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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (41437)3/31/2011 10:50:37 AM
From: E_K_S  Read Replies (4) of 78525
 
GMXR's hidden value begins to be revealed . . .

From the Big Dog's Boom Boom Room thread - 3-31-2011.

Re: GMX Resources Inc. (GMXR)

Pritchard

GMXR – Strong Performer Yesterday – GMXR was a top performer yesterday, rising more than 9% vs. a 1% gain for the EPX. Possible explanations include 1) unconfirmed reports of 2 extremely good Three Forks well results from another E&P company in the Lewis & Clark prospect in Stark County ND -GMXR has 10,368 net acres in the area; 2) the company has started the first of 7 planned vertical tests of the Norphlet and/or Smackover Sands which are believed to be below the Haynesville Shale in its own backyard in Harrison County in East TX, where GMXR has 40,000 acres of deep rights. There has been some recent activity nearby targeting the formations which are believed to be oil bearing. The company plans to utilize existing Cotton Valley wellbores to initially test the formation thus keeping dry hole costs at a modest ~$0.5 mm; 3) a growing comfort level in the company’s liquidity position and ability to finance its 2011/2012 drilling plans, which feature getting more oily with the entry into the Williston Basin and Niobrara. We remain buyers of GMXR.
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They just closed their GMX Resources, 9.25% Series B Cumulative Preferred Stock offering. Distributions of 9.25% ($2.3125) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the 10th day prior to the payment date. I may add a few of these to go along with my MHR preferred issues.

EKS
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