GMX CFO Retires Amidst Natural Gas Hedges
GMX RESOURCES INC. reported that Ken L. Kenworthy, Sr., 72, co-founder of GMXR, will retire as Executive Vice President, Chief Financial Officer, Secretary and Treasurer of the Company effective as of February 1, 2008. He will remain as a director and will provide transition services as a consultant as requested by the Company.
Jim Merrill, currently the Controller of GMXR, a position he has held since August 2006, will become the Company's Chief Financial Officer, Secretary and Treasurer effective February 2, 2008, to serve at the pleasure of the Board. Prior to joining GMXR, Mr. Merrill was Controller of National American Insurance Company from 1998 to 2006. National American is a privately-held multi-state property and casualty insurer based in Chandler, Oklahoma which had net written premiums of $65 million in 2006. Prior to that time, Mr. Merrill was employed by Deloitte & Touche LLP. Mr. Merrill, 39, is a certified public accountant and has bachelor's degrees in finance and accounting from the University of Oklahoma.
The Company entered into natural gas hedges (costless collars) for 200,000 MMBTU's per month for calendar year 2009 at $7.50 minimum to $9.17 maximum, Houston Ship Channel and 300,000 MMBTU's per month for calendar year 2010 at $7.50 minimum to $8.91 maximum, Houston Ship Channel.