HOUSTON, TX — (Marketwire) — 02/22/12 — (NASDAQ: GMET) (the “Company”) announced today that it has further increased its natural gas hedges through the addition of swaps for the periods and at the prices listed below:
Following the completion of these new hedges the Company–s gas hedge position was as follows:
Following the addition of these new swaps, the Company estimates that approximately 75% of its projected sales volumes in 2012 are hedged at an average price of $4.94 per MMBtu, including more than 80% of projected sales volumes during the period from April through October which are hedged at an average price of approximately $4.55 per MMBtu. For the year 2013, the Company estimates that it has hedged in excess of 45% of projected sales volumes at an average price of $4.09 per MMBtu.
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. Statements about the percent of our future sales that are hedged, future natural gas prices and gas storage levels are all forward looking statements. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including our future production rates, operational hazards, pipeline capacity, general economic conditions and other factors. Careful consideration should be given to the risk factors and other cautionary statements included in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission. GeoMet undertakes no duty to update or revise these forward-looking statements.
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, West Virginia and Virginia. We also control non-producing 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
(713) 287-2251
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