GMX Sells Cotton Valley Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
69MM
Description

Sale of non-operated properties in the Cotton Valley Sands in East TX and LA.

GMX Resources Inc. (NYSE: GMXR) plans to sell a portion of its East Texas and Louisiana assets to an unspecified buyer for about $69 million, a transaction which is expected to close this month.

The asset sale includes the company's interests in specified operated and non-operated properties in the Cotton Valley Sands and shallow rights located in East Texas and Louisiana.

The company is retaining its entire Haynesville/Bossier natural gas resource base with significant resource potential for natural gas, as well as Cotton Valley Sands and shallow rights across approximately 13,130 net acres that include 10 producing wells and 28 undeveloped horizontal locations within its East Texas core position.