Document:

EXHIBIT 10.2
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                   [LOGO] PENN VIRGINIA OIL & GAS CORPORATION

March 9, 2004

GMX Resources Inc.
One Benham Place, Suite 600
9400 North Brodway
Oklahoma City, Oklahoma 73114

Attention:  Mr Kyle Kenworthy

Re:  Second Amendment to Participation Agreement
     Dated December 5, 2003
     Blocker Prospect
     Harrison and Panola Counties, Texas

Gentlemen:

Please refer to the Participation Agreement dated December 5, 2003 ("Agreement")
between Penn Virginia Oil & Gas Corporation ("PVOG") and GMX Resources Inc.
Expedition Natural Resources Inc. and Endeavor Pipeline, Inc. (herein
collectively called "GMX"). Both PVOG and GMX agreed to negotiate and insert
Exhibit "G" in the Agreement.

Please acknowledge your receipt of the revised Exhibit "G" by signing in the
acceptance space provided on the next page and return one copy of this letter to
my attention.

Very truly yours,

Penn Virginia Oil & Gas Corporation

/s/ Edward L. Johnson
---------------------------
Edward L. Johnson
Senior Landman

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Agreed to and Accepted this 22nd day of March, 2003.

GMX Resources Inc.
Expedition Natural Resources Inc.
and Endeavor Pipeline, Inc.

By: /s/ Ken L. Kenworthy
    ---------------------
Printed Name: Ken L. Kenworthy
Title: CFO

ELJ
AttachmentEXHIBIT 10.3
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                   [LOGO] PENN VIRGINIA OIL & GAS CORPORATION

April 6, 2004

GMX Resources Inc.
One Benham Place, Suite 600
9400 North Brodway
Oklahoma City, Oklahoma 73114

Attention:  Mr Kyle Kenworthy

Re:  Third Amendment to Participation Agreement (REVISED)
     Dated December 5, 2003
     Blocker Prospect
     Harrison and Panola Counties, Texas

Gentlemen:

Please refer to the Participation Agreement dated December 5, 2003 ("Agreement")
between Penn Virginia Oil & Gas Corporation ("PVOG") and GMX Resources Inc.
Expedition Natural Resources Inc. and Endeavor Pipeline, Inc. (herein
collectively called "GMX"). Both PVOG and GMX agreed to negotiate and insert
Exhibit "F" in the Agreement.

Please acknowledge your receipt of the revised Exhibit "F" by signing in the
acceptance space provided on the next page and return one copy of this letter to
my attention.

Very truly yours,

Penn Virginia Oil & Gas Corporation

/s/ Edward L. Johnson
----------------------------
Edward L. Johnson
Senior Landman

<PAGE>

Agreed to and Accepted this 20th day of April, 2004.

GMX Resources Inc.
Expedition Natural Resources Inc.
and Endeavor Pipeline, Inc.

By: /s/ Kyle Kenworthy
    ------------------------
Printed Name: Kyle Kenworthy
Title: Vice President - Land

ELJ
AttachmentEXHIBIT 10.4
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                                 AMENDMENT NO. 4
                           TO PARTICIPATION AGREEMENT

     This Amendment No. 4 ("Amendment") is executed the date as of each
signature below, but shall be effective as of May 11, 2004, ("Amendment
Effective Date"), by and between Penn Virginia Oil and Gas Corporation ("PVOG")
and GMX RESOURCES INC. and its wholly owned subsidiaries, Expedition Natural
Resources Inc. and Endeavor Pipeline Inc. (collectively, "GMX") for purposes of
amending the Participation Agreement ("Agreement"), as previously amended,
between the parties which was effective as of December 5, 2003 with reference to
the following circumstances:

          A. PVOG and GMX (collectively, "Parties" and, individually, a "Party")
     desire to further amend the Agreement in certain respects in order to
     modify and/or clarify their respective rights, liabilities and obligations.

     In consideration of the mutual covenants, promises, rights and obligations
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

     1. CAPITALIZED TERMS. Capitalized terms not otherwise defined in this
Amendment shall have the same meaning as set forth in the Agreement.

     2. TWINNED AND SUBSTITUTE WELLS. A new Section 3.2 shall be added to
Section 3 to read in its entirety as follows:

                        "3.2        TWINNED AND SUBSTITUTE WELLS.

                                    For purpose of this Agreement, a "Twinned
                        Well" shall mean a well drilled in Phase I or II within
                        467 feet of an existing producing well, but completed in
                        a different formation from the existing well; and a
                        "Substitute Well" shall mean a well drilled in Phase I
                        or Phase II to the same formation from which a well
                        within 467 feet of the substitute well was previously
                        producing oil and/or gas. Notwithstanding any provision
                        in this Agreement or the Operating Agreement to the
                        contrary: (i) a Twinned Well or a Substitute Well will
                        have the same working interest as the related producing
                        or previously producing well, but with no carried
                        interest for GMX if related to a carried interest well
                        and (ii) as to all Twinned or Substitute Wells within
                        467 feet of the wells listed on Exhibit "I"
                        ("Pre-Existing Wells") (with each such Twinned or
                        Substitute well being hereinafter referred to as the
                        "Offset Well"): (a) GMX shall have the right to drill an
                        Offset Well, to the total depth drilled in the related
                        Pre-Existing Well, without any requirement to offer an
                        interest in such well to PVOG; (b) GMX shall be the
                        operator of any such Offset Well; and (c) PVOG shall
                        deliver to GMX an assignment of 100% of its interest in
                        the wellbore of the Offset Well

<PAGE>

                        to the extent it arises from leases previously assigned
                        by GMX to PVOG in either Phase I or Phase II.

     3. TIMING OF PHASE II. A new Section 3.3 shall be added to the Agreement,
reading as follows:

                        "3.3        TIMING OF PHASE II.
                                    ------------------

                                    Notwithstanding any provisions of Section
                        3.2.1.1.1 to the contrary, if PVOG completes Phase I,
                        Part A by drilling five (5) wells as provided in Section
                        3.1.1.2.1: (i) PVOG may commence Phase II, Part A prior
                        to January 1, 2005; and (ii) PVOG may elect that up to
                        two (2) of the four (4) carried interest wells
                        contemplated by Section 3.2.1.1.1 may be drilled in
                        Phase I as additional Phase I carried interest wells;
                        provided, however, GMX shall have the right to
                        participate at its cost for an additional 10% of any
                        such well that is drilled in Phase I instead of Phase
                        II. Upon reaching total depth in the ninth carried well,
                        whether it be five (5) in Phase I and four (4) in Phase
                        II or seven (7) in Phase I and two (2) in Phase II, PVOG
                        will be deemed to have earned all rights due under the
                        terms of the Agreement."

     4. REDUCED INTEREST ELECTION. A new Section 3.4 shall be added to the
Agreement, reading in its entirety as follows:

                        "3.4        REDUCED INTEREST ELECTION.

                                    Notwithstanding the provisions of Sections
                        3.1.2.1.1 and 3.2.2.1.1 to the contrary, GMX may elect
                        to participate in any well in Phase I, Part B with a
                        working interest of 10%, 20% or 30% and in Phase II,
                        Part B for a working interest of 10%, 20%, 30%, 40% or
                        50%. Such election shall be made at the same time as GMX
                        makes any election to participate in such well. PVOG
                        shall participate for the remaining working interest in
                        each such well. If requested, GMX shall deliver to PVOG
                        an assignment of its interest in such wellbore necessary
                        to document PVOG's working interest in that wellbore."

     5. SIMULTANEOUS DRILLING. A new Section 2.2 shall be added to the
Agreement, reading in its entirety as follows:

                        "2.2         USE OF MULTIPLE RIGS.

                                    Notwithstanding the provisions of Section
                        2.1 that prohibit the drilling of more than one well at
                        the same time in Phase I, Part B and Phase II, Part B,
                        collectively, the Parties agree that drilling operations
                        with no more than two rigs may be used in either Phase
                        I, Phase II or both subject to the following provisions:

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<PAGE>

                                    2.2.1 DEFINITION. For purposes of this
                                    Section 2.2, use of Multiple Rigs shall be
                                    defined as the spudding of a second well in
                                    Part B of either Phase I or II ("Second
                                    Well") during the period beginning on the
                                    spud date of a first well in Part B of Phase
                                    I or II ("First Well") and ending on the
                                    date that casing point is reached on the
                                    First Well.

                                    2.2.2 FIRST WELL COSTS. If GMX elects to
                                    participate in the First Well, it will pay
                                    its share of costs in accordance with the
                                    terms of the Agreement.

                                    2.2.3 SECOND WELL ADVANCE ELECTION. If GMX
                                    elects to participate in the Second Well,
                                    GMX may elect to have PVOG advance
                                    ("Advance") all the costs attributable to
                                    GMX's share of drilling and completion costs
                                    subject to the terms of the applicable
                                    Operating Agreement. The Advance will be
                                    repaid from 75% of GMX's share of net
                                    production revenue attributable to the
                                    Second Well until the amount of the Advance
                                    is paid in full without interest. PVOG's
                                    recourse for repayment of the Advance shall
                                    be limited to such production revenues from
                                    the (i) Second Well and (ii) subsequent
                                    Second Wells. For example, if the Advance on
                                    a subsequent Second Well has been fully paid
                                    and the Advance on a previous Second Well
                                    has not, 75% of GMX's share of net
                                    production revenues from the subsequent
                                    Second Well shall be applied to the Advance
                                    on the previous Second Well until the
                                    Advance on the previous Second Well has been
                                    fully repaid. Unless such revenues from a
                                    Second Well are required to be dedicated to
                                    repayment of Advances on previous Second
                                    Wells, after the Advance on a Second Well
                                    has been repaid, GMX's share of the revenues
                                    shall no longer be available for repayment
                                    of Advances on other Second Wells. However,
                                    GMX shall still be responsible for the
                                    payment monthly lease operating expenses on
                                    any well in PVOG has advanced GMX's share of
                                    drilling and completion costs.

                                    2.2.4 ELECTION TO TREAT FIRST WELL AS SECOND
                                    WELL. If a Second Well is a Phase I 30% well
                                    and the First Well is a Phase II 50% well,
                                    GMX may elect that the First Well be treated
                                    as the Second Well for purposes of these
                                    provisions so that PVOG will advance GMX's
                                    share of the costs of the 50% well and GMX
                                    shall pay its share of the costs of a 30%
                                    well.

                                    2.2.5 DRY HOLES. If any Second Well is a dry
                                    hole and GMX has elected to have an Advance,
                                    GMX's share of the costs of such well shall
                                    be payable from an additional 5% of GMX's
                                    share of net production revenues from any
                                    prior or

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<PAGE>

                                    future Second Well(s) for which the amount
                                    of any Advance relating to such Second
                                    Well(s) has not been fully paid. After any
                                    such Advance on completed Second Wells has
                                    been fully paid, the additional 5% of GMX's
                                    share of net production revenues shall
                                    continue to be paid until the amount of any
                                    costs associated with any Second Well dry
                                    hole have been paid in full.

                                    2.2.6 LIEN. Except as modified by this
                                    Agreement, all lien rights as provided in
                                    the applicable Operating Agreement shall
                                    continue to be in effect.

                                    2.2.7 PAYMENT. PVOG shall pay to GMX all
                                    100% of its share of net revenues from any
                                    Second Well (rather than offset 75% (or 80%,
                                    if applicable)) and GMX shall repay PVOG
                                    within fifteen (15) days from receipt of
                                    such revenues the 75% (or 80% if applicable)
                                    amount due to PVOG on the Advance.

                                    2.2.8 BANK CONSENT. The PVOG financing shall
                                    be subject to the prior consent of GMX's
                                    lending bank. If such financing is not
                                    consented to by GMX's lender, the provisions
                                    of this Section 2.2 shall not be effective
                                    and Section 2.1 shall remain in effect.

                                    2.2.9 TERMINATION OF THE USE OF MULTIPLE
                                    RIGS. Either Party may terminate the
                                    Multiple Rig  provisions  at any time by
                                    giving at least sixty (60) days notice of
                                    such termination to the other party in which
                                    event the provisions of Section 2.1 will be
                                    reinstated to prohibit the drilling of more
                                    than one well at the same time.

                                    2.2.10 LIMITATION ON ADVANCES: The maximum
                                    outstanding balances of all Advances at any
                                    one time shall be limited to $4,000,000.00
                                    ("Advance Limit") and PVOG shall not make
                                    any Advances if it would exceed the Advance
                                    Limit. If the amount of Advances are repaid
                                    to below the Advance Limit, GMX may elect to
                                    receive additional Advances up to the
                                    Advance Limit.

                                    2.2.11 AFES. PVOG shall not present to GMX
                                    more than two AFEs within any 30 day period.

     6. AMI AMENDMENT. Exhibit A-2 shall be amended in the form attached hereto
to expand the Phase I AMI to include the Verhalen Nursery Lease Area. Section
4.1 of the Agreement

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<PAGE>

shall be amended to provide that the AMI covering each phase shall be effective
for a term of four (4) years from the Effective Date.

     7. CORRECTION OF EXHIBIT B. Exhibit B attached to the Agreement shall be
amended and restated in its entirety in the form attached as Exhibit B to this
Amendment.

     8. REVISION OF EXHIBIT G. Exhibit G attached to the Agreement shall be
revised and restated in its entirety in the form attached as Exhibit G to this
Amendment.

     9. REVISION OF EXHIBITS C-1 AND C-2. Lines 55 through 62 on page 9
of each of Exhibits C-1 and C-2 shall be deleted as the Operator shall not have
the rights to demand advance payments. Payments shall be governed by the terms
of the Accounting Procedure attached as Exhibit C to the Operating Agreements.

     10. PHASE I, PART A CLEAN UP ACREAGE. For any acreage costs incurred to
acquire additional acreage in any carried interest well covered by Section
3.1.1.2.1, GMX will pay for its 20% (or 30% if a Phase II carried interest well
is drilled in Phase I and GMX elects to participate for an additional 10% as
provided by Section 3 of this Amendment) of acreage costs within 30 days of
receipt of an invoice therefor and PVOG will assign GMX its interest in such
acreage.

            Executed effective as of the date set forth above.

                             GMX RESOURCES INC.
                             EXPEDITION NATURAL RESOURCES INC.
                             ENDEAVOR PIPELINE INC.

                             By:  /s/ Ken L. Kenworthy, Sr.
                                  ------------------------------------------
                                  Ken L. Kenworthy, Sr.
                                  Executive Vice President of GMX Resources Inc.
                                  President of Expedition Natural Resources Inc.
                                  President of Endeavor Pipeline Inc.

                             Date:
                                   -----------------------------------------

                             PENN VIRGINIA OIL AND GAS CORPORATION

                             By: /s/ Scott D. Coe, Land Manager
                                 -------------------------------------------

                             Date: 8-11-04
                                   -----------------------------------------

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