GeoMet Announces Distribution of Common Stock by Investor
Houston, Texas – May 13, 2011...GeoMet, Inc. (NASDAQ: GMET) (“GeoMet” or the “Company”) announced today that it was advised by Yorktown Energy Partners IV, L.P. (“Yorktown Energy”), an early investor in GeoMet, that it distributed 1,750,000 shares of GeoMet common stock to its limited and general partners after the market closed on May 12, 2011. This is the third distribution of common shares Yorktown Energy has made to its limited and general partners, and the first since August, 2008. Following the distribution of these shares, Yorktown Energy holds approximately 17% of the Company’s common shares, assuming conversion of the Company’s Series A Convertible Redeemable Preferred Stock.
This press release may contain “forward-looking statements” within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. GeoMet undertakes no duty to update or revise these forward-looking statements.
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” or “CBM”) 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 additional 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 or email@example.com or visit our website at www.geometinc.com.