GeoMet Declares Preferred Dividend
Houston, Texas – September 5, 2013 - 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 July 1, 2013 through September 30, 2013 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 September 30, 2013 to preferred stockholders of record on September 18, 2013. In the aggregate, it is estimated that approximately 176,000 preferred shares will be issued in connection with this dividend.
About GeoMet, Inc.
GeoMet, Inc. is engaged in the development and 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. We also control additional coalbed methane and oil and gas development rights Virginia, and West Virginia.
For more information please contact Stephen M. Smith at (713) 287-2251 (firstname.lastname@example.org), or visit our website at www.geometinc.com.