OKLAHOMA CITY, Sept. 10 /PRNewswire-FirstCall/ -- GMX RESOURCES INC., (NASDAQ:GMXR) (visit http://www.gmxresources.com/ to view the most recent Company presentation and for more information on the Company) today announces that the Company will pay a regular quarterly dividend of $0.578125 per share on October 2, 2007 to holders of record as of September 21, 2007 on the 2,000,000 outstanding shares 9.25% Series B Cumulative (non convertible) Preferred Stock. The shares are listed on The Global Select Market of The NASDAQ Stock Market LLC under the symbol "GMXRP." The Company's wholly owned subsidiary, Diamond Blue Drilling Co., completed construction of its third rig, Rig #9 (1,200 hp) which is drilling its first well to 10,066 feet and is currently at 4,882'. Three 20 acre tests have been drilled by GMXR and our JV operator Penn Virginia Oil & Gas, L.P. (PVOG), a subsidiary of Penn Virginia Corporation (NYSE:PVA). The initial 24 hour production rates have averaged 1,571 mcfepd; a fourth well is waiting on completion. GMXR will begin drilling three additional 20 acre tests in October, 2007; with two more planned in November, 2007. "Performance of the 1st three 20 acre pilot tests continues to mirror our other producers, which are very encouraging results and further supports ultimate down-spacing development," stated Ken L. Kenworthy, Executive Vice President and Chief Financial Officer of GMXR. Kenworthy also stated, "GMXR's current daily production rate during the week ending September 9, 2007 is 23.6 mmcfepd." GMX RESOURCES INC. is a rapidly growing, 'Pure Play' E & P company with high quality unconventional gas resources. 8 rigs are currently drilling its Cotton Valley (CV) Gas Resource Play on the Sabine Uplift; Carthage, North Field, East Texas, Panola & Harrison County. Development is focused in the Upper CV "Tight Gas Sands"; 191 gross / 102 net CV producers; Travis Peak/Hosston Sands & Pettit Reservoirs (TP/P); 32 gross / 26 net TP/P producers; with a 100% success rate!; also containing Lower CV Bossier/Haynesville "Gas Shales". These key resource layers provide repeatable organic growth at low finding and development costs for the Company and are contained in one contiguous 'Core Area' which constitutes 99% of Company's NAV, consisting of 94% Natural Gas. Headquartered in Oklahoma City, Oklahoma, GMXR has interests in 242 gross / 140 net producing wells and operates 60% of its reserves. The Company's strategy is steady production growth, proving-up its natural gas reserves in its resource play with 7-8 rigs and continue to grow shareholder value. 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 the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of planned wells, reserve estimates and values, statements regarding the quality of the Company's properties and potential reserve and production levels. These statements are based on certain assumptions and analysis made by the Company 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 the company's properties. Such statements are subject to a number of risks, including but not limited to commodity price risks, drilling and production risks, risks relating to the Company's ability to obtain 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 the Company. Reference is made to the company'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. DATASOURCE: GMX RESOURCES INC. CONTACT: Ken L. Kenworthy, Sr., Executive V.P., CFO, +1-405-600-0711, ext. 316, or Ken L. Kenworthy, Jr., President, CEO, +1-405-600-0711, ext. 311, both of GMX RESOURCES INC. Web site: http://www.gmxresources.com/

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