Monday, October 29, 2012

GMX Resources Reports Actual Proceeds From CVS Land Sale ($GMXR)

Press release today:

"On October 24, 2012, GMX Resources Inc. (the “Company”) completed the sale of assets pursuant to its previously announced Purchase and Sale Agreement, dated as of October 1, 2012 (the “Purchase and Sale Agreement”), between the Company and Summit Energy, LLC. The assets sold under the Purchase and Sale Agreement consist of specified operated and non-operated oil and gas properties in the Cotton Valley Sands and shallow rights located in East Texas and Louisiana. The $69.0 million sale had an effective date of September 1, 2012. The estimated proceeds after expenses and purchase price adjustments for September 2012 revenue and expenses were approximately $66.7 million."
Slight ding on the purchase price.

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