Market Overview

GeoMet Announces Waiver of All Preferential Purchase Rights on Pending Purchase of Coalbed Methane Assets


GeoMet, Inc. (NASDAQ: GMET) announced today that the party holding two preferential purchase rights on certain of the coalbed methane ("CBM") properties in Alabama, with an allocated value of $30.8 million, has now waived its preferential purchase rights.

As a result of the waiver of these two preferential purchase rights, and the previously announced waiver of the preferential purchase right on certain of the West Virginia CBM properties, the pending CBM asset purchase is no longer subject to any preferential purchase rights.

As previously disclosed in the Company's press release of October 17, 2011, total consideration for the acquired assets, which include CBM properties in Alabama and West Virginia, certain natural gas hedge positions and a license to use a certain drilling technology, is $90.2 million, subject to adjustment for net proceeds of production after July 1, 201, realized hedge gains subsequent to the Effective Date, and other customary price adjustments.

Posted-In: News


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