GeoMet Provides Update of Its Natural Gas Hedging Position
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HOUSTON, TX -- (MARKET WIRE) -- 11/02/09 -- GeoMet, Inc. (NASDAQ: GMET) announced today that it has further increased its natural gas hedges through the addition of new costless swaps for the periods and at the prices listed below:
Period Price Volume (MMBtu) ------ ----- -------------- -- Summer 2010 $6.295 642,000 -- Winter 2010 - 2011 $7.266 906,000
Darby Seré, the Company's Chief Executive Officer, said, "While we have seen improvement in natural gas prices recently, volatility remains high and we believe there is still considerable price risk over the near term. The strength of pricing in the futures market allowed us to layer in these additional swaps at prices that should provide a solid foundation for the Company's operations during this period."
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.
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For more information please contact Stephen M. Smith (713) 287-2251 Email Contact John Baldissera BPC Financial (800) 368-1217 visit our website at www.geometinc.com
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