GMX RESOURCES INC. Announces Signing of Term Sheet for $50 Million Volumetric Production Payment Transaction
GMX RESOURCES INC., (NYSE: GMXR), reports today that the Company has agreed to sell an overriding royalty interest in certain long-lived producing assets in the Haynesville Bossier layer in Harrison County in East Texas to EDF Trading North America, LLC, the trading group for the French owned power conglomerate EDF S.A. The VPP will be for approximately 14.8 Bcf to be produced over the next ninety-four months commencing January 1, 2011. GMXR will retain all of its oil and NGL production associated with the VPP interests and all of its undeveloped locations. Production of natural gas from these properties attributed to the VPP for 2012 will be approximately 4.0 Bcf. The $50 million transaction, based on the natural gas futures prices, is expected to close before the end of the year
