Oklahoma City energy company to look for buyer

Tuesday, October 11th 2005, 8:57 am
By: News On 6

OKLAHOMA CITY (AP) -- An Oklahoma City-based energy company says it will look for someone to buy the company after the first of the year.

GMX Resources officials say they'll begin looking for a buyer, but if an acceptable offer isn't made the company will continue producing natural gas and look for a buyer again in early 2007.

Chief Financial Officer Ken Kenworthy senior says the company has already received several verbal offers, but none have been acceptable.

GMX's stock price has more than tripled in value this year, rising from $6.90 per share in January to $22.61 per share Monday.