Document:

EXHIBIT 10.1
                                                                    ------------

                               GMX RESOURCES INC.

                        COMMON STOCK INVESTMENT AGREEMENT

     This Common Stock Investment Agreement (this "AGREEMENT") is made as of
April 5, 2004, by and among GMX Resources Inc., an Oklahoma corporation (the
"COMPANY"), and The Forest Hill Select Fund, LP, (the "INVESTOR").

                                    RECITALS

     WHEREAS, the Company desires to sell and the Investor desires to purchase
200,000 shares of the Company's common stock, par value $0.001 per share (the
"SHARES") for $5.00 per Share or a total of $1,000,000.00;

     WHEREAS, the parties hereto desire to make the representations and
warranties, and enter into the covenants and agreement, set forth in this
Agreement in connection with the issuance of the Shares to set forth the terms
thereof in writing.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises,
representations, warranties, and covenants hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Issuance of Shares. The Company shall sell to the Investor, and the
Investor shall purchase from the Company, the Shares. Closing of the sale and
purchase of the Shares shall occur within five (5) business days after execution
of this Agreement. At the Closing, the Company shall deliver certificates for
the Shares registered in the name of Investor to Banc of America Securities,
2001 Ross Avenue, Dallas, Texas 75201, against payment by the Investor of the
purchase price of $5.00 per Share or a total of $1,000,000 (the "PURCHASE
PRICE") by wire transfer to Local Oklahoma Bank, Oklahoma City, Oklahoma, ABA
No. __________________, Account No. __________________, GMX Resources Inc.

     2. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Investor as follows:

          2.1 Organization and Standing. The Company is a corporation duly
     organized, validly existing and in good standing under the laws of the
     State of Oklahoma and is in good standing under such laws. The Company is
     duly qualified and authorized to transact business and is in good standing
     as a foreign corporation in each jurisdiction in which the failure so to
     qualify would have a material adverse effect on its business, properties,
     prospects or financial condition.

          2.2 Corporate Power. The Company has all requisite legal and corporate
     power and authority to (a) execute and deliver this Agreement and any other

<PAGE>

     instruments and documents to be executed and delivered by it pursuant to
     this Agreement, (b) sell and issue the Shares hereunder and (c) carry out
     and perform its obligations under the terms of this Agreement and the
     transactions contemplated hereby and thereby.

          2.3 Valid Issuance of Stock. The Shares, when issued, sold and
     delivered in compliance with the provisions of this Agreement, will be duly
     and validly issued, fully paid and nonassessable and issued in compliance
     with all applicable federal and state securities laws.

          2.4 Authorization. All corporate action on the part of the Company,
     its officers, directors and shareholders necessary for the authorization,
     execution, delivery and performance of this Agreement has been taken. This
     Agreement and the Registration Agreement constitute valid and legally
     binding obligations of the Company, enforceable in accordance with their
     respective terms, subject to laws of general application relating to
     bankruptcy, insolvency and the relief of debtors and rules of law governing
     specific performance, injunctive relief or other equitable remedies.

          2.5 Offering. Subject to the accuracy of the representations of the
     Investor set forth in Section 3 below, the Company has complied and will
     comply with all applicable United States federal and state securities laws
     in connection with the offer, issuance and sale of the Shares in connection
     with this Agreement. The Company has not, either directly or through any
     agent, offered any securities to, or otherwise approached, negotiated or
     communicated in respect of any securities with, any person so as thereby to
     require that the offer or sale of the Shares be registered pursuant to the
     provisions of Section 5 of the Securities Act of 1933, as amended (the
     "SECURITIES ACT"). Subject to the accuracy of the representations of the
     Investor set forth in Section 3 below, the offer, sale and issuance of the
     Shares in conformity with the terms of this Agreement are exempt from the
     registration requirements of Section 5 of the Securities Act and all
     applicable state securities laws.

     3. Representations and Warranties of the Investor. The Investor represents
and warrants to the Company as follows:

          3.1 Investment Experience. The Investor is capable of evaluating the
     merits and risks of its investment in the Shares and has the capacity to
     protect its own interests. The Investor is an "accredited investor" as
     defined in Rule 501 of Regulation D promulgated under the Securities Act.
     The Investor is able to bear the economic risk of losing its entire
     investment in the Shares, which is not disproportionate to the Investor's
     net worth.

          3.2 Investment. The Investor is acquiring the Shares for investment
     for the Investor's own account, not as a nominee or agent, and not with the
     view to, or for resale in connection with, any distribution thereof. The
     Investor understands that the Shares with respect thereto have not been,
     and will not be when issued, registered under the Securities Act or any
     state securities laws by reason of specific exemptions from the
     registration provisions of the Securities Act and such state laws, the
     availability of which

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<PAGE>

     depends upon, among other things, the bona fide nature of the investment
     intent and the accuracy of the representations as expressed herein.

          3.3 Rule 144. The Investor is aware of the provisions of Rule 144
     promulgated under the Securities Act which permit limited resale of shares
     purchased in a private placement subject to the satisfaction of certain
     conditions, which may include, among other things, the existence of a
     public market for the shares, the availability of certain current public
     information about the Company, the resale occurring not less than one year
     after a party has purchased and paid for the security to be sold, the sale
     being effected through a "broker's transaction" or in transactions directly
     with a "market maker" and the number of shares being sold during any three
     (3) month period not exceeding specified limitations.

          3.4 Access to Information. The Investor has had an opportunity to
     discuss the Company's business plan and financial condition with the
     Company's management and has received all of the Company's reports filed
     with the SEC and Exchange Commission within the last eighteen (18) months.
     The Investor understands that a purchase of the Shares involves a high
     degree of risk, and there can be no assurance that the Company's business
     objectives will be obtained. No representations have been made by the
     Company about the value of the Company or the Shares.

          3.5 Authorization. The Investor has all requisite legal power and
     authority to execute and deliver this Agreement and to carry out and
     perform its obligations under the terms of this Agreement and the
     transactions and documents contemplated hereby. This Agreement, when
     executed and delivered by the Investor, will constitute a valid and legally
     binding obligation of the Investor, enforceable in accordance with its
     terms, subject to laws of general application relating to bankruptcy,
     insolvency and the relief of debtors and rules of law governing specific
     performance, injunctive relief or other equitable remedies.

          3.6 Brokers' and Finders' Fees. The Investor has not incurred, and
     will not incur, directly or indirectly, any liability for brokerage or
     finders' fees or agents' commissions or any similar charges in connection
     with this Agreement or any transaction contemplated hereby. Investor
     acknowledges that the Company will pay a placement or finders' fee equal to
     five percent (5%) of the Purchase Price to Sanders Morris Harris Group in
     connection with the sale of the Shares.

          3.7 Legends. It is understood that each certificate representing the
     Shares with respect thereto shall bear a legend to the following effect:

          THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
          1933 OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR
          SALE OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
          REGISTRATION STATEMENT OR THE AVAILABILITY OF AN EXEMPTION THEREFROM.

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<PAGE>

     4. Registration Agreement. In connection with the issuance of the Shares,
the Company and the Investor will enter into the Registration Agreement in the
form attached as Exhibit A which obligates the Company to file a shelf
registration statement for resale of the Shares by Investor in non-underwritten
transactions as soon as practicable after the Closing.

     5. Miscellaneous.

          5.1 Entire Agreement; Successors and Assigns. This Agreement and the
     Registration Agreement constitute the entire agreement between the Company
     and the Investor relative to the subject matter hereof and supersede any
     previous agreement between the Company and the Investor regarding such
     subject matter. Subject to the exceptions specifically set forth in this
     Agreement, the terms and conditions of this Agreement shall inure to the
     benefit of and be binding upon the respective executors, administrators,
     heirs, successors and assigns of the parties.

          5.2 Governing Law. This Agreement shall be governed by and construed
     in accordance with the laws of the State of Oklahoma without regard to the
     conflicts of laws principles thereof.

          5.3 Counterparts. This Agreement may be executed in counterparts, each
     of which shall be an original, but all of which together shall constitute
     one and the same instrument.

          5.4 Headings. The section headings of this Agreement are for
     convenience and shall not by themselves determine the interpretation of
     this Agreement.

          5.5 Notices. Any notice required or permitted hereunder shall be given
     in writing and shall be effective when received by personal delivery,
     delivery by overnight courier, telecopy (with confirmation of receipt), or
     by United States mail, by registered or certified mail, postage prepaid,
     addressed:

          If to the Company:          GMX Resources Inc.
                                      9400 N. Broadway, Suite 600
                                      Oklahoma City, Oklahoma  73114
                                      Attn:  Chief Financial Officer
                                      Telecopy:  (405) 600-0600

          With copy to:               Michael M. Stewart
                                      Crowe & Dunlevy, P.C.
                                      20 North Broadway
                                      Oklahoma City, Oklahoma  73102
                                      Telecopy:  (405) 272-5238

          and If to the Investor:     The Forest Hill Select Fund, L.P.
                                      100 Morgan Keegan Drive, Suite 430
                                      Little Rock, Arkansas  72202
                                      Attn:  President
                                      Telecopy:  501-666-4492

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<PAGE>

          5.6 Survival of Warranties. The representations and warranties of the
     parties contained in or made pursuant to this Agreement shall survive for a
     period of one (1) year from the date hereof.

                         [SIGNATURES ON FOLLOWING PAGE]

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<PAGE>

                                SIGNATURE PAGE TO
                               GMS RESOURCES INC.
                        COMMON STOCK INVESTMENT AGREEMENT
                               DATED APRIL 5, 2004

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date above set forth.

                              "COMPANY"

                              GMX RESOURCES, INC.

                              By: /s/ Ken L. Kenworthy, Sr.
                                  ----------------------------------------------
                                  Ken L. Kenworthy, Sr., Chief Financial Officer

                              "INVESTOR"

                              THE FOREST HILL SELECT FUND, L.P.

                              By: FOREST HILL CAPITAL LLC,
                                  its general partner

                              By: /s/ Mark Lee
                                  ---------------------------------------
                                  Mark Lee, President

                                        6EXHIBIT 10.2
                                                                    ------------

                               GMX RESOURCES INC.

                             REGISTRATION AGREEMENT

     This Agreement is entered into as of this 5th day of April, 2004, by and
between GMX Resources Inc., an Oklahoma corporation ("COMPANY"), and the person
designated as the investor on the signature page of this Agreement ("INVESTOR").

     WHEREAS, the Investor has agreed to purchase shares of common stock of the
Company as indicated on the signature page of this Agreement ("Shares") from the
Company pursuant to a certain Investment Agreement between the Company and the
Investor dated as of the date set forth on the signature page of this Agreement
("PURCHASE AGREEMENT");

     WHEREAS, the Purchase Agreement provides that the Company shall file, at
its own expense, a registration statement registering the Shares to permit sale
of the Shares in non-underwritten transactions as soon as possible after the
date hereof; and

     WHEREAS, the Investor the Company desire to enter into this Agreement
providing for matters relating to indemnification and procedures for
registration of the Shares prior to the filing of such registration statement.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein,
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Investor and the Company agree as follows:

     1. Filing of Registration Statement. The Company shall file a shelf
registration statement under the Securities Act of 1933, as amended ("ACT"), on
Form S-3 (provided the Company is eligible to file a registration statement on
Form S-3 at the date of filing) to register the Shares to permit sale or other
disposition of the Shares in non-underwritten transactions ("REGISTRATION
STATEMENT"). The Registration Statement shall be filed as soon as practicable
after the date hereof. The Company shall have no obligation to register or
maintain the registration of the Shares if it is not eligible for Form S-3.

     2. Effectiveness of Registration Statement. The Company shall use its best
efforts to cause the Registration Statement to become effective under the Act as
soon as practicable after the filing of the Registration Statement. In addition,
the Company shall use its best efforts to maintain the effectiveness of the
Registration Statement under the Act for a period of not less than one year
following the date of the Purchase Agreement or until the intended distribution
of Shares is completed, whichever occurs first.

     3. State Registration or Qualification. The Company shall use its best
efforts to register or qualify the Shares covered by the Registration Statement
for public sale under the securities or blue sky laws of the state of principal
residence of the Investor, if such registration or qualification is necessary;
provided, however, that the Company shall not be required by this Section 3 to
qualify to do business as a foreign corporation or otherwise to subject itself
to taxation therein, or to file any general consent to service of process in any
state.

<PAGE>

     4. Delivery of Prospectuses. The Company shall provide to the Investor the
number of prospectuses relating to the Shares as the Investor shall reasonably
request to enable the Investor to comply with the applicable prospectus delivery
requirements. If, during the effectiveness of the Registration Statement, an
intervening event should occur which, in the reasonable opinion of the Company's
counsel, makes the prospectus included in the Registration Statement no longer
comply with the Act, after notice from the Company to the Investor of the
occurrence of such an event, the Investor shall make no further sales or other
dispositions, or offers therefor, of Shares under the Registration Statement
until it receives from the Company copies of a new, amended or supplemented
prospectus complying with the Act. The Company shall keep the Investor fully
informed as to the status of its efforts, which shall be prompt and diligent, to
cause such new, amended or supplemented prospectus to be available for use by
the Investor.

     5. Expenses of Registration. The Company shall bear all of the expenses of
registration or qualification of the Shares under the Act and under the state
securities or blue sky laws as provided in Section 3 hereof; provided, however,
that the Investor shall bear any selling expenses or commissions attributable to
the Shares being sold by the Investor and shall bear fees and expenses of its
own counsel, if any.

     6. Information to be Furnished by Investor. The Investor shall furnish in
writing to the Company all information within the Investor's possession or
knowledge required by the applicable rules and regulations of the Securities and
Exchange Commission ("COMMISSION") concerning the proposed method of sale or
other disposition of the Shares. The Investor shall notify the Company at least
two business days in advance of any intended sale or distribution of the Shares
so that as the Company and its counsel may reasonably determine that such sale
will be in full compliance with the relevant portions of the Act and the
Securities Exchange Act of 1934, as amended.

     7. Procedures. The Company shall (i) notify the Investor promptly after it
shall receive notice thereof, of the time when the Registration Statement has
become effective or any supplement to any prospectus forming a part of the
Registration Statement has been filed; (ii) notify the Investor promptly of any
request by the Commission for the amending or supplementing of the Registration
Statement or prospectus or of additional information; (iii) prepare and file
with the Commission, promptly upon the Investor's request, any amendment or
supplement to such registration statement or prospectus which, in the opinion of
counsel for the Investor and counsel for the Company, may be necessary or
available in connection with the distribution of the Shares by such Investor;
(iv) prepare and promptly file with the Commission, and promptly notify the
Investor of the filing of, such amendment or supplement to the Registration
Statement or prospectus as may be necessary to correct any statement or
omission, if at any time when a prospectus relating to the Shares is required to
be delivered under the Act, any event shall have occurred as a result of which
any such prospectus would include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein not
misleading; (v) in case the Investor is required to deliver a prospectus, at a
time when the prospectus then in effect may no longer be used under the Act,
prepare promptly upon request such amendment or amendments to the Registration
Statement and such prospectus or prospectuses as may be necessary to permit
compliance with the requirements of Section 10 of the Act subject to clause (ix)
below; (vi) not file any amendment or supplement to the Registration Statement
or prospectus to which the Investor shall reasonably object after having been
furnished a copy at a reasonable time prior to the filing thereof; (vii) advise
the Investor promptly after it shall receive notice or obtain knowledge thereof
of the issuance of any stop order by the

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<PAGE>

Commission suspending the effectiveness of the Registration Statement or the
initiation or threatening of any proceeding for that purpose and promptly use
its best efforts to prevent the issuance of any stop order or to obtain its
withdrawal if such stop order should be issued; (viii) furnish to the Investor
as soon as available copies of the Registration Statement and each preliminary
or final prospectus, or supplement required to be prepared, pursuant to this
Section 7, all in such quantities as the Investor may from time to time
reasonably request; (ix) provided, however, that in no event shall the Company
be obligated to keep the Registration Statement effective for a period longer
than two years from the date of the Purchase Agreement plus a number of days
equal to the number of days, if any, during which the Investor's right to offer
and sell such Shares shall have been suspended pursuant to the provisions of
Section 4 hereof and the Company may after such period deregister any of the
Shares remaining unsold if the Company elects to do so or if the Company or its
staff so requests; and (x) if any of the Company's shares of common stock are
then listed on any securities exchange, the Company will cause all shares
covered by the Registration Statement to be listed on such exchange(s).

     8. Indemnification by Company. The Company will, to the maximum extent
permitted by law, indemnify and hold harmless the Investor and each person, if
any, who controls the Investor within the meaning of the Act, against any
losses, claims, damages or liabilities, joint or several, to which the Investor
or such controlling person may become subject, under the Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) are caused by any untrue statement or alleged untrue statement of any
material fact contained in the Registration Statement, any prospectus contained
therein, or any amendment or supplement thereof, or arising out of or based upon
the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading; and
will reimburse the Investor and each such controlling person for any legal or
other expenses incurred by the Investor or such controlling person in connection
with investigating or defending against any such loss, claim, damage, liability
or action; provided, however, that the company will not be liable in any such
case to the extent that any such loss, claim, damage, expense or liability
arises out of, or is based upon, an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformance with written information
relating to the identity of the Investor and the method of distribution of the
Shares which is furnished or approved by the Investor.

     9. Indemnification by Investor. The Investor shall, to the maximum extent
permitted by law, indemnify and hold harmless the Company, each of its
directors, each of its officers who have signed the Registration Statement, and
each person, if any, who controls the Company, within the meaning of the Act,
against any loss, claim, damage or liability of which the Company, or any such
director, officer or controlling person may be or become subject under the Act
or otherwise, insofar as such loss, claim, damage or liability (or action in
respect thereof) is caused by any untrue or alleged untrue statement of any
material fact contained in the Registration Statement, such prospectus, or
amendment or supplement thereof, or arises out of or is based upon the omission
or the alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading; in each se
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission relates to the identity of the
Investor and the method of distribution of the Shares and has been furnished or
approved by Investor; or arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in any such
preliminary prospectus, and if, in respect to such statement, alleged statement,
omission or alleged omission, the final prospectus corrected such

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<PAGE>

statement, alleged statement, omission or alleged omission and a copy of such
final prospectus had not been sent or given at or prior to the confirmation of
the sale with respect to which such loss, claim, damage, expense or liability
relates.

     10. Notice to Indemnitor. Promptly after receipt by an indemnified party of
notice of the commencement of any action, such indemnified party will, if a
claim thereof is to be made against the indemnifying party pursuant thereto,
notify the indemnifying party of the commencement thereof; but the omission so
to notify the indemnifying party will not relieve it from any liability which it
may have to any indemnified party. In case such action is brought against any
indemnified party, and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate in, and, to the
extent that it may wish, jointly with any other indemnifying party, similarly
notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party.

     11. Notices. All notices required or permitted to be given pursuant to this
Agreement shall be in writing and shall be deemed given when reserved when
delivered personally or, by facsimile, by overnight courier or by first class
mail, postage prepaid, registered or certified with return receipt request, at
the addresses set forth on the signature page or at such other address as either
party shall designate in writing to the other.

     12. Governing Law. This Agreement shall in all respects be governed by and
construed and enforced in accordance with the laws of the State of Oklahoma.

                                        4
<PAGE>

                                SIGNATURE PAGE TO
                               GMS RESOURCES INC.
                             REGISTRATION AGREEMENT
                               DATED APRIL 5, 2004

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date above set forth.

                                  "COMPANY"

                                  GMX RESOURCES, INC.
                                  9400 N. Broadway, Suite 600
                                  Oklahoma City, Oklahoma  73114

                                  By: /s/ Ken L. Kenworthy, Sr.
                                      ---------------------------------------
                                      Ken L. Kenworthy, Sr., Chief Financial
                                      Officer

                                  "INVESTOR"

                                  THE FOREST HILL SELECT FUND, L.P.

                                  By: FOREST HILL CAPITAL LLC,
                                      its general partner

Date of Purchase Agreement:

April 5, 2004                     By: /s/ Mark Lee
-------------                         ---------------------------------------
                                      Mark Lee, President

Number of Shares: 200,000         100 Morgan Keegan Drive, Suite 430
                  -------         Little Rock, Arkansas  72202
                                  Telecopy:  501-666-4492

                                        5

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