Period Price/MMBtu Volume (MMBtu)
------ ----------- --------------
-- Summer 2010 $5.695 856,000
-- Winter 2010 - 2011 $6.670 604,000
-- Summer 2011 $6.370 856,000
-- Winter 2011 - 2012 $7.120 608,000
Darby Seré, the Company's Chief Executive Officer, said, "These new hedges
are the latest step in a strategy to protect our liquidity, lower our cost
structure, deleverage our balance sheet and extend the maturity of our bank
credit facility. If our recently announced plan to sell a non-operated
interest in the eastern portion of our Pond Creek field in West Virginia is
successfully completed, we expect to significantly reduce our outstanding
indebtedness and extend the maturity of our bank credit facility. We
believe these steps will position the Company to pursue its growth
opportunities as gas prices recover."
An updated schedule of GeoMet's natural gas hedge position as of this date
is attached.
Forward-Looking Statements Notice
This press release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to certain risks, trends and uncertainties that
could cause actual results to differ materially from those projected.
Careful consideration should be given to cautionary statements made in the
various reports the Company has filed with the SEC. GeoMet undertakes no
duty to update or revise these forward-looking statements.
About GeoMet, Inc.
GeoMet, Inc. is an independent energy company primarily engaged in the
exploration for and development and production of natural gas from coal
seams ("coalbed methane") and non-conventional shallow gas. Our principal
operations and producing properties are located in the Cahaba Basin in
Alabama and the Central Appalachian Basin in West Virginia and Virginia. We
also control coalbed methane and oil and gas development rights,
principally in Alabama, British Columbia, Virginia, and West Virginia.
For more information please contact Stephen M. Smith at (713) 287-2251
(ssmith@geometcbm.com), John Baldissera with BPC Financial at (800)
368-1217, or visit our website at www.geometinc.com.
Contact Information: Contact: Stephen M. Smith (713) 287-2251 John Baldissera BPC Financial (800) 368-1217 www.geometinc.com
