GeoMet has added new natural gas hedges with protection extending into 2012. This increase in hedges is the result of new swap agreements for 4,000 MMBtu of natural gas per day for the periods and at the prices listed below:
Darby Ser, the Company's Chief Executive Officer, said, "These new hedges are the latest step in a strategy to protect our liquidity, lower our cost structure, deleverage our balance sheet and extend the maturity of our bank credit facility. If our recently announced plan to sell a non-operated interest in the eastern portion of our Pond Creek field in West Virginia is successfully completed, we expect to significantly reduce our outstanding indebtedness and extend the maturity of our bank credit facility. We believe these steps will position the Company to pursue its growth opportunities as gas prices recover."
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