GeoMet, Inc. Announces Declaration of Preferred Dividend
Houston, Texas – November 10, 2010 - 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 .0371528 preferred share (“PIK Preferred Shares”) per outstanding preferred share, which covers the period beginning September 14, 2010, the date of original issuance of the preferred stock, through December 31, 2010. 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 and the aggregate amount of cash paid for the fractional shares will be nominal. The preferred dividend will be paid on December 31, 2010 to preferred stockholders of record on December 10, 2010. In the aggregate, approximately 148,611 additional preferred shares will be issued in connection with this dividend.
Forward-Looking Statements Notice
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E 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 events or results to differ materially from the events or results described in the forward-looking statements. In addition, the Company cannot assure that it will be successful in obtaining additional financing on the terms outlined in this press release or otherwise. Careful consideration should be given to the risk factors and other cautionary statements included in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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”) 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), John Baldissera with BPC Financial at (800)368-1217, or visit our website at www.geometinc.com.