GMX Resources Inc. (GMXR) Announces Pricing of Common Stock Offering and Pricing of $75M Convertible Senior Notes Offering

GMX Resources Inc. (Nasdaq: GMXR) announced that it has priced a public offering of 6,950,000 shares of its common stock, which was previously announced at 5,750,000 shares, at $15.00 per share as well as a public offering of $75M aggregate principal amount of its convertible senior notes due 2015, which was previously announced at $70M aggregate principal amount, and expects the issuance and delivery of the shares and the notes to occur on October 28, 2009, subject to customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase a maximum of 1,042,500 additional shares of its common stock as well as a 30-day option to purchase a maximum of $11.25M aggregate principal amount of additional notes, in each case, solely to cover over-allotments.

GMX Resources (GMX) intends to use the aggregate net proceeds from these offerings to repay a portion of the outstanding indebtedness under its revolving bank credit facility, to repay all of its outstanding senior secured notes and for general corporate purposes.