Key Developments For GeoMet, Inc.
GeoMet, Inc. (GMET.O) (Consolidated Issue listed on NASDAQ Global Market)
GeoMet, Inc. Announces Favorable Ruling In Antitrust Suit Against CNX Gas Corporation And Consol Energy, Inc.
GeoMet, Inc. announced that a state court in Virginia has upheld its principal antitrust claims against CNX Gas Company LLC, Consol Energy, Inc., and certain of their affiliates (collectively, CNX), which are defendants in GeoMet's lawsuit seeking $385.6 million in damages for alleged violations of the Virginia Antitrust Act and other state law claims. The lawsuit, filed in 2007 by GeoMet and its subsidiaries, seeks damages from CNX for alleged efforts to monopolize the markets for production and transportation of coalbed methane in the Oakwood Field in southwestern Virginia. In 2008, GeoMet amended its complaint in response to a demurrer ruling from the court, and CNX filed new demurrers to the amended complaint. On June 3, 2009, the Tazewell County Circuit Court issued a ruling that denied CNX's demurrers with respect to four of GeoMet's five state-law antitrust claims for monopolization and attempted monopolization. The trial court's ruling did grant the demurrers on one antitrust theory pleaded by GeoMet and on claims of state-law tortious interference. As a result of this ruling, GeoMet may proceed to full discovery and move towards a trial on its antitrust monopolization and attempted monopolization claims, for which it seeks $385.6 million in actual damages, with the possibility for trebling of those damages under the statute, as well as injunctive relief. GeoMet intends to aggressively pursue discovery and trial in this matter.
GeoMet, Inc. Announces Distribution Of Common Stock By Investors
GeoMet, Inc. announced that it was advised by Yorktown Energy Partners IV, L.P. (Yorktown Energy), an early investor and the largest holder of GeoMet common shares, that it distributed 1,199,135 shares of GeoMet common stock to its limited and general partners after the market closed on August 13, 2008.
GeoMet, Inc. Announces Distribution Of Common Stock By Investors
GeoMet, Inc. announced that it was advised by Yorktown Energy Partners IV, L.P., an early investor and the largest holder of GeoMet common shares, that it has distributed 810,135 shares of GeoMet common stock to its limited and general partners after the market closed on May 14, 2008 in accordance with the terms of its partnership agreement. Following the distribution of these shares, Yorktown Energy will hold approximately 15,392,561 million shares of GeoMet common stock representing approximately 39.2% of the Company's outstanding shares.
GeoMet, Inc. Announces Borrowing Base Increase To $180 Million
GeoMet, Inc. announced that a syndicate of commercial banks, led by Bank of America, has completed its mid-year borrowing base determination and established a borrowing base of $180 Million under the Company's bank credit agreement. As provided in the bank credit agreement, the Company or the banks may require an out-of-cycle borrowing base determination. However, absent such out-of-cycle determination, the $180 Million borrowing base will remain in effect until the next regularly scheduled borrowing base determination on or before June 30, 2008.
GeoMet, Inc. Announces Shale Prospect In Alabama And Commencement Of Development In Two Coalbed Methane Projects
GeoMet, Inc. announced that it has acquired approximately 58,500 gross acres of leasehold in Blount and Cullman Counties in north central Alabama. The Garden City prospect is targeting the Chattanooga Shale at depths ranging from 1600 to 2100 feet. The Company is the operator and owns 100% working interest in the project. To date, the Company has drilled four core holes with encouraging results and plans to drill as many as three production test wells and a fifth core hole during the second half of 2007. Terms of the transaction were not disclosed.
