HOUSTON, TX--(Marketwire - Mar 8, 2013) - GeoMet, Inc. ( OTCQB : GMET ) ( NASDAQ : GMETP ) (the "Company") announced today that its Board of Directors has declared a quarterly dividend to its preferred stockholders covering the period January 1, 2013 through March 31, 2013 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 April 1, 2013 to preferred stockholders of record on March 18, 2013. In the aggregate, approximately 166,000 additional preferred shares will be issued in connection with this dividend.
The Company also announced that its annual meeting of stockholders will be held on May 14, 2013. Stockholders of record at the close of business on March 18, 2013 will be entitled to notice of, and to vote at, the Annual Meeting.
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 rights, principally in Alabama, Virginia, and West Virginia.