Document:

EXHIBIT 4.3
                                                                     -----------

                                  FACE OF NOTE

     If the registered owner of this Note (as indicated below) is The Depository
Trust Company, a New York corporation (the "Depositary"), or a nominee of the
Depositary, this Note is a Global Security and the following legends apply:

     Unless this certificate is presented by an authorized representative of The
Depositary to the Issuer or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depositary), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

     THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

Registered No.                                                CUSIP No.
2                                                             36239Y AB 8

Principal Amount
$100,000,000

<PAGE>

                          GABELLI ASSET MANAGEMENT INC.
                               5.50% SENIOR NOTES
                                DUE MAY 15, 2013

ORIGINAL ISSUE DATE:    May 15, 2003
INTEREST RATE:          5.50%
STATED MATURITY:        May 15, 2013

INTEREST PAYMENT DATES: May 15 and November 15

OTHER PROVISIONS:

                                        2
<PAGE>

     GABELLI ASSET MANAGEMENT INC., a New York corporation (the "Issuer" or the
"Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co. or registered assigns, the principal sum of ONE HUNDRED MILLION DOLLARS
($100,000,000) at the Stated Maturity specified above (except to the extent
repaid prior to Stated Maturity), and to pay interest thereon at the Interest
Rate per annum specified above, until the principal hereof is paid or duly made
available for payment.

     As used herein, "Business Day" means, unless otherwise specified above, any
day other than a Saturday or a Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law, regulation or
executive order to close in The City of New York.

     The Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York. All terms used and not
defined in this Note shall have the meanings assigned to them in the Indenture.

     Interest payments for this Note shall be computed and paid on the basis of
a 360-day year of twelve 30-day months.

     The Company will pay interest on each Interest Payment Date specified
above, commencing on the first Interest Payment Date next succeeding the
Original Issue Date specified above to, but excluding Stated Maturity (the date
of each such Stated Maturity and the date on which principal or an installment
of principal is due and payable by declaration of acceleration pursuant to the
Indenture, being referred to hereinafter as a "Maturity" with respect to
principal payable on such date). The "Regular Record Date" with respect to any
Interest Payment Date shall be the first calendar day (whether or not a Business
Day) of the month of such Interest Payment Date. Interest on this Note will
accrue from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for or, if no interest has been paid or
duly provided for, from and including the Original Issue Date specified above,
to but excluding such Interest Payment Date or Maturity, as the case may be. If
the Maturity or an Interest Payment Date for this Note falls on a day which is
not a Business Day, the related payment of principal, premium, if any, or
interest will be made on the next succeeding Business Day with the same force
and effect as if made on such Maturity or Interest Payment Date, as the case may
be, and no additional interest shall accrue on the amount so payable during the
period from and after such Maturity or Interest Payment Date, as the case may
be. The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will,

                                        3
<PAGE>

as provided in the Indenture, be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such Interest Payment Date. Any such interest which
is payable, but not punctually paid or duly provided for on any Interest Payment
Date (herein called "Defaulted Interest"), shall forthwith cease to be payable
to the registered holder on such Regular Record Date, and may either be paid to
the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a special record date for the payment of
such Defaulted Interest to be fixed by the Trustee (the "Special Record Date"),
notice whereof shall be given to the Holder of this Note not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other
lawful manner, all as more fully provided in the Indenture. Interest payable at
Maturity will be payable to the Person to whom the principal hereof shall be
payable.

     Notwithstanding anything else contained herein, if this Note is a Global
Security as specified on the face hereof and is held in book-entry form through
the facilities of the Depositary, payments on this Note will be made to the
Depositary or its nominee in accordance with the arrangements then in effect
between the Trustee and the Depositary.

     Subject to the immediately preceding paragraph, payment of the principal
of, premium, if any, and interest on this Note at Maturity will be made in
immediately available funds upon presentation of this Note at the Office or
Agency of the Company maintained by the Company for such purpose in the Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts. Payment of interest on this Note (other than at
Maturity) will be made at the Office or Agency of the Company maintained by the
Company for such purpose in the Borough of Manhattan, The City and State of New
York or, at the option of the Company, may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register at the close of business on the Regular Record Date
immediately preceding the applicable Interest Payment Date.

     Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee (as defined below) for this Note under the Indenture, or
its successor thereunder, by the manual signature of one of its authorized
officers, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

                                        4
<PAGE>

     This Note is one of a duly authorized series of Securities (herein called
the "Notes") of the Company issued and to be issued under an Indenture dated as
of February 6, 2002, as amended by the First Supplemental Indenture thereto
dated as of February 6, 2002 (as so amended and as the same may be further
amended from time to time, the "Indenture"), between the Company and the
Trustee, to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the holders of
the Notes and the terms upon which the Notes are to be authenticated and
delivered. The Bank of New York shall act as Trustee with respect to the Notes
(herein called the "Trustee", which term includes any successor Trustee with
respect to the Notes under the Indenture). The terms of individual Notes may
vary with respect to interest rates or interest rate formulas, issue dates,
maturity, redemption, repayment, currency of payment and otherwise.

     The Notes are issuable only in registered form without coupons, in
denominations of $1,000 and integral multiples of $1,000thereof. As provided in
the Indenture and subject to certain limitations therein set forth, the Notes
are exchangeable for a like aggregate principal amount of Notes denominated as
authorized, as requested by the holder surrendering the same.

     If this Note is a Global Security, this Note is exchangeable for
certificated Notes only under the circumstances set forth in the Indenture.

     This Note is not subject to any sinking fund and is not redeemable or
repayable prior to Stated Maturity.

     The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note upon compliance with certain conditions set forth in
the Indenture.

     If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of all the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.

     As provided in and subject to the provisions of the Indenture, the holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless: (i) such holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Notes, specifying such Event of Default; (ii) the holders of not less than 25%
in principal amount of the

                                        5
<PAGE>

Notes at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee; (iii) such
holder or holders shall have offered to the Trustee such reasonable indemnity as
it may require against th costs, expenses and liabilities to be incurred therein
or thereby; (iv) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity, shall have failed to institute such any such
action, suit or proceeding and (v) during such 60 day period, the holders of a
majority in principal amount of the Notes do not give the Trustee a direction
inconsistent with the request. The foregoing shall not apply to any suit
instituted by the Holder of this Note for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Note at the time, place and rate, and in the coin or currency, herein
prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in The City and State of New York, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Security Registrar duly executed by, the holder of the Note
or by its attorney duly authorized in writing, and thereupon one or more new
Notes of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

     No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith, other than
certain exchanges pursuant to the Indenture.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee, any Paying Agent and any Security Registrar may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     No recourse for any claim based hereon or otherwise in respect hereof, and
no recourse under or upon any obligation, covenant or agreement of the Company
in the

                                        6
<PAGE>

Indenture, or in any Note, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Company or of any
predecessor or successor corporation, either directly or through the Company or
any predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

                                            GABELLI ASSET MANAGEMENT INC.

                                            By:____________________________
                                            Name:
                                            Title:

Attest:

By:____________________________
Name:
Title:

[Senior Note]
<PAGE>

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Notes of the series designated herein referred to in the
within-mentioned Indenture.

                                            THE BANK OF NEW YORK,
                                            as Trustee

                                            By:____________________________
                                                   Authorized Officer

Dated:

<PAGE>

                            ASSIGNMENT/TRANSFER FORM

         FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s),
assign(s) and transfer(s) unto (insert Taxpayer Identification No.)

---------------------------------------------------------------------

---------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code
of assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing _____________________________ attorney to transfer said Note on the
books of the Company with full power of substitution in he premises.

Dated:_____________                               ________________________

                                                  NOTICE: The signature of the
                                                  registered Holder to this
                                                  assignment must correspond
                                                  with the name as written upon
                                                  the face of the within
                                                  instrument in every
                                                  particular, without alteration
                                                  or enlargement or any change
                                                  whatsoever.

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations.

         TEN COM:      as tenants in common

         UNIF GIFT MIN ACT:                 ___________ Custodian ___________
                                            (Cust)              (Minor)
                                            Under Uniform Gifts to Minors Act

                                            _________________________________
                                                         (State)

         TEN ENT: as tenants by the entireties

         JT TEN:  as joint tenants with right of survivorship and not as tenants
                  in common

         Additional abbreviations may also be used though not in the above list.EXHIBIT 10.1
                                                                    ------------

                   LOAN MODIFICATION AND FORBEARANCE AGREEMENT

THIS LOAN MODIFICATION AND FORBEARANCE AGREEMENT, effective as of the 1st day of
May, 2003 (the "Agreement"), is by and among GMX RESOURCES INC., an Oklahoma
corporation, ENDEAVOR PIPELINE INC., an Oklahoma corporation, and EXPEDITION
NATURAL RESOURCES INC., an Oklahoma corporation (the "Borrowers") and LOCAL
OKLAHOMA BANK, N.A. (the "Bank").

                                    RECITALS
                                    --------

WHEREAS, effective October 31, 2000 Borrowers and Bank entered into that certain
Credit Agreement (the "Original Agreement") whereby Bank provided Borrowers with
a revolving line of credit in an amount governed by a Borrowing Base which shall
not exceed $15,000,000.00, as evidenced by reducing revolving promissory note
with a stated like amount of even date with the Original Agreement (the
"Original Note").

WHEREAS, as of June 18, 2001, Borrowers and Bank amended the Original Agreement
for the first time (the "First Amendment") in order to permit certain preferred
stock dividends and to evidence certain other changes as set forth therein.

WHEREAS, as of May 28, 2002, Borrowers and Bank amended the Original Agreement
as amended by the First Amendment for the second time (the "Second Amendment")
in order to increase the rate of interest, include a termination fee, alter the
reporting requirements and to make such additional changes as are set forth
therein

WHEREAS, as of August 14, 2002, Borrowers and Bank amended the Original
Agreement as amended by the First and Second Amendments for the third time (the
"Third Amendment" and the Original Agreement as amended by the First, Second,
and Third Amendment is referred to herein as the "Agreement").

WHEREAS, the obligations described in the Agreement are secured by, among other
things not specifically set forth herein, certain oil and gas properties and
other properties as set forth in the Agreement; and

WHEREAS, all capitalized terms not otherwise defined herein shall have those
meanings assigned to such terms in the Agreement;

WHEREAS, Borrower has failed to comply with certain of its obligations set forth
in the Agreement including, but not limited to, certain financial covenants, and
as a result, is in default under the terms of the Agreement.

            WHEREAS, The parties have agreed to enter into this Agreement for
the purpose of enabling Borrower to refinance its obligations to the Bank with
another lender or to otherwise obtain funds to satisfy such obligations in full.
<PAGE>
            NOW THEREFORE, in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrowers and the
Bank hereby agree to amend the Agreement as follows:

                                    SECTION 1

                                   FORBEARANCE
                                   -----------

            Subject to the terms, covenants and conditions contained herein, the
Bank agrees to forbear from exercising certain of their rights under the Loan
Documents.

            1.1 The forbearance period ("Forbearance Period") will run from the
date first written above when this Agreement is executed by all parties hereto
through 5:00 p.m. CST on July 15, 2003.

            1.2 Subject to the terms hereof, the Bank agrees to refrain from
exercising the following rights granted to them under the Loan Documents and
applicable law: (i) immediately accelerate and declare due and owing the entire
indebtedness or any portion thereof pursuant to the Loan Documents; (ii)
immediately realize upon or otherwise foreclose its security interests and
mortgage liens in and on the Collateral or any portion thereof; and/or (iii)
take any other actions to collect the indebtedness described therein.

            1.3 Except as provided herein, the parties hereby acknowledge that
all terms and conditions set forth in the Loan Documents shall continue in full
force and effect, and all mortgages, security agreements, collateral documents
and other instruments securing payment of any Borrower's indebtedness to the
Bank under the Loan Documents shall continue in full force and effect as
security for payment of such obligations.

            1.4 Nothing contained in this Section 1 shall be construed as
imposing any affirmative obligations on the Bank to renew, extend, or rearrange
in any way the obligations of Borrower or Guarantors under the Loan Documents,
the Guaranty Agreements or this Agreement.

            1.5 Nothing contained in this Section 1 shall constitute any course
of dealing on the part of Bank that has the effect of changing or modifying any
terms of the Loan Documents, the Guaranty Agreements or this Agreement.

            1.6 With the exception of the Bank's forbearance from the immediate
exercise of its remedies under the Agreement as such forbearance is described
herein, nothing contained in this Section 1 shall constitute a waiver of any of
the Bank's rights under the Loan Documents or this Agreement.

                                    SECTION 2

                         OTHER AGREEMENTS AND AMENDMENTS
                         -------------------------------

            2.1 Notwithstanding anything contained in the Note or in Section 2.6
of the Agreement, Scheduled Principal and Interest Payments, to the contrary,
until such time as the amounts outstanding on the Note are repaid in full
Borrower shall make the following payments on the Note:

                         Beginning May 1, 2003 and continuing on the first day
             of each month thereafter through July 1, 2003, Borrower shall make
             a principal payment in the amount of $120,000.00 together with a
             payment of all accrued but unpaid interest on the Note. All
             remaining principal plus all accrued but unpaid interest shall be
             due and payable in full on the Maturity Date.

            2.2 The provisions of Section 2 of the Credit Agreement, AMOUNT AND
TERMS OF CREDIT FACILITY, are hereby deemed amended as affected by Section 2.1
above.

                                       2
<PAGE>
            2.5 Borrower hereby agrees to pay to the Bank a fee in the amount of
$-0- (the "Forbearance Fee") at the time of execution of this Agreement in order
to compensate Bank for the items set forth herein.

                                    SECTION 3

                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

            Each Borrower hereby represents and warrants as follows:

            3.1 Such Borrower's execution and delivery of this Agreement and the
performance of its obligations hereunder and thereunder (i) are and will be
within its corporate powers; (ii) are duly authorized by such Borrower's board
of directors; (iii) are not and will not be in contravention of any law,
statute, rule or regulation, the terms of such Borrower's Certificate of
Incorporation or its Bylaws; (iv) do not require any consent or approval
(including governmental) which has not been given; and (v) will not result in
the imposition of liens, charges or encumbrances on any of Borrower's properties
or assets, except those in favor of Bank hereunder or under any of the Loan
Documents.

            3.2 This Agreement when duly executed and delivered, will constitute
the legal, valid and binding obligations of Borrower, enforceable in accordance
with their respective terms.

            3.3 All of such Borrower's other representations and warranties set
forth in the Loan Documents are true and correct on and as of the date hereof
with the same effect as though made and repeated on and as of the effective date
of this Agreement.

            3.4 The Note currently has an outstanding principal balance of
$7,980,000.00.

            3.5 Each Borrower hereby acknowledges that it is in default of its
obligations under the Loan Documents based on, among other things, (i) its
failure to achieve the Adjusted Current Ratio for the last quarter of the year
ending December 31, 2002 as required by Section 7.1 of the Credit Agreement;
(ii) its failure to achieve the Debt Service Coverage Ratio for the last quarter
of the year ending December 31, 2002 as required by Section 7.2 of the Credit
Agreement; and (3) the fact that the Loan Balance ( as defined in the Credit
Agreement) exceeds the Commitment Amount and Borrower has not made the mandatory
principal reduction as required by Section 2.6 of the Credit Agreement.

            3.6 Each Borrower hereby acknowledges and agrees that: (i) the Bank
has fulfilled its obligations to Borrower arising under the Loan Documents
through the date hereof; (ii) neither of the Borrowers has any claims or
defenses with respect to their respective obligations under the Loan Documents
or Bank's enforcement of its remedies under the Loan Documents; (iii) Each
Borrower hereby expressly waives any and all defenses, counterclaims, setoffs or
other rights they might hold, individually or collectively, which could result
in a reduction of the indebtedness owing by Borrowers to the Bank (except for
the payment thereof); and (iv) each Borrower acknowledges and agrees that the
Bank has no obligation to advance any additional funds to Borrowers under the
Agreement.

            3.7 The Loan Documents are enforceable pursuant to their terms,
subject to the terms of this Agreement.

                                    SECTION 4

                              COVENANTS OF BORROWER
                              ---------------------

            In addition to any and all covenants set forth in the Loan
Documents, each Borrower hereby covenants and agrees to provide Bank, upon
request and no later than Monday of each week during the forbearance period,
written status reports or other information concerning such Borrowers' efforts
to refinance any of Borrowers' obligations under the Loan Documents.

                                       3
<PAGE>

                                    SECTION 5

                       CONDITIONS PRECEDENT TO FORBEARANCE
                       -----------------------------------

            The Bank shall have no obligation under Section 1 of this Agreement
unless and until all the following conditions precedent have been satisfied or
waived by the Bank:

            5.1 Bank shall have received originals of this Agreement executed by
each Borrower.

            5.2 Each Borrower shall have taken all other actions reasonably
requested by Bank to fulfill the purposes of this Agreement including, but not
limited to, the execution and delivery by Borrowers of any additional documents
including, if deemed necessary by Bank, replacement promissory notes, mortgages,
security agreements and/or financing statements.

            5.3 Borrower shall have paid Bank the Forbearance Fee.

            5.4 Resolutions, consents and/or other authorizations (the
"Resolutions") of Borrowers approving the execution, delivery, and performance
of this Agreement, any documents or instruments required herein, and the
transactions contemplated herein, duly adopted by the board of directors,
general partner, and/or members of each Borrower accompanied by a certificate of
each Borrower's secretary stating that the Resolutions are true and correct,
have not been altered or repealed and are in full force and effect and shall
have been received by Bank.

            5.5 Each Borrower's representations and warranties set forth in
Section 2 hereof shall be true and correct on and as of the date hereof, except
as modified herein.

            5.6 Each Borrower shall have satisfied all conditions set forth in
the Loan Documents, except as modified herein.

            5.7 As of the date hereof, no Event of Default (except for those
defaults set forth at Section 3.5 above) nor any event which, with the giving of
notice or lapse of time, would constitute an Event of Default hereunder shall
have occurred and be continuing.

                                    SECTION 6

                                EVENTS OF DEFAULT
                                -----------------

            The occurrence of any of the following shall constitute an Event of
Default under this Agreement (an "Event of Default"):

            7.1 Borrowers fail to make any payment as and when due pursuant to
the terms hereof.

            7.2 Borrowers fail to perform any obligation imposed upon them or
any one of them under this Agreement.

            7.3 The occurrence of any default or Event of Default under the Loan
Documents, except to the extent this Agreement expressly recognizes and permits
the existence of such a default or Event of Default and such default is not
cured or remedied to the satisfaction of the Bank within five (5) days after
notice of such default is sent by Bank to Borrower. For the purpose hereof,
notice is deemed sent two (2) days after such notice is deposited with the
United States Postal Service. It is recognized and agreed that those defaults
acknowledged by Borrower in Section 3.5 will not create an Event of Default
hereunder.

            7.4 The filing of a voluntary or involuntary petition for relief
under the United States Bankruptcy Code by or against any Borrower.

                                       4
<PAGE>

                                    SECTION 7

                                    REMEDIES
                                    --------

            Notwithstanding anything to the contrary contained in this
Agreement, upon the occurrence of an Event of Default as described in Section 6
hereof: (i) all obligations of the Bank under this Agreement shall terminate
without notice to Borrower or any other person; and (ii) the Bank shall have the
right, at their sole discretion and without notice, to exercise any rights and
remedies which are provided under this Agreement, the Loan Documents or under
applicable law.

                                    SECTION 8

                                  MISCELLANEOUS
                                  -------------

            8.1 All recitals are incorporated herein by reference, and are
binding upon each Borrower.

            8.2 Notwithstanding any contrary or inconsistent provision contained
in any of the provisions of any of the Loan Documents, the provisions of this
Agreement will control. Except as expressly amended, supplemented or modified by
the terms hereof, the provisions of the Loan Documents and all other documents
held by the Bank will remain in full force and effect and are hereby ratified
and affirmed in all respects unless otherwise terminated.

            8.3 Each Borrower waives any and all rights of set-off, including
any statutory right of set-off which may be applicable, that they may have
against the Bank or any other holder of the Loan Documents, whether such
liabilities owed to Borrower by the Bank or any other holder of the Loan
Documents are direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter arising.

            8.4 Each Borrower acknowledges and agrees that the Bank may sell,
transfer and/or assign any or all of the Loan Documents at any time to any third
party; and upon written notice by the Bank and such third party, Borrowers will
render performance of their obligations under the Loan Documents to such third
party.

            8.5 Each Borrower acknowledges and agrees that, pursuant to the
terms of the Loan Documents, all of Bank's expenses incurred in connection with
the preparation and negotiation of this Agreement, and in enforcement of the
Bank's rights under this Agreement and the Loan Documents, including Bank's
reasonable attorneys' fees and expenses, constitute additional obligations owing
under the Loan Documents and are secured in the same manner as the obligations
of Borrowers thereunder.

            8.6 The relationship between the Bank and Borrowers is that of a
lender and its borrowers. Borrowers and Bank agree and acknowledge that
Borrowers and Bank are not partners or joint venturers, and there is no
relationship or circumstances existing that would impose a fiduciary duty upon
the Bank with respect to Borrowers.

            8.7 No third party beneficiary relationship is intended nor shall
any such relationship be created by the execution, delivery or performance of
this Agreement.

            8.8 This Agreement may be executed and delivered in two or more
counterparts each of which will constitute an original instrument, but all of
which taken together will constitute one agreement.

            8.9 In any event any one or more of the provisions in this
Agreement, the Loan Documents or in any other instrument or document referred to
herein or executed in connection with or as security for the Agreement, shall,
for any reason, be held to be invalid, illegal or unenforceable, such
provision(s) shall not affect any other provision of this Agreement, the Loan
Documents, or any other instrument or document referred to herein or executed in
connection therewith. Furthermore, in lieu of such invalid, illegal or
unenforceable provision, there shall automatically be added a provision as
similar in terms to such invalid, illegal, or unenforceable provision as may be
possible and as may be valid, legal and enforceable.

            8.10 Borrowers have had the opportunity to fully review the form and
content of this Agreement with counsel of their choice; understand the nature of
and quality of the releases, covenants and agreements made by Borrowers herein;
acknowledge that the Bank is forbearing from exercising its lawful rights under
the Loan

                                       5
<PAGE>

Documents in consideration of the Borrowers' releases, covenants and agreements
herein, and enter into this Agreement freely and without duress, in their
respective best interests.

            8.11 This Agreement may be amended or extended only by a written
instrument executed by all the parties hereto. No waiver of any term or
provision hereof shall be effective unless reduced to writing and signed by the
party to be charged with such waiver. The Bank has no obligation to further
extend the forbearance period or make any similar concessions to Borrowers
regarding performance of their obligations under the Loan Documents beyond what
is otherwise set forth herein. Any decision by the Bank to grant one or more
such extensions or similar concessions (i) shall be made by the Bank in its sole
discretion, and (ii) shall not create an express or implied obligation on the
part of Bank to grant further extensions or concessions.

            8.12 Borrowers and Bank have jointly negotiated and prepared this
Agreement. Accordingly, any rule of construction pursuant to which an ambiguity
herein would be construed against the drafter of this Agreement shall not apply
to this Agreement.

            8.13 This Agreement shall be construed in accordance with and
governed by the laws of the State of Oklahoma, and shall be binding on and inure
to the benefit of Borrowers and Bank, their respective successors and assigns.
All obligations of Borrowers and all rights of the Bank under this Agreement and
the Loan Documents shall be in addition to and not in limitation of those
provided by applicable law. Borrowers irrevocably agree that, subject to Bank's
sole election, all suits or proceedings arising from or related to this
Agreement or any of the Loan Documents may be litigated in courts (whether State
or Federal) sitting in Oklahoma City, Oklahoma and Borrowers hereby irrevocably
waive any objection to such jurisdiction and venue. Borrowers hereby waive their
right to trial by jury in any legal action or proceeding with respect to this
Agreement, the Loan Documents, and the rights and obligations of the parties
hereto.

            8.14 THIS AGREEMENT AND ALL INSTRUMENTS, AGREEMENTS AND DOCUMENTS
ATTACHED HERETO, REFERRED TO HEREIN OR EXECUTED IN CONNECTION HEREWITH,
INTEGRATE ALL THE TERMS AND CONDITIONS BETWEEN THE PARTIES AND CONSTITUTE THE
ENTIRE AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER THEREOF,
AND SUPERSEDE ALL PRIOR DISCUSSIONS, NEGOTIATIONS AND COMMUNICATIONS WHETHER
ORAL OR WRITTEN. NONE OF THE PARTIES HERETO SHALL BE BOUND BY ANY PROMISES,
REPRESENTATIONS, WARRANTIES OR AFFIRMATIONS NOT CONTAINED IN THIS AGREEMENT, IN
AN AGREEMENT, INSTRUMENT, OR DOCUMENT ATTACHED HERETO OR REFERRED TO HEREIN OR
EXECUTED IN CONNECTION HEREWITH.

            8.15 THE BORROWERS (IN THEIR OWN RIGHT AND ON BEHALF OF THEIR
RESPECTIVE DIRECTOR, OFFICERS, EMPLOYEES. INDEPENDENT CONTRACTORS, ATTORNEYS AND
AGENTS) (THE "RELEASING PARTIES") JOINTLY AND SEVERALLY RELEASE, ACQUIT, AND
FOREVER DISCHARGE BANK AND ITS DIRECTORS, OFFICERS, EMPLOYEES, INDEPENDENT
CONTRACTORS, ATTORNEYS AND AGENTS, AND ATTORNEYS (THE "RELEASED PARTIES"), TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE STATE AND FEDERAL LAW, FROM ANY AND
ALL ACTS AND OMISSIONS OF THE RELEASED PARTIES, AND FROM ANY AND ALL CLAIMS ,
CAUSES OF ACTION, COUNTERCLAIMS, DEMANDS, CONTROVERSIES, COSTS, DEBTS, SUMS OF
MONEY, ACCOUNTS, RECKONINGS, BONDS, BILLS, DAMAGES, OBLIGATIONS, LIABILITIES,
OBJECTIONS, AND EXECUTIONS OF ANY NATURE , TYPE, OR DESCRIPTION WHICH THE
RELEASING PARTIES HAVE AGAINST THE RELEASED PARTIES, INCLUDING, BUT NOT LIMITED
TO, NEGLIGENCE, GROSS NEGLIGENCE, USURY, FRAUD, DECEIT, MISREPRESENTATION,
CONSPIRACY, UNCONSCIONABILITY, DURESS, ECONOMIC DURESS, DEFAMATION, CONTROL,
INTERFERENCE WITH CONTRACTUAL AND BUSINESS RELATIONSHIPS, CONFLICTS OF INTEREST,
MISUSE OF INSIDER INFORMATION, CONCEALMENT, DISCLOSURE, SECRECY, MISUSE OF
COLLATERAL, WRONGFUL RELEASE OF COLLATERAL, FAILURE TO INSPECT, ENVIRONMENTAL
DUE DILIGENCE,

                                       6
<PAGE>

NEGLIGENT LOAN PROCESSING AND ADMINISTRATION, WRONGFUL SETOFF, VIOLATIONS OF
STATUTES AND REGULATIONS OF GOVERNMENTAL ENTITIES, INSTRUMENTALITIES AND
AGENCIES (BOTH CIVIL AND CRIMINAL), RACKETEERING ACTIVITIES, SECURITIES AND
ANTITRUST LAWS VIOLATIONS, TYING ARRANGEMENTS, DECEPTIVE TRADE PRACTICES, BREACH
OR ABUSE OF ANY ALLEGED FIDUCIARY DUTY, BREACH OF ANY ALLEGED SPECIAL
RELATIONSHIP, COURSE OF CONDUCT OR DEALING, ALLEGED OBLIGATION OF FAIR DEALING,
ALLEGED OBLIGATION OF GOOD FAITH, AND ALLEGED OBLIGATION OF GOOD FAITH AND FAIR
DEALING, WHETHER OR NOT IN CONNECTION WITH OR RELATED TO THE LOAN DOCUMENTS AND
THIS AGREEMENT, AT LAW OR IN EQUITY, IN CONTRACT IN TORT, OR OTHERWISE, KNOWN OR
UNKNOWN, SUSPECTED OR UNSUSPECTED UP TO AND INCLUDING THE DATE OF THIS AGREEMENT
(THE "RELEASED CLAIMS"). THE RELEASING PARTIES FURTHER AGREE TO LIMIT ANY
DAMAGES THEY MAY SEEK IN CONNECTION WITH ANY CLAIM OR CAUSE OF ACTION, IF ANY,
TO EXCLUDE ALL PUNITIVE AND EXEMPLARY DAMAGES, DAMAGES ATTRIBUTABLE TO LOST
PROFITS OR OPPORTUNITY, DAMAGES ATTRIBUTABLE TO MENTAL ANGUISH, AND DAMAGES
ATTRIBUTABLE TO PAIN AND SUFFERING INSOFAR AS SAME ARISE UP TO AND THROUGH THE
DATE OF EXECUTION OF THIS AGREEMENT.. THE RELEASING PARTIES REPRESENT AND
WARRANT THAT TO THEIR KNOWLEDGE NO FACTS EXIST WHICH COULD PRESENTLY OR IN THE
FUTURE COULD SUPPORT THE ASSERTION OF ANY OF THE RELEASED CLAIMS AGAINST THE
RELEASED PARTIES. THE RELEASING PARTIES FURTHER COVENANT NOT TO SUE THE RELEASED
PARTIES ON ACCOUNT OF ANY OF THE RELEASED CLAIMS, AND EXPRESSLY WAIVE ANY AND
ALL DEFENSES THEY MAY HAVE IN CONNECTION WITH THEIR DEBTS AND OBLIGATIONS UNDER
THE LOAN PAPERS AND THIS AGREEMENT WITH THE EXCEPTION OF PAYMENT. THIS PARAGRAPH
IS IN ADDITION TO AND SHALL NOT IN ANY WAY LIMIT ANY OTHER RELEASE, COVENANT NOT
TO SUE, OR WAIVER BY THE RELEASING PARTIES IN FAVOR OF THE RELEASED PARTIES.

            This Agreement has been executed and delivered to be effective on
the date first above written.

             THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.

                                       7
<PAGE>

     BORROWERS:                       GMX RESOURCES, INC.
                                      an Oklahoma corporation

                                      ------------------------------------------
                                      By:
                                          --------------------------------------
                                      Title:      President

                                      ENDEAVOR PIPELINE, INC.,
                                      an Oklahoma corporation

                                      ------------------------------------------
                                      By:
                                          --------------------------------------
                                      Title:      President

                                      EXPEDITION NATURAL RESOURCES, INC.,
                                      an Oklahoma corporation

                                      ------------------------------------------
                                      By:
                                          --------------------------------------
                                      Title:      President

     BANK:                            LOCAL OKLAHOMA BANK, N.A.

                                      ------------------------------------------
                                      By:         John K. Slay, Jr.
                                          --------------------------------------
                                      Title:      Senior Vice President

                                       8

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