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GMX RESOURCES INC. Provides 2012 Year-End Reserves; An Update On Its Oil And Gas Hedge Portfolio And A Liquidity Update

OKLAHOMA CITY, Feb. 19, 2013 (GLOBE NEWSWIRE) -- GMX RESOURCES INC ., (NYSE:GMXR) (the "Company"), is an oil and gas exploration and production Company with assets in the Williston Basin, Denver Julesburg ("DJ") Basin and East Texas Basin.

Year-End 2012 Reserves

The Company's year-end 2012 reserve estimates were prepared by DeGolyer and McNaughton, an independent reserve engineering firm. Total estimated proved reserves were 35.6 million BOE. Based on these estimated proved reserves, the following reserve changes are reflected in the report:

Bakken PDP Growth vs. 2011

  • PDP reserves of 1.7 MMBOE, up 430%; PDP PV-10 of $38.7 million, up 295%

Bakken PUD Growth vs. 2011

  • 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

Bakken Total Proved Growth vs. 2011

  • 2012 total proved reserves of 8.9 MMBOE, up 971%
  • Bakken 2012 total PV-10 of $89.1 million, up 523%

Using SEC pricing, Haynesville/Bossier ("H/B") PUD wells reflect a negative PV-10 value of -$48 million, and the PV-10 value for the Company's proved reserves without the H/B PUD wells is $128.4 million compared to the total proved reserved reported of $80.1 million. Using current NYMEX natural gas strip prices, as shown in the table below, the Haynesville/Bossier PV-10 would increase by approximately $110 million, and total PV-10 would increase to $194.6 million. The majority of the Company's Cotton Valley Sands/Other reserves were sold in the fourth quarter of 2012. 

The following tables provide a recap of the Company's proved reserves for the year ended 2012 and show the sensitivity of its total 2012 proved reserves by area by summarizing the Company's proved reserves as of December 31, 2012 using SEC prices for both oil and natural gas and in the second table using the SEC price for oil and the current NYMEX strip prices for our proved natural gas reserves:

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