GAINSCO Announces Preliminary Results of Rights Offering

DALLAS, Nov. 14, 2006 -- GAINSCO, INC. (AMEX:GAN) announced today the preliminary results of its previously announced rights offering, which expired in accordance with its terms at 5:00 p.m., New York City time, on November 13, 2006. A preliminary assessment of its rights offering to existing shareholders for the sale of up to 4,535,000 shares of its common stock indicates that subscriptions, including rights exercised through notice of guaranteed delivery, were received for at least 4.2 million shares associated with basic rights and at least 3.6 million shares associated with over-subscription rights. The Company expects that the exact number of shares available for allocation pursuant to oversubscription rights will be determined by the end of the day Thursday, November 16, 2006. Proration of oversubscription shares will be made in accordance with the procedures described in the prospectus for the rights offering. The Company expects to issue the shares of common stock offered in the rights offering to subscribing shareholders on November 21, 2006, or as soon thereafter as practicable.

GAINSCO, INC. is a Dallas, Texas-based holding company. The Company's nonstandard personal automobile insurance products are distributed through retail agents in Florida and South Carolina (Southeast Region), Texas (South Central Region) and Arizona and Nevada (Southwest Region) and through an independent managing general agency in California (West Region). Its insurance company subsidiaries are General Agents Insurance Company of America, Inc. and MGA Insurance Company, Inc.

Certain statements contained herein may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors. Further information with respect to the rights offering can be found in the Company's Form S-3 Registration Statement filed October 4, 2006.

FCMN Contact: smarek@gainsco.com