HOUSTON, TX--(Marketwire -09/06/12)- GeoMet, Inc. (GMET) (GMETP) (the "Company") announced today that its Board of Directors has declared a quarterly dividend to its preferred stockholders covering the period July 1, 2012 through September 30, 2012 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 October 1, 2012 to preferred stockholders of record on September 18, 2012. In the aggregate, approximately 156,000 preferred shares will be issued in connection with this dividend.
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"). Our principal operations and producing properties are located in Alabama, Virginia and West Virginia. We also control non-producing coalbed methane and oil and gas development rights, principally in Alabama, Virginia, and West Virginia.