Home Page
20:11:06 EDT Sun 21 Sep 2014
Enter Symbol
or Name
USA
CA



GMX RESOURCES INC
Symbol U : GMXR
Recent Sedar Documents

GMX RESOURCES INC. Announces Successful Completion of Consent Solicitation With Respect to Its Senior Secured Notes Due 2017 (CUSIP Nos. 38011M AN8, 38011M AP3, U3822V AC2 and 38011M AQ1)

2012-12-06 20:18 ET - News Release

OKLAHOMA CITY, Dec. 6, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (NYSE:GMXR) (the "Company") announced today that it had successfully completed a solicitation of consents (the "Consent Solicitation") from holders of the Company's Senior Secured Notes due 2017 (CUSIP Nos. 38011M AN8, 38011M AP3, U3822V AC2 and 38011M AQ1) (the "Existing Notes"). The Company solicited consents from record holders of the Existing Notes as of 5:00 p.m. New York City time on November 28, 2012 (the "Record Date") to obtain the approval of the proposed amendments (the "Proposed Amendments") to the indenture (the "Indenture") governing the Existing Notes and of the execution and delivery of a supplemental indenture to effect the Proposed Amendments. The Company received and accepted the requisite consents from holders of the Existing Notes outstanding as of the Record Date.

The Consent Solicitation expired at 5:00 p.m., New York City time on December 6, 2012 (the "Consent Date"). The Company will pay to each holder of Existing Notes who validly delivered its consent on or prior to the Consent Date and did not revoke its consent a cash consent payment of $5.00 per $1,000 principal amount of Existing Notes for which consents have been so delivered, subject to the conditions and terms set forth in the Company's Consent Solicitation Statement, dated November 16, 2012, as supplemented and amended by Supplement No. 1 thereto, dated November 28, 2012 (as so amended and supplemented, the "Consent Solicitation Statement"). The payment of the consent fee will be made as soon as practicable following the Consent Date.

The Consent Solicitation included a proposal to amend the Indenture to authorize and permit the issuance of a new series of senior secured notes due 2017 under the Indenture (the "New Notes") and require the Company to use the cash proceeds therefrom to repay, redeem, repurchase or otherwise acquire or retire for value the Company's 5.00% Senior Convertible Notes due 2013 (the "2013 Notes") outstanding on the date of issuance of the New Notes at or prior to their stated maturity date. The Company expects to enter into a supplemental indenture reflecting the approved amendments to the Indenture on December 7, 2012.

This announcement is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities.

GMXR is a resource play rich exploration and production Company. The company is currently developing its Bakken and Three Forks oil shale resources 95 MMBOE potential; located in the Williston Basin, North Dakota. The company is also planning test wells in the DJ Basin, Wyoming targeting additional potential oil resources 40 MMBOE potential, in the Niobrara Petroleum System. GMXR's large natural gas resources 1.5 TCFE potential; are located in the East Texas Basin, primarily in the Haynesville/Bossier gas shale and the Cotton Valley Sand Formation; where the majority of GMXR's acreage is contiguous, with infrastructure in place and substantially all held by production. GMXR believes these oil and natural gas resource plays provide a substantial inventory of operated, high probability, repeatable, organic growth opportunities in constantly changing economical environments. GMXR's multiple basin strategy provides flexibility to allocate capital to achieve the highest risk adjusted rate of return, with both oil and natural gas resources throughout its portfolio.

Please visit www.gmxresources.com for more information on GMXR.

The GMX RESOURCES INC. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158

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 GMXR expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the proposed financing, the number and location of planned wells, statements regarding the quality of GMXR's properties and resource potential. These statements are based on certain assumptions and analysis made by GMXR 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 GMXR's properties. Such statements are subject to a number of risks, including but not limited to obtaining requisite consents for the proposed financing, the closing of the proposed financing, commodity price risks, drilling and production risks, risks relating to GMXR's ability to obtain other 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 GMXR. Reference is made to GMXR'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.

CONTACT: Alan Van Horn
         Manager, Investor Relations
         405.254.5839

© 2014 Canjex Publishing Ltd. All rights reserved.