Feb 1 GMX Resources plans to cut
13 percent of its workforce in 2012 and the company said it
continued to shift focus to oil drilling from natural gas, hurt
by lower prices.
The company has 109 employees, according to Thomson Reuters
GMX said fourth-quarter production was 4.8 billion cubic
feet equivalent, 9 percent lower than the year-ago period.
It expects first-quarter production of 591,000 barrels of
oil equivalent, which includes an estimated 52,000 barrels of
The Oklahoma City-based company expects to spend about $97
million in 2012.
In June last year, the company had suspended drilling at its
assets in the natural-gas rich Haynesville play.
GMX shares closed at 94 cents on Wednesday on the New York