GeoMet Reports Further Natural Gas Hedges
Press Release: GeoMet, Inc. – 17 hours ago
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Companies:
Geomet, Inc.
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HOUSTON, TX--(Marketwire -02/22/12)- GeoMet, Inc. (NASDAQ: GMET - News) (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:
Period Price Volume (MMBtu)
------------------------------ ---------- ---------------
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
Following the completion of these new hedges the Company's gas hedge position was as follows:
Period Price Volume (MMBtu)
------------------------------ ---------- --------------
First Quarter 2012 $ 6.107 2,351,398
April - October 2012 $ 4.551 7,655,006
November 2012 - March 2013 $ 4.819 4,435,118
April - October 2013 $ 3.815 3,424,000
November 2013 - March 2014 $ 3.815 2,416,000
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.
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