GMXR In The News -- Share Price Drops Significantly -- For Investors Only

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GMX Resources provides 2012 year-end reserves; an update on its oil and gas hedge portfolio and a liquidity update; estimated proved reserves were 35.6 million BOE: Co reported:

• Bakken PDP reserves of 1.7 MMBOE, up 430%; PDP PV-10 of $38.7 million, up 295%
• 2012 PUD reserves of 7.1 MMBOE, up 1,321%
• 2012 PUD PV-10 of $50.4 million, up 1,020%
• 21.5 net Bakken PUDs in 2012 vs. 1.85 in 2011
• 2012 total proved reserves of 8.9 MMBOE, up 971%
• Bakken 2012 total PV-10 of $89.1 million, up 523%

The Company's available cash at year-end 2012 was $46.0 million and includes $16.8 million reserved and paid in connection with the maturity of the Company's 5% Convertible Senior Notes due in February 2013.

No link. This is at a dynamic link which will be changed by tomorrow morning.

GMXR closed at $3.29. Down $1.67. Dynamic, no link.

This is the key data point in the company's press release:

The Company's available cash at year-end 2012 was $46.0 million and includes $16.8 million reserved and paid in connection with the maturity of the Company's 5% Convertible Senior Notes due in February 2013. The Company has recently sought indications of interest for certain debt and equity liquidity alternatives, but not received sufficient support for all of its liquidity needs or plans. The Company is continuing to explore and evaluate options for its capital needs, as well as continuing to evaluate and finalize its 2013 budget for capital expenditures based on its available liquidity. In connection with its evaluation, the Company plans to retain a financial advisor to assist the Board and senior management in its ongoing exploration of a variety of financing alternatives, including a potential restructuring of the Company's balance sheet in light of its current liquidity and cash needs.