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GMX RESOURCES INC. Provides Company Update



GMX RESOURCES INC. Provides Company Update

OKLAHOMA CITY, Feb. 8, 2013 (GLOBE NEWSWIRE) -- GMX RESOURCES INC.,
(NYSE:GMXR) (the "Company") is an oil and gas exploration and production
Company with assets in the Williston Basin, Denver Julesburg ("DJ") Basin and
East Texas Basin.

No Near-Term Debt Maturity

The remaining balance of the Company's 5% Convertible Senior Notes Due 2013
has been retired as of February 1, 2013.   The Company has no debt maturities
until May 2015.

Operations Update

The Heiser 11-2-1H well, located in Sections 2 & 11, Township 145N Range 99W
in McKenzie County has been successfully fracture stimulated. The Company has
a 66% working interest; this well targeted the Middle Bakken with a lateral
length of 9,620'. 

The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in
McKenzie County, North Dakota is currently in completion phase.   The Company
has an 89% working interest; this well targeted the Middle Bakken with a total
depth of 20,255' and a lateral length of 8,630'. The well was drilled parallel
to the Lange 11-30-1H our best well to date.

The Helmerich & Payne FlexRig 3™ #255 has been relocated to Sections 16 & 21,
Township 143N Range 99W in Billings County, North Dakota.   The rig has
re-entered the Fairfield State 21-16-1H and used the existing vertical
wellbore to drill a horizontal Middle Bakken lateral – the Fairfield State
21-16-1H RE. The Company has completed the drilling of the Fairfield State
21-16-1H-RE in January 2013, and is now drilling the Fairfield 21-16-2H which
is also targeting the Middle Bakken.   Both wells are planned as 9,850'
horizontal laterals. The Company plans to fracture stimulate the wells
simultaneously. The pad drilling and zipper-frac is expected to reduce the
overall project cost in which the Company has a 96% working interest. The
Company expects to have both wells contributing to production in mid-to-late
March 2013, weather permitting.     

The Company has elected to participate in five separate wells with Whiting
Petroleum Corporation.   The wells are all located in Stark County, North
Dakota.   All five wells are targeting the Pronghorn Sand and are in various
stages of being drilled or are waiting on completion services.    The Company
anticipates that some wells will be completed and contribute to production
during the first quarter of 2013. The following table summarizes the active
non-operated Bakken drilling activities:

 
Well Name            GMXR WI% Township Range County Target
Marsh 41-16PH        2.083%   140N     97W   Stark  Pronghorn Sand
Wagner Farms 11-16PH 2.083%   140N     97W   Stark  Pronghorn Sand
Buresh 41-15PH       0.416%   140N     97W   Stark  Pronghorn Sand
Havelka 11-15PH      0.416%   140N     97W   Stark  Pronghorn Sand
Havelka 21-15PH      0.416%   140N     97W   Stark  Pronghorn Sand

Fourth Quarter, Year-End Production

The Company's production for the fourth quarter of 2012 was approximately
310,000 BOE, which included approximately 55,100 Bbls of oil, 1.4 Bcf of
natural gas and 23,800 Bbls of NGLs. The 55,100 Bbls of oil was virtually all
Bakken generated and resulted in an average of ~600 Bbls/day as compared to
approximately 13,100 Bbls, or 142 Bbls/day, in the Bakken during the fourth
quarter of 2011, an increase of 319%. The Company's natural gas and NGL
production during the fourth quarter of 2012 declined an estimated 65% and
78%, respectively, from the fourth quarter of 2011, primarily due to the sale
of the Cotton Valley Sands producing assets in the fourth quarter of 2012, the
sale of a Volumetric Production Payment for a portion of our
Haynesville/Bossier reserves and the decision in mid-2011 to temporarily
suspend Haynesville/Bossier drilling activities.  

Production for the year-end 2012 was approximately 1.9 MMBOE, which included
approximately 203,500 Bbls of oil, 8.9 Bcf of natural gas and 237,500 Bbls of
NGLs. The 203,500 Bbls of oil in 2012 represents an approximate 119% increase
over 2011 production. Estimated Bakken oil production for 2012 was 148,500
Bbls compared to approximately 13,100 Bbls in 2011, an increase of 1,037%.

2012 Capital Expenditures

For the year ended December 31, 2012, the Company's estimated cash outlays for
capital expenditures, excluding capitalized G&A expenses and interest were
approximately $96.1 million, of which $77.5 million was for drilling in the
Williston Basin, $4.9 million was for Bakken leasehold, $2.7 million was for
DJ Basin-Niobrara activities, and $11.0 million was primarily for rig
sub-lease fees, infrastructure and equipment.

Liquidity Update

The Company's available cash at year-end 2012 was $46.0 million and includes
$16.8 million reserved for the maturity of the Company's 5% Convertible Senior
Notes due 2013. The Company has recently sought indications of interest for
certain debt and equity liquidity alternatives, but not yet received
sufficient support for all of its liquidity needs or plans. The Company is
continuing to explore and evaluate options for its capital needs, as well as
continuing to evaluate and finalize its 2013 budget for capital expenditures
based on its available liquidity.    

GMXR is a resource play rich exploration and production Company. The company
is currently developing its Bakken and Three Forks oil shale resources located
in the Williston Basin, North Dakota. The company is also planning test wells
in the DJ Basin, Wyoming targeting additional potential oil resources in the
Niobrara Petroleum System. GMXR's large natural gas resources 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 Company's
2013 drilling plan and estimated capital expenditures, the number and location
of planned wells, and 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 risks relating to the Company's ability to obtain financing for
its planned activities, commodity price risks, drilling and production risks,
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

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