(Source: MARKETWIRE)
GeoMet, Inc. (NASDAQ: GMET) today announced that the Company's bank
syndicate, led by Bank of America, set the Company's borrowing base
at $135 million after completing their Fall borrowing base
determination. This represents a less than 4% reduction from the
previous determination of $140 million completed in the Spring of
this year. The next regularly scheduled borrowing base determination
will be based on the December 31, 2009 reserve report as prepared by
independent reserve engineers. Commitments under the credit agreement
expire in January 2011 and borrowings at September 30th totaled
$119.5 million.
Commenting on the borrowing base determination, William C. Rankin,
Executive Vice President and CFO, said, "We are very pleased with
this outcome in light of gas prices being at a seven-year low. In
this determination, the Company benefited from long lived, shallow
decline reserves, a favorable hedge position and significant
reductions in operating and administrative costs."
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
(713) 287-2251
Email Contact
John Baldissera
BPC Financial
(800) 368-1217
or visit our website at www.geometinc.com.
SOURCE: GeoMet, Inc.
A service of YellowBrix, Inc.
