OKC-based GMX Resources earnings, revenues increase sharply in 1Q

Journal Record, The (Oklahoma City), May 7, 2008

GMX Resources on Tuesday reported a 70-percent increase in net income for the first quarter to $6.5 million, or 40 cents per diluted share, up from $3.8 million, or 21 cents per diluted share, for the first quarter of 2007.

Oil and gas sales for the quarter totaled $27.2 million, up 106 percent from $13.2 million a year earlier.

The Oklahoma City-based company reported production for the quarter of 2.9 billion cubic feet equivalent, up 60 percent from 1.8 billion cubic feet equivalent a year earlier.

"The natural gas market is continuing to show strength in both price and demand which is benefiting us," said Jim Merrill, chief financial officer.