Updated Cap Table for GMXR

Here is our latest estimate, reflecting $25mm for working capital, the most recent quarterly cash number, and also the most recent 2013 note exchange on May 16.

The exchanges have gotten the outstanding 2013s down to ~$52mm face, or $39mm at current market value. Since the market cap is greater than this, it seems conceivable that they may be able to deal with this maturity through further exchanges. In the most recent exchange, they issued 0.88 shares of stock for every face dollar of note. However, if you assume this increases to 1 share/dollar face amount, then it would require an issuance of 52 million shares to retire that maturity, which would be a 70% increase in shares outstanding.

Shares Outstanding	74,357
	Face Amount	Price	Market Value	Interest Exp
Cash, as of 3/31/12	-71,079	1.00	-71,079
Working Capital	25,000	1.00	25,000
4.5% Senior Note due 2015	86,250	0.40	34,500	3,881
5% Senior Note due 2013	51,997	0.75	38,998	2,600
11.375% Senior Note due 2019	1,970	0.50	985	224
11% Senior Secured Note due 2017	288,620	0.80	230,896	37,521
Total Debt	382,758		259,300	44,226
9.25% Series B Cumulative Preferred	79,418	0.52	41,297	7,346
Enterprise Value through Preferreds	462,176		300,597	51,572
Common Stock	68,408	0.92	68,408
Enterprise Value	530,584		369,005

I looked at the most recent month's well results, which are even worse than I thought they'd be. The time is now for the company to work on exchanging the unsecured notes for stock.