OKLAHOMA CITY, May 22 /PRNewswire-FirstCall/ -- GMX RESOURCES INC. (NASDAQ:GMXR) (visit http://www.gmxresources.com/ to view the most recent Company presentation and for more information on the Company) today announces that approximately 95% of all outstanding shares were represented at our 2007 Annual Shareholders Meeting, held in Oklahoma City, OK today. Some highlights of the meeting are as follows: -- The existing five directors were re-elected. -- The shareholders ratified the selection of existing Independent Registered Accounting Firm as auditors for 2007. -- The amendment to the Company's Stock Option Plan to increase the shares available for grant from 550,000 to 850,000 shares was approved. Management of the Company reported the following plans and developments: -- GMXR has planned six 20 acre pilot wells for 2007. -- GMXR is planning 2 horizontal Bossier Shale pilot wells for 2H07. -- GMXR currently operates 62% of its production, currently 23mmcfepd. -- The borrowing base under our credit facility with our current lenders was increased by $12MM to $62MM, effective on May 7, 2007. -- Effective May 17, 2007, the Company's common stock shares, ticker symbol, GMXR, and the Company's Series B Preferred shares, ticker symbol, GMXRP, began trading on The NASDAQ Global Select Market. The Company's shares had been trading on the NASDAQ Global Market. GMX RESOURCES INC. is a rapidly growing, E & P company with high quality unconventional gas resources, currently drilling with 7 rigs in its Cotton Valley (CV) Gas Resource Play on the Sabine Uplift; Carthage, North Field, East Texas, Panola & Harrison County, developing its Upper CV "Tight Gas Sands"; 156 gross/80 net producers and Lower CV Bossier "Gas Shales", also containing Travis Peak/Hosston Sands & Pettit Sands and Limes. The Company has experienced a 100% success rate in this development. These key resource layers provide repeatable organic growth for the Company; Core Area 99% of NAV; 94% Natural Gas. Headquartered in Oklahoma City, Oklahoma, GMXR has interests in 204 gross/117.04 net producing wells and operates 62% of its production. The Company's strategy is to develop its resource play with 7-8 rigs, increase production, grow its natural gas reserves and continue to build shareholder value. This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of planned wells, reserve estimates and values, statements regarding the quality of the Company's properties and potential reserve and production levels. These statements are based on certain assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes appropriate in the circumstances, including the assumption that there will be no material change in the operating environment for the company's properties. Such statements are subject to a number of risks, including but not limited to commodity price risks, drilling and production risks, risks relating to the Company's ability to obtain financing for its planned activities, risks related to weather and unforeseen events, governmental regulatory risks and other risks, many of which are beyond the control of the Company. Reference is made to the company's reports filed with the Securities and Exchange Commission for a more detailed disclosure of the risks. For all these reasons, actual results or developments may differ materially from those projected in the forward-looking statements. DATASOURCE: GMX RESOURCES INC. CONTACT: Ken L. Kenworthy, Sr., Executive V. P., CFO, +1-405-600-0711 x316, or Ken L. Kenworthy, Jr., President, CEO, +1-405-600-0711 x311, both of GMX RESOURCES INC. Web site: http://www.gmxresources.com/

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