Reserves booked in remote US, Canada plays

02/23/2009
GeoMet Inc., Houston, booked proved reserves at the end of 2008 in remote gas plays in Alabama and British Columbia, the company reported.Total company proved reserves were 320 bcf, down 8.6% when calculated at $5.71/MMbtu last year vs. $7.46/MMbtu the prior year.The proved reserves are 100% from unconventional reservoirs, 99% from coalbed methane, and 77% are proved developed.Consulting engineers also estimated companywide probable reserves at 177 bcf.GeoMet replaced almost three times its 2008 production. Downward revisions totaled 42 bcf, of which 13 bcf resulted from lower gas prices. The other downward revisions were mainly due to production performance issues in parts of Gurnee CBM ...

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