HOUSTON, TX -- (Marketwire) -- 12/06/12 -- 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 October 1, 2012 through December 31, 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 December 31, 2012 to preferred stockholders of record on December 17, 2012. In the aggregate, approximately 161,000 preferred shares will be issued in connection with this dividend.
About GeoMet, Inc.
GeoMet, Inc. is 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 the Cahaba and Black Warrior Basins in Alabama and the Central Appalachian Basin in Virginia and West Virginia. We also control additional coalbed methane and oil and gas development rights, principally in Alabama, Virginia, and West Virginia.
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