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March 30, 2013
18:49 EDTGMETGeoMet CEO says FY12 was a challenging year, cites natural gas prices
GeoMet announced its financial and operating results for the quarter and year ended December 31, 2012. William C. Rankin, GeoMet's President and Chief Executive Officer, commented, "2012 was a challenging year for the company. The precipitous and significant decline in both our realized natural gas prices and the forward curve for natural gas during the year put the company under distress and had material adverse consequences on our business. Our borrowing base under our credit facility was reduced by more than a third resulting in a borrowing base deficiency requiring the credit facility to be restructured and substantially all subsequent cash flows dedicated to reducing the deficiency. Further, additional borrowings were prohibited and capital expenditures were significantly limited. The restructured credit facility expires on April 1, 2014. As a result, we were unable to drill new wells and our activities were primarily focused upon maintaining our production levels, reducing costs and seeking a solution to resolve the borrowing base deficiency under our credit facility." Mr. Rankin added, "We recently announced an initiative in this regard, an effort to sell all of our coalbed methane assets in Alabama."
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