GeoMet was founded as a consulting firm in 1985 by three geologists with
backgrounds in the coal mining and related coal degasification industry. The
GeoMet staff has been directly involved with coalbed methane since 1977, working
for USX Corporation in developing the first large-scale degasification field in
the United States at the Oak Grove Mine in Alabama. This project became the
model for subsequent coalbed methane projects in the Black Warrior basin.
During our early years, our staff consulted extensively with the Gas Research
Institute (GRI) in the research and development of new technology for the
industry with many of the companies involved in the early development of coalbed
methane, including Taurus (now Energen), Amoco, Chevron and River Gas
Corporation. In addition to work done in the United States, our staff evaluated or consulted on coalbed methane projects in Australia, Bangladesh,
Canada, China, Colombia, Czechoslovakia, Hungary, Israel, Poland, South Africa,
Switzerland, the United Kingdom, Venezuela and Zimbabwe.
In 1986, the GeoMet founders acquired an equity interest in the River Gas
Corporation and provided the technical expertise in connection with the
development of the Blue Creek field in the Black Warrior Basin of Alabama.
Dominion Energy acquired the Blue Creek field from River Gas in 1992.
GeoMet’s focus changed in 1993 as it ceased to provide consulting services
and began to utilize its expertise and accumulated years of experience to
participate for its own account in the initiation and development of coalbed
methane projects. Due to capital constraints, this participation usually was in
the form of relatively small “earned interests.” The White Oak Creek field in
the Black Warrior Basin and the Apache Canyon field in the Raton Basin were
developed in this manner.
In December 2000 GeoMet’s principals sold 80% of the equity of the Company to
an entity formed by J. Darby Seré, William C. Rankin, and Yorktown Energy
Partners IV, L.P. which committed additional equity to fund future coalbed
methane development. In July, 2006, we completed our initial public offering and
became listed on the NASDAQ Global Exchange under the ticker symbol GMET.
Prior to their sale in May 2014, our principal operations and producing properties were located in the central Appalachian Basin.