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Analyst upgrades FCX stock to Buy with $59 PT, citing higher copper leverage, rising cash flow &amp; material gold rev. BofA more bullish on gold &amp; copper prices. FCX EPS est. $1.43 FY24, $2.39 FY25, $2.45 FY26. 

Riding The Wave: Freeport-McMoRan Receives Upgrade As Analyst Foresees Copper And Gold Boom

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The New York City-based global investment manager VanEck has launched the VanEck Green Metals ETF (NYSE: GMET), a fund focused on the producers, refiners, processors and recyclers of the green metals being used to enable a lower carbon economy.

VanEck Debuts ETF Focused On Clean Tech Green Metals

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GeoMet Receives Delisting Notification  

GAMEON ENTMT TECHNOLOGIES by GameOn Entertainment Technologies Inc.

GameOn Entertainment Technologies Inc

Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) shares are trading higher after&nbsp;BofA Securities&nbsp;analyst Lawson Winder upgraded the stock to Buy (from Neutral) with a&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/FCX/analyst-ratings" rel="noreferrer noopener">price target of $59</a>.
The bullish stance was due to expected higher quality copper leverage, robust and rising free cash flow, and material gold revenue (15% of the total).
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future" rel="noreferrer noopener">Will Copper Reach $10,000? &#8216;An Essential Metal That Faces An Uncertain Future&#8217;</a>
The analyst&#8217;s rating reflects the company&#8217;s successful transition to underground, block cave mining at Grasberg, more normalized copper production in the future and value-enhancing growth options, including low-grade leaching.
The BofA Commodities team is now materially more bullish on gold prices and gave a constructive outlook on copper given robust energy transition demand and constrained supply.
The analyst estimates FY24 average price for gold to increase by 17% to $2,317 per ounce (/oz), silver to rise 14% to $26.5/oz, and copper to be higher by 8% to $9,321 per tonne (/t) or $4.23 per pound (/lb).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-" rel="noreferrer noopener">Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals &#8216;Dance To Their Own Tune&#8217;</a>
The analyst estimates EPS of $1.43 in FY24, $2.39 in FY25 and $2.45 in FY26 for the company.
Investors can gain exposure to the stock via&nbsp;Exchange Traded Concepts Trust Optica Rare Earths &amp; Critical Materials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and&nbsp;VanEck Green Metals ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GMET#NYSE">GMET</a>).&nbsp;
Price Action: FCX shares are up 2.02% at $51.01 on the last check Tuesday.
Photo via Wikimedia Commons

The New York City-based global investment manager VanEck has launched the VanEck Green Metals ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gmet#NYSE">GMET</a>), a fund focused on the producers, refiners, processors and recyclers of the green metals being used to enable a lower carbon economy.
What Happened: VanEck noted that the rising prominence in clean-tech solutions including wind power and electric vehicles have created an increased demand for certain metals required to power these technologies. The company cited International Energy Agency data that found the clean energy demand for lithium was up by 29% as of 2020 and could rise as high as 92% by 2040.
Also, the IEA is forecasting the clean energy demand for cobalt will rise from 15% to 69% over the same period while the clean energy demand for nickel is expected to increase from 8% to 61%.
Related Link: <a href="https://www.benzinga.com/news/21/11/23991043/5-bizarre-things-you-may-not-know-about-general-electric">5 Bizarre Things You May Not Know About General Electric</a>
What Happens Next: Brandon Rakszawski, senior ETF product manager with VanEck, observed that clean-tech solutions &ldquo;cannot function without green metals such as lithium, copper, zinc and manganese. As governments around the world mandate and consumers embrace these shifts to lower-carbon approaches, demand for these metals is only expected to increase.&rdquo;
In launching its new ETF, Rakszawski stated the VanEck is providing investors with the tool for adding &ldquo;global exposure to the leading and emerging companies driving the supply of green metals.&rdquo;
VanEck plans to have its new ETF closely track the price and yield performance of the MVIS Global Clean-Tech Metals Index, a rules-based index offering exposure to companies involved in the production, refining, processing and recycling of metals used in clean tech applications, products and processes.
Photo: Piqsels

Financing

Geomet Says Credit Pact No Longer on Revolving Basis

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced today that it received a notice from The NASDAQ Stock Market advising the Company that it has failed to regain compliance with the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market and, as a result, the Company's common stock will be delisted from the NASDAQ Capital Market at the opening of business on August 13, 2012. The Company's preferred stock will continue to be traded on the NASDAQ Capital Market.

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced the resignation of Philip G. Malone from its Board of Directors. Mr. Malone, who co-founded the Company in 1985, resigned his position on the Board of Directors in connection with his retirement. Mr. Malone was Senior Vice President Exploration until January 4, 2012.

Management

GeoMet Announces Founder's Retirement and Resignation From Board of Directors 

Dick's Sporting Goods Inc (NYSE: <a class="ticker" href="/stock/dks#NYSE">DKS</a>) is expected to post its Q1 EPS at $0.38 on revenue of $1.23 billion.

A123 Systems Inc (NASDAQ: <a class="ticker" href="/stock/aone#NASDAQ">AONE</a>) is estimated to post a Q1 loss at $0.39 per share on revenue of $18.39 million.

The Home Depot Inc (NYSE: <a class="ticker" href="/stock/hd#NYSE">HD</a>) is projected to post its Q1 EPS at $0.65 on revenue of $17.90 billion.

Acxiom Corporation (NASDAQ: <a class="ticker" href="/stock/acxm#NASDAQ">ACXM</a>) is expected to post its Q4 EPS at $0.19 on revenue of $280.48 million.

Saks Incorporated (NYSE: <a class="ticker" href="/stock/sks#NYSE">SKS</a>) is projected to post its Q1 EPS at $0.18 on revenue of $764.35 million.

J. C. Penney Company Inc (NYSE: <a class="ticker" href="/stock/jcp#NYSE">JCP</a>) is estimated to post a Q1 loss at $0.10 per share on revenue of $3.48 billion.

SORL Auto Parts Inc (NASDAQ: <a class="ticker" href="/stock/sorl#NASDAQ">SORL</a>) is expected to post its Q1 EPS at $0.18 on revenue of $49.03 million.

The Valspar Corporation (NYSE: <a class="ticker" href="/stock/val#NYSE">VAL</a>) is projected to post its Q1 EPS at $0.82 on revenue of $1.07 billion.

The TJX Companies Inc (NYSE: <a class="ticker" href="/stock/tjx#NYSE">TJX</a>) is estimated to post its Q1 EPS at $0.54 on revenue of $5.75 billion.

VimpelCom Ltd (NYSE: <a class="ticker" href="/stock/vip#NYSE">VIP</a>) is expected to post its Q1 EPS at $0.23 on revenue of $5.46 billion.

Geomet Inc (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) is projected to post its Q1 EPS at $0.02 on revenue of $16.89 million.

JDA Software Group Inc (NASDAQ: <a class="ticker" href="/stock/jdas#NASDAQ">JDAS</a>) is expected to post its Q1 EPS at $0.57 on revenue of $171.24 million.

Cogo Group Inc (NASDAQ: <a class="ticker" href="/stock/cogo#NASDAQ">COGO</a>) is estimated to post its Q1 EPS at $0.06 on revenue of $151.70 million.

Arctic Cat Inc (NASDAQ: <a class="ticker" href="/stock/acat#NASDAQ">ACAT</a>) is projected to post a Q4 loss at $0.56 per share on revenue of $92.71 million.

Saba Software Inc (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>) is expected to post a Q3 loss at $0.04 per share on revenue of $32.22 million.

SINA Corporation (NASDAQ: <a class="ticker" href="/stock/sina#NASDAQ">SINA</a>) is projected to post a Q1 loss at $0.23 per share on revenue of $102.56 million.

Gas Natural Inc (AMEX: EGAS) is expected to post its Q1 earnings at $0.58 per share on revenue of $40.53 million.

China Ming Yang Wind Power Group Limited (NYSE: <a class="ticker" href="/stock/my#NYSE">MY</a>) is estimated to post its Q1 EPS at $0.18 on revenue of $244.20 million.

Derma Sciences Inc (NASDAQ: <a class="ticker" href="/stock/dsci#NASDAQ">DSCI</a>) is projected to post a Q1 loss at $0.16 per share on revenue of $16.33 million.

AutoNavi Holdings Limited (NASDAQ: <a class="ticker" href="/stock/amap#NASDAQ">AMAP</a>) is expected to post its Q1 EPS at $0.18 on revenue of $33.35 million.

Ascent Solar Technologies Inc (NASDAQ: <a class="ticker" href="/stock/asti#NASDAQ">ASTI</a>) is estimated to post a Q1 loss at $0.14 per share on revenue of $880.00 thousand.

Earnings

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ACAT

ACXM

AMAP

AONE

ASTI

COGO

DSCI

EGAS

JDAS

SABA

SINA

SORL

Open Joint Stock Company Vimpel-Communications

Earnings Scheduled For May 15

After-Hours Center

GeoMet Resumes Trading

PREVIEW: GeoMet to Resume Trading at 4:45pm

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced that J. Darby Seré has resigned today as Chairman, President, Chief Executive Officer and as a Director of the Company to pursue other opportunities. The resignation is effective immediately. 

The Board has named Michael Y. McGovern as the Company's new Chairman of the Board of Directors and William C. Rankin, formerly the Company's Executive Vice President and Chief Financial Officer, as its new President and Chief Executive Officer, and as a member of the Board of Directors. Tony Oviedo, the Company's Vice President, Chief Accounting Officer and Controller, has been promoted to Senior Vice President and will succeed Mr. Rankin as the Company's Chief Financial Officer in addition to retaining the responsibilities of Chief Accounting Officer and Controller.

GeoMet Announces J. Darby Seré Resigned as Chairman, President, and Chief Executive Officer 

GeoMet Halted; Pending News

Feihe International Inc (NYSE: <a class="ticker" href="/stock/ady#NYSE">ADY</a>) is estimated to report its Q4 EPS at $0.23 on revenue of $71.29 million.

Finish Line (NASDAQ: <a class="ticker" href="/stock/finl#NASDAQ">FINL</a>) is projected to report its FQ4 earnings at $0.81 per share on revenue of 432.6 million. 

Kid Brands Inc (NYSE: <a class="ticker" href="/stock/kid#NYSE">KID</a>) is expected to report its Q4 EPS at $0.14 on revenue of $71.80 million.

ENGlobal Corp (NASDAQ: <a class="ticker" href="/stock/eng#NASDAQ">ENG</a>) is expected to report its Q4 EPS at $0.03 on revenue of $81.50 million.

Forbes Energy Services Ltd (NASDAQ: FES) is projected to report its Q4 EPS at $0.16 on revenue of $135.00 million.

China Housing and Land Development Inc (NASDAQ: <a class="ticker" href="/stock/chln#NASDAQ">CHLN</a>) is expected to report its Q4 EPS at $0.17 on revenue of $44.42 million.

Birner Dental Management Services Inc (NASDAQ: <a class="ticker" href="/stock/bdms#NASDAQ">BDMS</a>) is expected to report its fourth-quarter earnings.

Gas Natural Inc (AMEX: EGAS) is estimated to report its quarterly earnings at $0.32 on revenue of $31.55 million.

China Armco Metals Inc (AMEX: CNAM) is projected to report its fourth-quarter earnings.

Natuzzi SpA (NYSE: <a class="ticker" href="/stock/ntz#NYSE">NTZ</a>) is expected to report its quarterly earnings at $0.00 per share.

MFC Industrial Ltd (NYSE: <a class="ticker" href="/stock/mil#NYSE">MIL</a>) is estimated to report its quarterly earnings.

Geomet Inc (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) is expected to post its quarterly earnings at $0.03 per share on revenue of $8.97 million.

SinoHub Inc (AMEX: SIHI) is projected to report its quarterly earnings today.

Cardium Therapeutics Inc (AMEX: CXM) is estimated to report its quarterly earnings today.

Innotrac Corp (NASDAQ: <a class="ticker" href="/stock/inoc#NASDAQ">INOC</a>) is expected to report its latest quarter earnings today.

BDMS

CHLN

FINL

INOC

Earnings Scheduled For March 30

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) 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: 

November 2012 - March 2013 $3.820 1,208,000
April - October 2013 $3.820 1,712,000
November 2013 - March 2014 $3.820 1,208,000

GeoMet Reports Further Natural Gas Hedges  

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced today that it has increased its natural gas hedges through the addition of swaps for the periods and at the prices listed below: 

Summer 2012 $2.89 3,210,000
Winter 2012 - 2013 $3.81 1,208,000
Summer 2013 $3.81 1,712,000
Winter 2013 - 2014 $3.81 1,208,000

All of the Company's current hedges are swap transactions. The Company estimates that approximately 73% of its projected sales volumes in 2012 are hedged at an average price of $4.99 per MMBtu, including approximately 82% 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 between 20% and 40% of projected sales volumes, depending on the month, at prices ranging from $3.81 and $4.95 per MMBtu. During the first two months of 2012, the Company received approximately $4.6 million in settlement payments from hedge counterparties.

GeoMet Announces Additional Natural Gas Hedges

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced today that it received notice from The NASDAQ Stock Market today advising the Company that, for the previous 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share required under NASDAQ Marketplace Rule 5450(a)(1) for continued listing on the NASDAQ Global Market. 

The notification letter states that the Company will be afforded 180 calendar days to regain compliance with the minimum bid price requirement. In order to regain compliance, the bid price of the Company's common stock must close at $1.00 per share or more for a minimum of ten consecutive business days. The grace period expires on August 1, 2012. In the event that the bid price deficiency is not cured by that time, the Company's securities will be subject to delisting. An additional 180-day period will be available to regain compliance if the Company transfers its listing to the NASDAQ Capital Market and meets all other listing requirements. 

The notification letter has no effect on the listing or trading of the Company's common stock and preferred stock on the NASDAQ Global Market at this time. No financial covenants or other agreements are impacted by this notice.

GeoMet Announces Receipt of NASDAQ Global Market Listing Deficiency Notice  

China Sky One Medical Inc (NASDAQ: <a class="ticker" href="/stock/cski#NASDAQ">CSKI</a>) fell 19.67% to $0.91 at 10:00 am. CSKI announced the resignation of its Chief Financial Officer.

Video Display Corporation (NASDAQ: <a class="ticker" href="/stock/vide#NASDAQ">VIDE</a>) dropped 17.41% to $4.79. VIDE had $183.00 thousand in total cash for the latest quarter. 

GeoMet Inc (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) shares dropped 14.04% to $0.90. GMET's trailing-twelve-month ROE is 1.42%.

Kips Bay Medical Inc (NASDAQ: <a class="ticker" href="/stock/kips#NASDAQ">KIPS</a>) shares moved down 10.71% to $1.25. KIPS' trailing-twelve-month operating margin is -1,477.01%.

Movers & Shakers

Intraday Update

CSKI

KIPS

VIDE

Morning Market Losers 

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) further reviews its pending coalbed methane asset acquisition and related new bank credit agreement. The effective date of the transaction will be July 1, 2011. 

All preferential purchase rights have now been waived and the Company expects to close the transaction later this month. The purchase price as of the Effective Date will be $90.2 million. The Company expects the adjusted purchase price at closing will be approximately $80 million and bank debt outstanding is expected to total approximately $160 million.

GeoMet Further Reviews Pending CBM Asset Acquisition in Core Areas  

This is your Benzinga news summary and traders' summary for Friday, October 28, 2011, covering headlines from Friday's trading session.

Today at market close, the Dow Jones Index traded up about 22.56 points or 0.18%, the S&amp;P 500 traded 0.49% higher, the Nasdaq Composite Index traded down 0.05%, and the U.S. dollar trades slightly higher near the $75.15 level. 

Earlier today, Goldman Sachs upgraded Aon Corporation (NYSE: <a class="ticker" href="/stock/aon#NYSE">AON</a>) to Conviction Buy and DA Davidson upgraded Crocs (NASDAQ: <a class="ticker" href="/stock/crox#NASDAQ">CROX</a>) to Buy. View all of <a href="http://www.benzinga.com/analyst-ratings/upgrades">today's upgrades here</a>.

Oppenheimer downgraded Olin (NYSE: <a class="ticker" href="/stock/oln#NYSE">OLN</a>) to Perform and UBS downgraded Avon Products (NYSE: <a class="ticker" href="/stock/avp#NYSE">AVP</a>) to Neutral. View all of <a href="http://www.benzinga.com/analyst-ratings/downgrades">today's downgrades here</a>.

Overseas, European markets ended their trading session mixed. Britain's FTSE 100 decreased by 0.20%, Germany's DAX gained 0.13% and France's CAC 40 declined by 0.59% on the session. Asian stocks ended their session higher, however. China's Shanghai Index gained 1.55%, Japan's Nikkei 225 rallied by 1.39%, and the Hang Seng index increased by 1.68%.

On the economic calendar, the Employment Cost Index number came in at 0.3% versus a 0.6% estimate; the Personal Income numbers came in at 0.1% versus a 0.3% estimate, and the University of Michigan Consumer Confidence number came in at 60.9 versus an estimate of 58.
	
On the commodity front, <a href="http://www.benzinga.com/stock/gld">gold</a> and <a href="http://www.benzinga.com/stock/slv">silver</a> futures traded slightly lower today, with gold trading about 0.12% lower today. Energy futures are mixed, with <a href="http://www.benzinga.com/stock/uso">crude oil</a> down over 0.5% near the $93.50 level and <a href="http://www.benzinga.com/stock/uga">gasoline</a> futures are trading lower by about 2%. <a href="http://www.benzinga.com/stock/ung">Natural Gas</a> futures are higher by about 4.1% and <a href="http://www.benzinga.com/stock/jjc">copper</a> futures are trading over 0.6% higher.

On the earnings front this morning, Constant Contact (NASDAQ: <a class="ticker" href="/stock/ctct#NASDAQ">CTCT</a>) Reports Q3 EPS $0.27 vs $0.22 Est; Revenues $54.35M vs $54.47M Est.

In corporate news, CSC (NYSE: <a class="ticker" href="/stock/csc#NYSE">CSC</a>) announced that<a href=""> it has signed a 5.5 year agreement to develop its IT resources</a>. The contract is valued at over $200 million.

The Charles Schwab Corporation (NYSE: <a class="ticker" href="/stock/schw#NYSE">SCHW</a>) announced that<a href="http://www.benzinga.com/node/2023214"> it has entered into an agreement to acquire Compliance11</a>, which is expected to close in Q4 2011.

GeoMet (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced that<a href="http://www.benzinga.com/node/2023185"> the owners of the coalbed methane assets that it plans to purchase have waived all their preferential rights</a>. This gives GeoMet more flexibility to structure the asset purchase to their liking.

Today's movers include:

Align Technology (NASDAQ: <a class="ticker" href="/stock/algn#NASDAQ">ALGN</a>) +31.89% on upbeat earnings.
Stillwater Mining (NYSE: <a class="ticker" href="/stock/swc#NYSE">SWC</a>) +19.89% on upbeat earnings.
China Real Estate Information Corporation (NASDAQ: <a class="ticker" href="/stock/cric#NASDAQ">CRIC</a>) +16.67% after E-House submits a bid to acquire the company.
Computer Programs &amp; Systems (NASDAQ: <a class="ticker" href="/stock/cpsi#NASDAQ">CPSI</a>) -28.52% on downbeat earnings and guidance.
Spansion (NASDAQ: <a class="ticker" href="/stock/code#NASDAQ">CODE</a>) -26.54% after reporting disappointing Q3 earnings.
Digital River (NASDAQ: <a class="ticker" href="/stock/driv#NASDAQ">DRIV</a>) -19.66% after multiple analyst downgrades this morning.

This concludes your news summary for October 28, 2011.

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Global

Econ #s

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Movers

Tech

CROX

CTCT

SCHW

End-of-Day Market Summary for October 28, 2011

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) 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.

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

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced today that it has been advised by the seller that the party holding the preferential purchase right on certain of the coalbed methane properties in West Virginia, with an allocated value of $23.4 million, has irrevocably waived such right. This preferential purchase right was scheduled to expire on or about December 3, 2011, if not earlier exercised or waived. 

A portion of the CBM properties being acquired in Alabama remain subject to two preferential rights to purchase by a single party and have an allocated value of $30.8 million. These preferential rights to purchase will expire October 29, 2011 if not earlier exercised or waived.

As a result of the early waiver of the preferential purchase right on certain of the West Virginia CBM properties, the Company now anticipates the transaction will close in the first half of November, 2011.

GeoMet Provides Update to Pending Purchase of Coalbed Methane Assets  

GeoMet, Inc. (NASDAQ: <a class="ticker" href="/stock/gmet#NASDAQ">GMET</a>) announced today that it has
executed definitive agreements with a privately-held company to
purchase coalbed methane assets in Alabama and West Virginia,
certain natural gas hedge positions, and a license to use a certain
drilling technology. The effective date of the transaction is July 1,
2011 and is subject to customary closing
conditions and purchase price adjustments, including the exercise,
waiver or expiration of the preferential purchase rights described
below. The Company also announced a new amended and restated bank
credit agreement which it intends to use to finance the acquisition.