GMX opted for bankruptcy after talking to its creditors and advisers. Court-supervised reorganization is expected to provide access to financing, including the proposed sale of company assets.
The company has lined up as much as $50 million in debtor-in-possession financing to fund its operating expenses.
GMX said it has notified the New York Stock Exchange of its bankruptcy filing, which could lead to a delisting of the company's stock. The company, which has been out of compliance with listing standards since Feb. 23, said it would not contest that.
GMX's stock has not traded since Friday, when it closed at $2.19 a share.
GMX, which was founded in 1998, has been publicly traded since 2001. It is developing oil-rich acreage in North Dakota and Wyoming, with additional holdings in Louisiana and east Texas.
The company employs 65 people.