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| GMET > SEC Filings for GMET > Form 8-K on 26-Feb-2013 | All Recent SEC Filings |
26-Feb-2013
Regulation FD Disclosure, Financial Statements and Exhibits
On February 26, 2013, GeoMet, Inc. (the "Company") announced that it has engaged Lantana Oil & Gas Partners, a Houston based divestiture firm, to market all of the Company's coal bed methane interests located in the state of Alabama. The Company has non-operating interests in 1,058 wells located in the Black Warrior Basin. All of these wells have royalty and/or overriding royalty interests and additionally 498 of these wells include a 15% working interest. The Company also has a 100% working interest and operates 252 wells in the Cahaba Basin.
The interests in these properties represented 30% of the Company's net daily sales of natural gas and 38% of operating income during the twelve months ending December 31, 2012. At December 31, 2012, using Securities and Exchange Commission guidelines, the interests in these wells represented approximately 31% of the Company's proved reserves and 38% of the PV10.
If we sell these properties, net proceeds from the sale of these properties will be used to reduce the Company's borrowings under its bank credit agreement.
The information set forth in Item 7.01 of this Form 8-K and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
(d) Exhibits.
Exhibit Number Title of Document
99.1 Press Release dated February 26, 2013.
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