GeoMet, Inc (Home) Home   |   Contact Us    
Corporate Governance News

GeoMet, Inc (Home)

Investor Relations

GeoMet, Inc. Announces Distribution of Common Stock by Investors

Houston, Texas – May 15, 2008...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 and the largest holder of GeoMet common shares, that it has distributed 810,135 shares of GeoMet common stock to its limited and general partners after the market closed on May 14, 2008 in accordance with the terms of the partnership agreement.  Following the distribution of these shares, Yorktown Energy will hold approximately 15,392,561 million shares of GeoMet common stock representing approximately 39.2% of the Company’s outstanding shares.  

Yorktown Energy has also informed GeoMet that the shares distributed can be immediately resold.  GeoMet was advised by the principals of the general partner of Yorktown Energy that their current intention is to retain the shares received in the distribution for the foreseeable future.

Commenting on the stock distribution, Darby Seré, GeoMet’s Chairman, President and Chief Executive Officer stated, “While we do not know what Yorktown’s ultimate strategy will be to realize the value of their investment for their partners, we expect that over time, distributions such as this will improve the liquidity available to investors in GeoMet.  We are gratified that the principals in the general partner of Yorktown Energy, our long-term investors, continue to exhibit confidence in their investment in GeoMet.”

Forward-Looking Statements

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 ssmith@geometcbm.com or visit our website at www.geometinc.com.