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Synergy Resources Corporation Message Board

  • dkwilk dkwilk Apr 1, 2013 3:38 PM Flag

    OT GMXR files for bankruptcy protection

    Oklahoma City, Oklahoma, Monday, April 1, 2013. GMX RESOURCES INC., NYSE: ‘GMXR ’; an oil and gas exploration and production company with assets in the Williston Basin, East Texas Basin and Denver Julesburg (“DJ”) Basin announced today that it has filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court (the “Bankruptcy Court”) for the Western District of Oklahoma. In connection with this petition, GMXR is pursuing an asset purchase agreement with holders of its Senior Secured Notes due 2017 who own a majority of these secured notes (collectively referred to below as the “Principal Senior Secured Noteholders”) to acquire substantially all of the Company’s operating assets and undeveloped acreage. The Company’s joint venture, Endeavor Gathering LLC, in which the Company owns a 60% membership interest, is not included in the filing.

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