GeoMet Declares Preferred Dividend
Houston, Texas – March 11, 2011 - GeoMet, Inc. (NASDAQ: GMET) (the “Company”) announced today that its Board of Directors has declared a quarterly dividend to its preferred stockholders in the amount of .03125 paid in kind preferred shares (“PIK Preferred Shares”) per outstanding preferred share, which covers the period January 1, 2011 through March 31, 2011. The dividend has been calculated at an annual rate of 12.5%. Should the calculation of the dividend of PIK Preferred Shares to any preferred stockholder result in a fractional share, the portion of the dividend attributable to such fractional share will be paid in cash. The aggregate amount of cash paid for all fractional shares will be nominal. The dividend will be paid on March 31, 2011 to preferred stockholders of record on March 17, 2011. In the aggregate, approximately 129,641 additional preferred shares will be issued in connection with this dividend.
About GeoMet, Inc.
GeoMet, Inc. is an independent energy company primarily engaged in the exploration for and development and production of natural gas from coal seams (“coalbed methane”) and non-conventional shallow gas. Our principal operations and producing properties are located in the Cahaba Basin in Alabama and the Central Appalachian Basin in West Virginia and Virginia. We also control coalbed methane and oil and gas development rights, principally in Alabama, British Columbia, Virginia, and West Virginia.
For more information please contact Stephen M. Smith at (713)287-2251 (email@example.com), or visit our website at www.geometinc.com.