GeoMet, Inc. Executive Adopts 10B5-1 Trading Plans
HOUSTON, TEXAS.-- December 7, 2006 -- 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 adopted prearranged stock trading plans 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 in order to diversify his holdings and to provide liquidity to construct a home and to exercise nonqualified stock options. Sales of up to 72,000 shares of GeoMet by Mr. Rankin’s family limited partnership will be used to provide liquidity for distributions from the family limited partnership to fund obligations of certain trusts established for estate planning purposes. Sales under both stock trading plans will not commence prior to February 1, 2007 and may continue until October 31, 2007.
Each of the 10b5-1 stock trading plans was adopted in accordance with the guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934 and GeoMet’s policies regarding stock transactions by insiders. Rule 10b5-1 allows officers and directors of public companies to adopt written prearranged stock trading plans when they are not in possession of material, non-public information. Plans adopted in accordance with the Rule avoid concerns about initiating stock transactions while an insider may be in possession of material non-public information. Once a Rule 10b5-1 trading plan is established, the insider retains no discretion over sales under the plan, and the prearranged trades can be executed through a broker at later dates without regard to any subsequent material non-public information that the insider may receive.
The transactions under each of these Rule 10b5-1 trading plans will be publicly disclosed through Form 4 filings with the U.S. Securities and Exchange Commission.
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 firstname.lastname@example.org.
Forward-Looking Statements: 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.