GeoMet Announces Shale Prospect in Alabama and Commencement of Development in Two Coalbed Methane Projects.HOUSTON -- GeoMet, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GMET GMET Graphical Munitions Effectiveness Table ) announced today that it has acquired approximately 58,500 gross acres of leasehold in Blount and Cullman Counties in north central Alabama Central Alabama is the region in the state of Alabama that stretches approximately 170 miles (270 km) from the western border with Mississippi to eastern border with Georgia and . The Garden City prospect is targeting the Chattanooga Shale at depths ranging from 1600 to 2100 feet. GeoMet 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. The Company also announced that it would commence development of its Lasher prospect, which lies about 10 miles north of its Pond Creek field. GeoMet is the operator and owns 100% working interest in the project, which is comprised of approximately 16,548 net leasehold acres in Wyoming and McDowell Counties in West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . The prospect is targeting the Pocahontas formation of the Pottsville coal group at depths up to 1800 feet, relatively the same coals at the same depths as the Pond Creek field. To date, the Company has drilled four core holes and two production test wells and plans to drill several development wells commencing in the second half of 2007. Also announced today, was the approval by the Company's Board of Directors to drill up to 25 initial wells at its Peace River project near Hudson's Hope, British Columbia Hudson's Hope is a small town in northeastern British Columbia, Canada, in the Peace River Rigional District. It covers an area of km ( sq mi) with a population of 1,157 people. . The commencement of development drilling will be contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent successful identification of adequate water disposal capacity. GeoMet will hold a conference call today at 3:30 p.m. Central Daylight Time to discuss this announcement as well as its second quarter results. To participate in the call, dial toll free (888) 571-8168 before the call begins. Please reference GeoMet conference ID 12098302. The call will also be broadcast live over the internet from the Company's website at www.geometinc.com. About GeoMet, Inc. GeoMet, Inc. is an independent energy company engaged in the exploration for and development and production of natural gas from coal seams ("coalbed methane Coalbed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries. " or "CBM CBM Commodore Business Machines CBM Coalbed Methane CBM Christoffel Blindenmission CBM Condition Based Maintenance CBM Confidence-Building Measures CBM Curriculum Based Measurement (education) CBM Cubic Meter "). Our principal operations and producing properties are located in the Cahaba Basin in Alabama and the Central Appalachian Basin in West Virginia and Virginia. We also control additional coalbed methane development rights, principally in Alabama, British Columbia, Colorado, Louisiana, Virginia, and West Virginia. For more information, please visit the Company's web site at www.geometinc.com or contact Steve Smith at (713) 287-2251 or ssmith@geometcbm.com. |
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