GeoMet Declares Preferred Dividend
Houston, Texas – May 25, 2011 - GeoMet, Inc. (NASDAQ: GMET) (the “Company”) announced today that its Board of Directors has declared a quarterly dividend to its preferred stockholders covering the period April 1, 2011 through June 30, 2011 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 June 30, 2011 to preferred stockholders of record on June 10, 2011. In the aggregate, approximately 133,000 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” 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.