GMX Resources Inc. (GMXR)

GMX Resources, Inc., together with its subsidiaries, engages in the acquisition, exploration, and development of properties for the production of crude oil and natural gas in Texas, Louisiana, and New Mexico. The company’s drilling, development, and production activities primarily focus on the Cotton Valley Sands in the Sabine Uplift of the Carthage, North Field of Harrison and Panola counties of east Texas. As of December 31, 2007, it had proved reserves of 434.5 billion cubic feet of natural gas equivalent and 167 net producing wells. GMX Resources, Inc. also has a joint development agreement with Penn Virginia Oil & Gas, L.P. for the development of properties. The company was founded in 1998 and is headquartered in Oklahoma City, Oklahoma.

For the six months ended 30 June 2006, GMX Resources Inc.'s revenues totaled $13.2M, up from $6.1M. Net income totaled $3.7M, up from $1.5M. Revenues reflect an increased production of gas & oil from new wells drilled, higher oil & gas prices and an increased interest income. Net income also reflects improved operating margin. GMX Resources Inc. is engaged in the production of oil & gas in Eastern TX, Northwestern LA and southeastern NM.