GMX RESOURCES INC. Announces Final Order Issued for 20 Acre Optional Drilling Units Carthage North (Cotton Valley) Field Harrison and Panola Counties, Texas

OKLAHOMA CITY, March 1 /PRNewswire-FirstCall/ -- GMX RESOURCES INC., ; (visit http://www.gmxresources.com/ to view the most recent Company presentation and for more information on the Company) today announces that the Railroad Commission of Texas has issued a final order amending the Carthage North (Cotton Valley) Field Rules permitting wells to be drilled in the Carthage North Field on 20 acre drilling units no closer than 600 feet from another well in the same reservoir on the same lease, pooled unit or unitized tract. Mr. Ken Kenworthy, Jr., President and CEO of GMXR, stated, "Penn Virginia Oil & Gas, L.P. ("PVOG"), a subsidiary of Penn Virginia Corporation and our joint venture partner had a hearing February 9, 2007 to establish optional 20 acre spacing for the Carthage North Field. It was un-protested and GMXR supported it. We are preparing two 20 acre test wells to begin in 2Q07 and PVOG has indicated they have several 20 acre tests planned for 2H07 in our JV. These tests will enable us to better evaluate the effect of 20 acre spacing on ultimate recoverable reserves. This down-spacing in our field could have a significant positive impact on future reserve estimates and has the potential to double our current inventory of Cotton Valley Sand (CVS) locations to 1,426 gross/826 net. We currently have drilled 133 gross/70 net CVS producers to date which is less than 10% of the potential wells on 20 acre spacing."

GMX RESOURCES INC. is a rapidly growing, E & P company with high quality unconventional gas resources, currently drilling wells in its Cotton Valley (CV) Gas Resource Play on the Sabine Uplift; Carthage North Field, East Texas, Panola & Harrison County, developing its Upper CV "Tight Gas Sands" and Lower CV Bossier "Gas Shales", also containing Travis Peak/Hosston Sands & Pettit Sands and Limes. These key resource layers provide repeatable organic growth for the Company; Core Area 99% of NAV; 94% Natural Gas. Headquartered in Oklahoma City, Oklahoma, GMXR has interests in 177 gross/ 102.02 net producing wells and operates 60% of its reserves. The Company's strategy is to develop its resource play with multiple rigs, increase production, grow its natural gas reserves and continue to build shareholder value.

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 the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of planned wells, reserve estimates and values, statements regarding the quality of the Company's properties and potential reserve and production levels. These statements are based on certain assumptions and analysis made by the Company 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 the company's properties. Such statements are subject to a number of risks, including but not limited to commodity price risks, drilling and production risks, risks relating to the Company's ability to obtain financing for its planned activities, risks related to weather and unforeseen events, governmental regulatory risks and other risks, many of which are beyond the control of the Company. Reference is made to the company'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.