GMX RESOURCES INC. Announces Hiring of a Financial Advisor

Mon Feb 25, 2013 6:00am EST

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is an oil and gas exploration and production Company with assets in the Williston Basin, Denver
Julesburg ("DJ") Basin and East Texas Basin.

The Company is continuing to explore and evaluate options for its capital needs, as well as
continuing to evaluate and finalize its 2013 budget for capital expenditures based on its
available liquidity. In connection with its evaluation, the Company has retained Jefferies &
Company Inc., a financial advisor, to assist the Board and senior management in its ongoing
exploration of a variety of financing alternatives, including a potential restructuring of the
Company's balance sheet in light of its current liquidity and cash needs.

GMXR is a resource play rich exploration and production Company. The company is currently
developing its Bakken and Three Forks oil shale resources located in the Williston Basin, North
Dakota. The company is also planning test wells in the DJ Basin, Wyoming targeting additional
potential oil resources in the Niobrara Petroleum System. GMXR's large natural gas resources are
located in the East Texas Basin, primarily in the Haynesville/Bossier gas shale and the Cotton
Valley Sand Formation; where the majority of GMXR's acreage is contiguous, with infrastructure in
place and substantially all held by production. GMXR believes these oil and natural gas resource
plays provide a substantial inventory of operated, high probability, repeatable, organic growth
opportunities in constantly changing economical environments. GMXR's multiple basin strategy
provides flexibility to allocate capital to achieve the highest risk adjusted rate of return, with
both oil and natural gas resources throughout its portfolio. 

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This press release includes certain statements that may be deemed to be "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical
facts, included in this press release that address activities, events or developments that GMXR
expects, believes or anticipates will or may occur in the future are forward-looking statements.
They include statements regarding the Company's 2013 drilling plan and estimated capital
expenditures, the number and location of planned wells, and statements regarding the quality of
GMXR's properties and resource potential. These statements are based on certain assumptions and
analysis made by GMXR in light of its experience and perception of historical trends, current
conditions, expected future developments, and other factors it believes appropriate in the
circumstances, including the assumption that there will be no material change in the operating
environment for GMXR's properties. Such statements are subject to a number of risks, including but
not limited to risks relating to the Company's ability to obtain financing for its planned
activities, commodity price risks, drilling and production risks, risks related to weather and
unforeseen events, governmental regulatory risks and other risks, many of which are beyond the
control of GMXR. Reference is made to GMXR's reports filed with the Securities and Exchange
Commission for a more detailed disclosure of the risks. For all these reasons, actual results or
developments may differ materially from those projected in the forward-looking statements.

CONTACT: Alan Van Horn
         Manager, Investor Relations