GMXR Resources executes two definitive agreements with a private company to purchase 9,865 gross / 7231 net operated developed and undeveloped acres mostly in Harrison County, East Texas and Caddo Parish North Louisiana, which includes an average of 85% working interest in 11 units, producing 1,900 mcfepd. This acquisition increases the Company's net operated acreage to 74%.

The mineral leases contain multiple producing layers and 90% of the acreage includes deep rights in the 'Haynesville'/Bossier Shale bringing the total approximate net 'Haynesville'/Bossier Shale acreage to 27,500. "These acquisitions represent a significant growth opportunity for GMXR, especially as we prepare our accelerated drilling plans for the 'Haynesville'/Bossier Shale," stated Ken Kenworthy, Jr., CEO and President. "The acreage represents excellent bolt-on operated opportunities adjoining our core development," he continued. The Company expects to begin horizontal drilling with multiple rigs in the 'Haynesville'/Bossier Shale within the next six months. Closing of the transaction will occur in the next few weeks.

GMXR also declared an increase in the bank borrowing base to $140 million with a consortium of banks lead by Capital One,N.A. as Administrative Agent. Union Bank of California,N.A., BNP Paribas, Fortis Capital Corp and Compass Bank complete the newly expanded lending group. The Company expects an additional increase in the borrowing base in the fourth quarter of 2008 as a part of the regular semi-annual redetermination process. As a part of the addition of the new banks, the Company and the banks executed an amended and restated loan agreement providing for up to $250 million in loans as the borrowing base permits.