GMX Resources Inc., announces 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