GMX Resources Inc. (NASDAQ: GMXR) shares opened sharply higher after an activist investor hinted they may take future action to unlock value at the firm in a Schedule 13D/A filing with the SEC.

Here’s a copy of their letter to the board:

Centennial Energy Partners, L.L.C. is the largest shareholder of GMX Resources Inc. Through our various entities, we currently own a combined 2,848,571 shares, representing a 15.2% ownership position in GMX. In my view, we have had a positive, constructive and mutually supportive relationship for virtually the entire period since our initial share purchase.

We are concerned with the precipitous decline in GMX’s share price in recent weeks. In addition, we are concerned that without immediate actions by GMX’s Board of Directors, GMX will not be able to realize the value of its assets.

Based on the positive nature of our long-term relationship with you, your fellow directors and managers, we sincerely regret that we do not believe that GMX management has a specific plan to deliver an acceptable share price to GMX’s shareholders.

For that reason, we respectfully request that GMX’s Board of Directors begin a formal process to review the company’s strategic options, including the potential sale of the company. We look forward to a timely response to this letter.

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