"GMX Resources Closes East Texas Asset Sale; Provides an Operational Update and Announces Date for Third Quarter Earnings Call" ($GMXR)
From a press release the company just put out,
- "[T]he Company announces that it has received cash proceeds from the previously announced $69 million sale of a portion of Cotton Valley Sands and shallower formation properties in East Texas and Louisiana"
- "Michael J. Rohleder, the Company's President, said, 'Now that the East Texas asset sale has closed and provides funding into 2013, we can focus on remaining near-term catalysts for our shareholders, which include, higher daily oil production through improved completions, lower costs per well and more wells drilled per rig per year. We expect to complete our 9th and 10th operated wells by year end, boosting our crude oil production in the fourth quarter. The Akovenko 24-34-2H should be contributing production in November and the Lange 44-31-2H will follow in December. We have completed ten separate financial transactions over the last seven quarters that have resulted in significant increases in available liquidity and we expect to resolve the $27 million of remaining 2013 Convertible Senior Notes due in February 2013 on or before the maturity date.'"