GMX Resources Inc. (GMXR) announced that it has launched an underwritten public offering of 5.75 million shares of the Company's common stock as well as a concurrent underwritten public offering of $70 million in aggregate principal amount of the Company's convertible senior notes due 2015.
The company intends to use the aggregate net proceeds from these offerings to repay a portion of the outstanding indebtedness under its revolving bank credit facility, to repay all of the Company's outstanding senior secured notes and for general corporate purposes. The company intends to grant the underwriters a 30-day option to purchase a maximum of 862,500 additional shares of its common stock as well as a 30-day option to purchase a maximum of $10.5 million in aggregate principal amount of additional notes, in each.
GMX Resources also announced the Company's production for the three months ended September 30, 2009 is expected to meet its previous estimate of 3.4 billion cubic feet equivalent ("Bcfe") of natural gas. The third quarter of 2009's expected production is a 2% increase from 3.3 Bcfe in the second quarter of 2009 and a 4% decrease from 3.5 Bcfe in the third quarter of 2008.
Anticipated 2010 capital expenditure guidance ranges from $180 million for a three H/B Hz rig drilling program to $220 million if the fourth contracted rig begins H/B Hz drilling in late March 2010 as scheduled.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.