'Pure Play', E & P Company with one of the most leveraged Haynesville / Bossier Horizontal Shale Operations in East Texas. The Company has 465 Bcfe in proved reserves (YE2008), 94% of which are natural gas. The Company's proved reserves are 81% operated and consist of 762 gross / 520 net H/B Hz 80 acre un-drilled locations; 11 gross / 10.9 net H/B producers, and 324 gross / 186.9 net Cotton Valley Sand ("CVS") producers; 2,657 gross / 1,974 net CVS 20 acre un-drilled locations; and 45 gross / 37.5 net Travis Peak / Hosston Sands & Pettit producers. These multiple resource layers provide high probability and the potential for repeatable, organic growth.