Geomet Inc fka GMET

[MBoomer17]

The lawsuit was a flop.

Here is the press release from back in May:

GeoMet, Inc. Announces Global Settlement Of All Outstanding Disputes And Litigation With CONSOL Energy, Inc. And Certain Of Its Affiliates Including CNX Gas Corporation
Wednesday, 5 May 2010 07:15am EDT

GeoMet, Inc. announced that it has reached an agreement resulting in a global settlement of all outstanding disputes and litigation with CONSOL Energy, Inc. and certain of its affiliates including CNX Gas Corporation (CONSOL/ CNX). As part of the global settlement, CONSOL/CNX has agreed to grant GeoMet all consents and waivers necessary for permits to drill CBM wells on approximately 5,600 acres in the Virginia portion of GeoMet's Pond Creek field. GeoMet has been limited in its ability to secure drilling permits on this acreage since these disputes and litigation began almost four years ago. GeoMet expects to drill more than 80 new wells in this portion of the field over the next three to four years. Average coal thicknesses and gas contents are generally greater in this area than in the remainder of the field, and wells drilled by GeoMet in this area, prior to the dispute, have performed significantly better than the field-wide average. As part of the global settlement, GeoMet has dismissed its antitrust litigation against CONSOL/CNX with prejudice. Although a state circuit court decision in 2009 cleared the way for GeoMet to proceed with discovery and trial in this matter, continuing this litigation would have been an ongoing drain on GeoMet's resources with no assurance of a successful outcome. This settlement provides a basis for future cooperation between GeoMet and CONSOL/CNX.