|By Marketwired .||
|December 3, 2013 08:30 AM EST|
HOUSTON, TX -- (Marketwired) -- 12/03/13 -- 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, 2013 through December 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 December 31, 2013 to preferred stockholders of record on December 13, 2013. In the aggregate, it is estimated that approximately 181,000 preferred shares will be issued in connection with this dividend.
About GeoMet, Inc.
GeoMet, Inc. is engaged in the production of natural gas from coal seams ("coalbed methane"). Our principal operations and producing properties are located in the Central Appalachian Basin in Virginia and West Virginia.