GeoMet Executive Terminates 10B5-1 Trading Plans
HOUSTON, TEXAS.—January 31, 2007 -- GeoMet, Inc. (Nasdaq: GMET) today announced that William C. Rankin, Executive Vice President and Chief Financial Officer, personally, and separately on behalf of a family limited partnership as to which he exercises dispositive authority, has today terminated prearranged stock trading plans which had been adopted by him on December 7, 2006 to sell a portion of shares of GeoMet common stock held by each. Mr. Rankin adopted his personal plan to sell up to 100,000 shares of GeoMet common stock and a family limited partnership adopted a plan to sell up to 72,000 shares of GeoMet. Sales under both stock trading plans were set to commence on or after February 1, 2007, according to the parameters of the plans.
Mr. Rankin advised the Company that he terminated the plans in view of the Company’s recently announced engagement of Merrill Lynch to explore strategic alternatives, and on his belief that sales by either him personally or by the limited partnership would be inappropriate at this time.
About GeoMet, Inc.
GeoMet, Inc. is an independent energy company engaged in the exploration for and development and production of natural gas from coal seams (“coalbed methane” or “CBM”). 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 development rights, principally in Alabama, British Columbia, Colorado, Louisiana, Virginia, and West Virginia.
For more information, please visit the Company’s web site at www.geometinc.com or contact Steve Smith at (713) 287-2251 or email@example.com.
All statements, other than statements of historical fact, included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. GeoMet, Inc. assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.