GMXR Exchanges More Notes For Stock

The latest exchange:

"On May 16, 2012, GMX Resources Inc., an Oklahoma corporation ("GMXR"), entered into an exchange agreement with an investment manager on behalf of seven holders of its 5.00% Convertible Senior Notes due 2013 (the "2013 Convertible Notes"). Pursuant to this agreement, as consideration for the surrender by the holders of $2,675,000 aggregate principal amount of the 2013 Convertible Notes, GMXR will issue to the holders an aggregate of 2,370,421 shares of GMXR common stock, par value $0.001 per share (the "Common Stock), along with cash consideration relating to accrued and unpaid interest."

Nice. They have a ways to go though!