GeoMet Provides Update to Pending Purchase of Coalbed Methane Assets

GeoMet, Inc. GMET announced today that it has been advised by the seller that the party holding the preferential purchase right on certain of the coalbed methane properties in West Virginia, with an allocated value of $23.4 million, has irrevocably waived such right. This preferential purchase right was scheduled to expire on or about December 3, 2011, if not earlier exercised or waived. A portion of the CBM properties being acquired in Alabama remain subject to two preferential rights to purchase by a single party and have an allocated value of $30.8 million. These preferential rights to purchase will expire October 29, 2011 if not earlier exercised or waived. As a result of the early waiver of the preferential purchase right on certain of the West Virginia CBM properties, the Company now anticipates the transaction will close in the first half of November, 2011.