2011-02-25-2011-01-20

To acquire 17,797 net undeveloped acres in the Bakken/Sanish-Three Forks formation in MT and ND.

GMX Resources Inc., Oklahoma City, (NYSE: GMXR) plans to acquire 17,797 net undeveloped acres in the Bakken/Sanish-Three Forks formation in Montana and North Dakota from Roberts, Mont.-based Retamco Operating Inc. for approximately $17 million.

GMX Resources will issue up to 2.67 million common shares at $5.72 per share, based on the closing price of its common shares on January 13, and cash of approximately $1.8 million. Retamco may also elect to reduce the number of shares of common stock by 400,452 shares and instead receive approximately $2.4 million in cash.

The leases have a minimum 80% net revenue interest and are a mix of fee (freehold), state, and federal leases, all taken within the past 12 months. The leases generally have five to 10-year primary terms, and many of the fee leases have options to renew for five more years.