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OKLAHOMA CITY, March 4, 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.
NYSE Listing Notice
The Company announces today that has been notified by the New York Stock Exchange (the "NYSE") that it is not in compliance with one of the continued listing standards of the NYSE. The Company is considered below criteria established by the NYSE because the Company's total market capitalization has been less than $50 million over a consecutive 30 trading day period and its last reported shareholders' equity was less than $50 million.
In accordance with NYSE procedures, the Company has 45 days from receipt of the notice to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE's continued listing standards within 18 months (the "plan period"). The Listings and Compliance Committee of the NYSE (the "Committee") will then review the business plan for final disposition.
In the event that the Committee accepts the plan, the Company will be subject to quarterly monitoring for compliance with the business plan and the Company's stock will continue to trade on the NYSE during the plan period, subject to the Company's compliance with other NYSE continued listing requirements. In the event the Committee does not accept the business plan, the Company will be subject to suspension by the NYSE and delisting procedures.
Bakken Operations Update
The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in McKenzie County, North Dakota is currently producing with a peak 24 hour flow rate of 2,402 BOEPD. The Company has an 89% working interest and this well targeted the Middle Bakken with a total depth of 20,255' and a lateral length of 8,630'. The well was drilled parallel to the Lange 11-30-1H.