GeoMet Declares Preferred Dividend
Houston, Texas – March 5, 2014 - GeoMet, Inc. (OTCQB: GMET NASDAQ: GMETP) (the “Company”) announced today that its Board of Directors has declared a quarterly dividend to its preferred stockholders covering the period January 1, 2014 through March 31, 2014 to be paid through the issuance of .03125 preferred share (“PIK Preferred Shares”) per outstanding share of preferred stock. 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, 2014 to preferred stockholders of record on March 17, 2014. In the aggregate, it is estimated that approximately 187,500 preferred shares will be issued in connection with this dividend.
About GeoMet, Inc.
GeoMet, Inc. is engaged in the production of natural gas from coal seams (“coalbed methane”). Our principal operations and producing properties are located in the Central Appalachian Basin in 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.