GeoMet to sell Appalachia CBM producing properties

GeoMet Inc., Houston, will divest its coalbed methane interests in the Appalachia basin in West Virginia and West Virginia.

Current net operating cash flow averaged $1.65 million/month on net sales of 22.8 MMcfd for the 12 months ended Aug. 31 at an average $3.58/Mcf.

The properties are in McDowell, Wyoming, Raleigh, Barbour, and Taylor counties, W.Va., and Buchanan County, Va. The assets represent vertical wells and, to a lesser extent, horizontal wells. The operated and nonoperated interests include 298 vertical and 108 horizontal wells.

Most vertical wells have a 100% working interest and an average net revenue interest of 80%, while the working interest of the horizontal wells varies from 33% to 100%. The vertical wells are characterized by shallow production decline curves and long lives while the horizontal wells display more of the conventional natural gas well decline characteristics, GeoMet said.

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