Tuesday, October 9, 2012

Latest Investor Presentation from GMX Resources ($GMXR)

I meant to post this earlier. Key bullet points from a recent GMXR presentation:

□ Issued 7.2MM new common shares to those who tendered 2013 notes
□ 2013 outstanding balance reduced to $27.1MM from $52MM Remaining balance addressed by:
─ Debt for debt/equity exchanges ($8.5MM of 2018 Notes available)
─ Cash or proceeds from asset sales ($10MM limit)
□ 2015 outstanding balance reduced to $48.3MM from $86MM

Asset Sale Includes Surface of Earth to Base of Cotton Valley
□ Company retains Upper, Middle and Lower Bossier/Haynesville and Deep Rights
□ Company retains Cotton Valley and Shallow Rights across 13,130 Acres
□ 2Q12 Reserves Associated with Sale: 68.7 Bcfe & SEC PV-10 of $60.5MM(2)
□ Includes PBP of 24.2 Bcfe with SEC PV-10 of $22MM
□ Reduces Remaining 2012 Production by Approx. 1.1 Bcf & 17 MBbls of Oil(3)
□ Reduces 2013 production by approx. 3.1 Bcf & 49,600 Bbls of oil
□ Reduces Remaining 2012 Revenue by Approx. $5MM & in 2013 $17MM(4)
□ Reduces Remaining 2012 EBITDA by Approx. $3MM & in 2013 $9MM(4)

Short term goal is to address remaining balance of 2013 notes
─ Debt for debt/equity exchanges
─ $10MM Bond Basket

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