Atlas Resource Buys GeoMet Gas Reserves For $107M

Law360, New York (February 14, 2014, 2:06 PM EST) -- A subsidiary of Atlas Resource Partners LP will acquire a large expanse of natural gas reserves in Virginia and West Virginia from energy company GeoMet Inc. for $107 million, GeoMet announced Friday.

The 70 billion cubic feet of land in the Appalachian Basin represents the vast majority of Houston-based GeoMet's remaining assets, and will be used to pay off outstanding bank debts estimated at around $71 million, the company said.

The land being acquired by ARP Mountaineer Productions LLC is mostly composed of coalbed methane reserves,...
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