Updated GMX Resources (GMXR) Cap Table

Latest estimate; this updates the bond prices and reflects the increase in senior secured debt that will occur as a result of the PIK election for the interest payment due June 1, 2012.

Also, adjusting the interest expense in the table for the secured notes to reflect that they will most likely continue to chose the PIK election, which is at a higher interest rate. (I haven't seen a trade on the secureds recently; but I am estimating them to trade at 80.)

Shares Outstanding	69,272
	Face Amount	Price	Market Value	Interest Exp
Cash, as of 12/31/11	-102,493	1.00	-102,493
4.5% Senior Note due 2015	86,520	0.49	42,395	3,893
5% Senior Note due 2013	59,372	0.77	45,716	2,969
11.375% Senior Note due 2019	1,970	0.50	985	224
11% Senior Secured Note due 2017	288,620	0.80	230,896	40,407
Total Debt	333,989		217,499	47,493
9.25% Series B Cumulative Preferred	79,418	0.52	41,297	7,346
Enterprise Value through Preferreds	413,407		258,797	54,839
Common Stock	99,752	1.44	99,752
Enterprise Value	513,159		358,549

Once again, we see a disparity between the enterprise value implied by the debt and what is implied by the common stock. Buyers of the unsecured debt create the company at a valuation of around $220 million and buyers of the common stock create the company at a valuation of around $510 million.