GMX RESOURCES INC. Announces Suspension of Quarterly Cash Dividends on Its 9.25% Series B Cumulative Preferred Stock NYSE: 'GMXR

GMX RESOURCES INC. Announces Suspension of Quarterly Cash Dividends on Its
9.25% Series B Cumulative Preferred Stock NYSE: 'GMXR PR'

OKLAHOMA CITY, March 11, 2013 (GLOBE NEWSWIRE) -- GMX RESOURCES INC.,
(NYSE:GMXR) today announces that the Company's board of directors has elected
to suspend payment of quarterly dividends on its outstanding shares of its
9.25% Series B Cumulative Preferred Stock until further notice, including the
dividend payable on April 1, 2013. The Company has suspended the quarterly
dividend in order to preserve capital and improve 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.comfor 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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