2011-02-25-2011-01-28

Transaction Type
Announce Date
Post Date
Estimated Price
39MM
Description

To buy 8,290 net undeveloped acres in the North Dakota Bakken.

GMX Resources Inc., Oklahoma City, (NYSE: GMXR) plans to acquire 8,290 net acres in the North Dakota Bakken from Rockwall, Texas-based Arkoma Bakken LLC, Kilgore, Texas-based Long Properties Trust and Shreveport, La.-based Reynolds Drilling Co. Inc. for approximately $38.7 million in cash and stock.

GMX will pay an average $4,665 per acre.

The first purchase includes an undivided 87.5% working interest (82.5% net revenue interest) in approximately 7,613 net acres in McKenzie and Dunn counties (acquired interest representing 6,661 net acres) which represent undeveloped acreage in the Bakken for approximately $31.3 million. The second acquisition is for an undivided 87.5% working interest (80% NRI) in approximately 1,862 net acres in Williams County, (acquired interest in 1,629 net acres) for approximately $7.3 million.

Capital One Southcoast is financial advisor. The deals are expected to close in February and March, 2011.