GMX Resources Inc. has engaged Global Hunter Securities as financial advisor in connection with a proposed sale of a portion of the company's Cotton Valley Sand liquids rich natural gas properties located in East Texas. The company currently expects that sales of these properties would occur during the third quarter of 2012.
Michael J. Rohleder, company president, said, "We are pleased to announce the engagement with GHS related to the sale of certain Cotton Valley Sand assets. They are an energy specialist focused on these types of transactions and we expect a successful outcome."
GMXR is a resource play rich E&P company. Oil shale resources are located in the Williston Basin, North Dakota & Montana targeting the Bakken Petroleum System and in the DJ Basin, Wyoming targeting the Niobrara Petroleum System; both plays are estimated 90% oil. The company’s natural gas resources are located in the East Texas Basin, in the Haynesville/Bossier gas shale and the Cotton Valley Sand Formation, where the majority of our acreage is contiguous, with infrastructure in place and substantially all held by production.