HOUSTON, TX--(Marketwired - Nov 14, 2013) - GeoMet, Inc. (
Current net sales on these properties are approximately 22.8 MMcf per day and current net operating cash flows averaged approximately $1.65 million per month for the twelve months ending August 31, 2013 at an average realized price of $3.58 per Mcf. At September 30, 2013, using Securities and Exchange Commission guidelines, our net interests in these wells represented 103.3 BCF and $73.6 million of present value at 10 percent.
About GeoMet, Inc.
GeoMet, Inc. is primarily engaged in the production of natural gas from coal seams ("coalbed methane"). Our principal operations and producing properties are located in the Central Appalachian Basin in Virginia and West Virginia. We also control additional coalbed methane and oil and gas development rights, principally in Virginia and West Virginia.
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. The possible sale of any, or all, of the Company's coal bed methane interests is a forward looking statement. Except for statements of historical facts, all statements included in the document, including those preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," "projects," "target," "goal," "plans," "objective," "should" or similar expressions or variations on such words are forward-looking statements. 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 are the volatility of future natural gas prices, our ability to maintain production levels, increases in operating costs, environmental and other regulations, 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. GeoMet undertakes no duty to update or revise these forward-looking statements.
Contact Information:
For more information please contact
Stephen M. Smith
(713) 287-2251
www.geometinc.com
For information on the GeoMet Appalachia CBM sale package and process, please contact
David G. Nini
Lantana Oil & Gas Partners
713-426-9001
www.lantanaog.com