HOUSTON, TX--(Marketwire - Nov 21, 2011) - GeoMet, Inc. (
The adjusted purchase price at closing was approximately $79 million. The transaction is consistent with the Company's strategy to acquire gas reserves at a time that such assets are generally out of favor. The transaction provides the following benefits to the Company:
Commenting on the transaction, Darby Seré, GeoMet's Chief Executive Officer, said, "We are pleased to announce the completion of this transaction which, we believe, adds significant value and builds the critical mass necessary to accelerate growth through drilling and incremental acquisitions. We expect it to have an immediate material positive impact on gas sales volumes, unit costs, operational efficiencies, operating earnings and cash flows. We will continue to pursue acquisitions of gas reserves in our core areas of operation."
Forward-Looking Statements Notice
This press release may contain "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 identified by words such as "expect," "believe," "estimate," "anticipate," "plan" and words with similar meanings. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties our ability to close the pending acquisition and successfully integrate its operations into our business, the uncertainties involved in estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC, including its Form 10-K for the year ending December 31, 2010. 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 Alabama and the Central Appalachian Basin in West Virginia and Virginia. We also control additional coalbed methane and oil and gas development rights, principally in Alabama, British Columbia, Virginia, and West Virginia.
Contact Information:
For more information please contact
Steve Smith
(713) 287-2251
www.geometinc.com