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UPDATE 1-GMX Resources to cut 13 pct workforce in 2012
February 1, 2012 / 11:20 PM / 6 years ago

UPDATE 1-GMX Resources to cut 13 pct workforce in 2012

Feb 1 (Reuters) - 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 data.

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 oil.

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 Stock Exchange.

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