Exhibit 99.2

DeGolyer and MacNaughton

5001 Spring Valley Road

Suite 800 East

Dallas, Texas 75244

September 1, 2011

GMX Resources Inc.

9400 N. Broadway

Suite 600

Oklahoma City, Oklahoma 73114

Ladies and
Gentlemen:

Pursuant to your request, we have prepared estimates of the extent and value of the net proved crude oil,
condensate, and natural gas reserves, as of December 31, 2010, of certain Haynesville Shale gas properties owned by GMX Resources Inc. (GMXR). This evaluation was completed on September 1, 2011. This report was prepared in accordance with
guidelines specified in Item 1202(a)(8) of regulation S-K and is to be used for inclusion in certain United States Securities and Exchange Commission (SEC) filings by GMXR. There were no crude oil or condensate reserves associated with these
properties. The properties appraised consist of working interests in wells located in Harrison County, Texas. GMXR has represented that these properties account for approximately 73 percent on a million cubic feet equivalent basis of GMXRs net
proved reserves as of December 31, 2010. The net proved reserves estimates prepared by us have been prepared in accordance with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the SEC.

Reserves included herein are expressed as net reserves. Gross reserves are defined as the total estimated petroleum to be produced from
these properties after December 31, 2010. Net reserves are defined as that portion of the gross reserves attributable to the interests owned by GMXR after deducting all interests owned by others.

Data used in this evaluation were obtained from reviews with GMXR personnel, GMXR files, from records on file with the appropriate
regulatory agencies, and from public sources. In the preparation of this report we have relied, without independent verification, upon such information furnished by GMXR with respect to property interests, production from such properties, current
costs of



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operation and development, current prices for production, agreements relating to current and future
operations and sale of production, and various other information and data that were accepted as represented. A field examination of the properties was not considered necessary for the purposes of this report.

Methodology and Procedures

Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principals and techniques that are in accordance with practices generally recognized by the
petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (Revision as of February 19, 2007). The method
or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history.

All reserves estimated in this report are producing or will produce from the Haynesville Shale reservoir in Harrison County, Texas. The
Haynesville Shale varies from 250 to more than 300 feet thick with porosities from 7.5 to 8.5 percent across GMXRs acreage.

For proved producing properties whose performance disclosed a reliable decline in producing-rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate
decline or other performance relationships.

Proved undeveloped reserves were estimated by evaluating recoverable reserves per
foot of horizontal lateral for the producing properties and applying the resultant recovery per foot to the planned lateral lengths of undeveloped locations. This study included an analysis of the latest production data to estimate ultimate recovery
for the 29 horizontal Haynesville Shale wells completed by GMXR and on production as of December 31, 2010. This sample was then reduced to the last 16 wells completed in the field, since they represented the latest completion techniques adopted
by GMXR in 2010. Well spacing is estimated to be approximately 1,000 feet between the horizontal laterals.

Additionally, to
verify the reasonableness of the undeveloped reserves estimates made using the methodologies above, the volumetric method was used to



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estimate the original gas in place (OGIP). Structure maps were used to delineate the reservoir, and isopach maps were used to estimate reservoir volume. Electrical logs, radioactivity logs, core
analyses, and other available data were used to prepare these maps as well as to estimate representative values for porosity and water saturation. The average OGIP across GMXRs Harrison County acreage is 160 billion cubic feet (Bcf) per 640
acres. Drainage areas and recovery factors were calculated using the proposed lateral lengths and the estimated ultimate recoveries from the proved undeveloped locations. The resulting calculated recovery factors for proved undeveloped locations
were found to be between 17 and 18 percent.

Definition of Reserves

Petroleum reserves estimated by us included in this report are classified as proved. Only proved reserves have been evaluated for this
report. Reserves classifications used by us in this report are in accordance with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the SEC. Reserves are judged to be economically producible in future years from
known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using conventional production methods and equipment. In the analyses of production-decline curves, reserves were estimated
only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by
contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified as follows:

Proved oil and gas reservesProved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty
to be economically produciblefrom a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulationsprior to the time at which contracts providing the right to operate
expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be
reasonably certain that it will commence the project within a reasonable time.



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(i) The area of the reservoir considered as proved includes:

(A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that
can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or
performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation
from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or
performance data and reliable technology establish the higher contact with reasonable certainty.

(iv) Reserves which can be
produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an
analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary
parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which
economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered



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by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements,
excluding escalations based upon future conditions.

Developed oil and gas reservesDeveloped oil and gas reserves
are reserves of any category that can be expected to be recovered:

(i) Through existing wells with existing equipment and
operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by
means not involving a well.

Undeveloped oil and gas reservesUndeveloped oil and gas reserves are reserves of any
category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology
exists that establishes reasonable certainty of economic producibility at greater distances.

(ii) Undrilled locations can be
classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time.

(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid
injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in [section 210.410
(a)



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Definitions], or by other evidence using reliable technology establishing reasonable certainty.

The development status shown herein represents the status applicable on December 31, 2010. In the preparation of this study, data available from wells drilled on the appraised properties through
December 31, 2010, were used in estimating gross ultimate recovery. When applicable, gross production estimated to December 31, 2010, was deducted from gross ultimate recovery to arrive at the estimates of gross reserves as of
December 31, 2010. Production data through December 2010 were available for most properties.

Our estimates of
GMXRs net proved reserves attributable to the reviewed properties are based on the definitions of proved reserves of the SEC and are as follows, expressed millions of cubic feet (MMcf).



|                   |  |                                           |         | 
|------------------ |  | ----------------------------------------- | ------- | 
|                   |  | Net Proved Reservesas
ofDecember 31, 2010 |        
|                   |  | Natural Gas(MMcf)                         |        
|Proved Developed   |  |                                           | 79,130  | 
|Proved Undeveloped |  |                                           | 154,922 | 
|                   |  |                                           |         | 
|Total Proved       |  |                                           | 234,052 | 

Primary Economic Assumptions

Revenue values in this report are expressed in terms of estimated future gross revenue, future net revenue, and present worth of future net revenue. These values are based on the economic conditions as
defined by the SEC.

Future gross revenue is defined as that revenue to be realized from the production and sale of the
estimated net reserves. Future net revenue is calculated by deducting estimated production taxes, ad valorem taxes, operating, gathering, processing expenses, and capital costs from the future gross revenue. Present worth of future net revenue is
calculated by discounting the future net revenue at the arbitrary rate of 10 percent per year compounded monthly over the expected period of realization.

Revenue values in this report were estimated using the initial prices and expenses provided by GMXR. Future prices were estimated using guidelines



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established by the SEC and the Financial Accounting Standards Board (FASB). The prices used in this report are based on SEC guidelines. The assumptions used for estimating future prices and
expenses are as follows:

Natural Gas Prices

GMXR has represented that the natural gas prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month
period prior to the end of the reporting period, unless prices are defined by contractual arrangements. The gas prices were calculated for each property using differentials to the Henry Hub reference price of $4.38 per Mcf furnished by GMXR and held
constant thereafter. The volume-weighted average price was $3.98 per Mcf.

Operating Expenses and Capital Costs

Operating expenses and capital costs, based on information provided by GMXR, were used in estimating future costs required
to operate the properties. In certain cases, future costs, either higher or lower than existing costs, may have been used because of anticipated changes in operating conditions. These costs were not escalated for inflation.

The estimated future revenue and expenditures attributable to the production and sale of GMXRs net proved reserves of the
properties appraised, as of December 31, 2010, is summarized in thousands of dollars (M$) as follows:



|                                  |  |                    |         |  |                       |  |       |             |  |  |         |  |  |  |         | 
|--------------------------------- |  | ------------------ | ------- |  | --------------------- |  | ----- | ----------- |  |  | ------- |  |  |  | ------- | 
|                                  |  | Proved             |        
|                                  |  | DevelopedProducing |         |  | DevelopedNonproducing |  |       | Undeveloped |  |  | Total   | 
|Future Gross Revenue, M$          |  |                    | 305,327 |  |                       |  | 8,717 |             |  |  | 616,246 |  |  |  | 930,290 | 
|Production & Ad Valorem Taxes, M$ |  |                    | 15,754  |  |                       |  | 500   |             |  |  | 28,097  |  |  |  | 44,351  | 
|Operating Expenses, M$            |  |                    | 54,306  |  |                       |  | 1,750 |             |  |  | 83,478  |  |  |  | 139,534 | 
|Capital Costs, M$                 |  |                    | 868     |  |                       |  | 415   |             |  |  | 269,806 |  |  |  | 271,089 | 
|Future Net Revenue, M$*           |  |                    | 234,399 |  |                       |  | 6,052 |             |  |  | 234,865 |  |  |  | 475,316 | 
|Present Worth at 10 Percent, M$*  |  |                    | 125,629 |  |                       |  | 2,774 |             |  |  | 23,478  |  |  |  | 151,881 | 



|* | Future income tax expenses were not taken into account in the preparation of these estimates.
|- | ---------------------------------------------------------------------------------------------



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Estimates of natural gas reserves and future net revenue should be regarded only as
estimates that may change as further production history and additional information become available. Not only are such reserves and revenue estimates based on that information which is currently available, but such estimates are also subject to the
uncertainties inherent in the application of judgmental factors in interpreting such information.

While the oil and gas
industry may be subject to regulatory changes from time to time that could affect an industry participants ability to recover its oil and gas reserves, we are not aware of any such governmental actions which would restrict the recovery of the
December 31, 2010, estimated oil and gas volumes. The reserves estimated in this report can be produced under current regulatory guidelines.

In our opinion, the information relating to estimated proved reserves, estimated future net revenue from proved reserves, and present worth of estimated future net revenue from proved reserves of oil,
condensate, natural gas liquids, and gas contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, 932-235-50-9,932-235-50-30, and 932-235-50-31(a), (b), and (e) of the Accounting
Standards Update 932-235-50, Extractive IndustriesOil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the Financial Accounting Standards Board and Rules 410(a) (1)(32) of
Regulation SX and Rules 302(b), 1201, 1202(a) (1), (2), (3), (4), (8), and 1203(a) of Regulation SK of the Securities and Exchange Commission; provided, however, future income tax expenses have not been taken into account in estimating
the future net revenue and present worth values set forth herein.

To the extent the above-enumerated rules, regulations, and
statements require determinations of an accounting or legal nature, we, as engineers, are necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor.



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DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has
been providing petroleum consulting services throughout the world since 1936. DeGolyer and MacNaughton does not have any financial interest, including stock ownership, in GMXR. Our fees were not contingent on the results of our evaluation. This
letter report has been prepared at the request of GMXR. DeGolyer and MacNaughton has used all assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report.



Submitted,/s/ DeGOLYER and MacNAUGHTON DeGOLYER and MacNAUGHTON Texas Registered Engineering Firm F-716/s/ Paul J. Szatkowski, P.E.Paul J. Szatkowski, P.E.Senior Vice PresidentDeGolyer and MacNaughton




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CERTIFICATE of QUALIFICATION

I, Paul J. Szatkowski, Petroleum Engineer with DeGolyer and MacNaughton, 5001 Spring Valley Road, Suite 800 East, Dallas, Texas, 75244 U.S.A., hereby
certify:



| | 1. | That I am a Senior Vice President with DeGolyer and MacNaughton, which company did prepare the letter report addressed to GMXR dated September 1, 2011, and that I,
as Senior Vice President, was responsible for the preparation of this report.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | That I attended Texas A&M University, and that I graduated with a Bachelor of Science degree in Petroleum Engineering in the year 1974; that I am a Registered
Professional Engineer in the State of Texas; that I am a member of the International Society of Petroleum Engineers and the American Association of Petroleum Geologists; and that I have in excess of 37 years of experience in oil and gas
reservoir studies and reserves evaluations.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



/s/ Paul J. Szatkowski, P.E.Paul J. Szatkowski, P.E.Senior Vice PresidentDeGolyer and MacNaughton