GMX Resources Inc Separated Following oil Prices Slump

GMX Resources Inc Separated Following oil Prices Slump

GMX Resources Inc. is an unadulterated play free oil and common gas investigation and creation organization. The Company is centered around the advancement of Haynesville/Bossier Shale and Cotton Valley Sands in the Sabine Uplift of the Carthage, North Field of Harrison and Panola districts of East Texas (its center range).

Its outstanding shares are standing around 2,000,000, while authorized share are at 350,000,000.

GMX Resources has risen up out of liquidation as two secretly held organizations: Thunderbird Resources Equity Inc. also, Thunderbird Resources LP.

The Oklahoma City-based oil and characteristic gas maker petitioned for liquidation security April 1, 2013, posting resources of $281 million and obligations of more than $485 million.

An insolvency judge endorsed the redesign arrangement Jan. 22. Under terms of the arrangement, holders of a portion of the organization’s senior secured notes consented to purchase “generously all” of the organization’s advantages for $338 million.

The rearrangement arrangement decreases the aggregate sum of remarkable obligation by about $505 million. General unsecured lenders got an ace rata offer of premiums in a loan boss trust and $1.5 million in real money. All rights and interests of holders of GMX’s basic and favored stock have been ended.

GMX beforehand said it had 65 representatives in its workplaces in Oklahoma City, Denver, Texas and North Dakota before taking out an unspecified number of positions a year ago.

The organization controls oil and normal gas delivering resources in North Dakota, Colorado and East Texas.

Share This: