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Permalink Reply by adubu on July 20, 2012 at 14:36

OKLAHOMA CITY, July 17, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC. (GMXR) announces today that the Company has engaged Global Hunter Securities as financial advisor in connection with a proposed sale of a portion of the Company's Cotton Valley Sand liquids rich natural gas properties located in East Texas. The Company currently expects that sales of these properties would occur during the third quarter of 2012.

Michael J. Rohleder, Company President, said, "We are pleased to announce the engagement with GHS related to the sale of certain Cotton Valley Sand assets. They are an energy specialist focused on these types of transactions and we expect a successful outcome."

Permalink Reply by D. St. Amant on October 9, 2012 at 7:08

any updates to this situation available?

 

Permalink Reply by jffree1 on October 9, 2012 at 14:15

GMX Resources Inc. Announces a Definitive Agreement to Sell a Portion of its East Texas and Louisiana Assets; Company to Present at Fourth Annual Johnson Rice Energy Conference

Oklahoma City, Oklahoma, Monday, October 1, 2012. GMX RESOURCES INC., NYSE: ‘GMXR ’; announces today that it has entered into a definitive purchase and sale agreement with a private third party to sell a portion of its East Texas and Louisiana assets for approximately $69.0 million, subject to certain adjustments. The sale is expected to be closed within 30 days and is subject to customary diligence review and adjustments for title and environmental matters. The asset sale includes the Company’s interests in specified operated and non-operated properties in the Cotton Valley Sands and shallow rights located in East Texas and Louisiana. 

The Company is retaining its entire Haynesville / Bossier natural gas resource base with significant resource potential for natural gas, as well as Cotton Valley Sands and shallow rights across approximately 13,130 net acres that include 10 producing wells and 28 undeveloped horizontal locations within its East Texas core position. 

The Company will provide customary transitional services to the buyer to ensure continued successful operations of the assets.   Those services to include land, accounting, operations and marketing for a period of no less than three months.

Members of the Company’s management team will be presenting at the Fourth Annual Johnson Rice Energy Conference in New Orleans LA. The Energy Conference will be held at the Hotel Monteleone October 1-4 2012. A copy of our slide presentation will be available on Company’s website before our scheduled presentation.   www.gmxresources.com

Details regarding the Company’s participation in the conference are as follows:

Date & Time:      Thursday October 4, 2012 10:20 – 10:45 PM CDT

http://gmx.investorroom.com/index.php?s=43&item=179

Permalink Reply by D. St. Amant on October 9, 2012 at 15:04

jffree............thanks for the info

Permalink Reply by Thomas C. McKowen, IV on October 10, 2012 at 3:51

What have you heard about NFR's plans?   I heard it was going to drill horizontal Cotton Valley wells south of Hallsville.

Permalink Reply by Robby Patterson on November 26, 2012 at 3:25

Kathy, Summit Energy out of Utah bought the GMX package. This package does not include the Haynesville formation.  I know this company has been involved leasing in the Wolfcamp play in West Texas/New Mexico.

Permalink Reply by bob blakey on April 1, 2013 at 14:32

Kathy,

GMX, you seem to be only one interested in GMX on this forum, but I have some production from them and try to keep up.

If you will send me your email, I will forward you the info I  rec'ed this morning. It is a lot of info and I do not know how to post the info. A short version, they have gotten an additional $50 million in DIP financing so no interruption of operations at this time.  They say royalties will be paid as usual.

Bob

bob95409@sbcglobal.net

Permalink Reply by Skip Peel - Mineral Consultant on April 1, 2013 at 14:44

http://www.gohaynesvilleshale.com/forum/topics/gmx-files-for-chapte...

Permalink Reply by Skip Peel - Mineral Consultant on April 5, 2013 at 12:51

Kathy, mineral owners in E TX could be better off if a bankruptcy results in a divestiture of GMX leasehold to a company willing and capable of expanded development.  I would not be surprised if the mid-majors active in Harrison and other counties made offers to acquire selected assets.

Permalink Reply by Skip Peel - Mineral Consultant on April 5, 2013 at 14:04

Not familiar with Summit.  I was hoping BP, Devon or Anadarko.

Permalink Reply by Andrew on July 25, 2013 at 22:14

Definitely don't wait to make appropriate response to that notice, if any is required.