Published On: Thu, Sep 4th, 2014

GeoMet Inc. (OTCMKTS:GMET): Declares Preferred Dividend

On September 04, 2014, GeoMet Inc. (OTCMKTS:GMET) announced that the Board of Directors of the company has declared a dividend to its preferred shareholders for the period between July 1, 2014 to September 30, 2014. The preferred dividend is to be paid through the issuance of .03125 preferred shares per outstanding share of preferred stock and it is payable on September 30, 2014 to preferred shareholders as of record date on September 15, 2014. The above mentioned dividend is calculated at an annual rate of 12.5 percent.

If the calculation of the dividend of Preferred Shares to any preferred shareholder results in a fractional share then the portion of the dividend which is attributable to such fractional share will be paid in cash. And the total amount of cash paid for all such fractional shares will be minimal. In total it is expected that in connection with this dividend, around 199,400 preferred shares will be issued.

Company Brief:

GeoMet Inc. (OTCMKTS:GMET) is mainly engaged in exploring, developing and producing natural gas from coal seams. The main area of operations of the company includes the Central Appalachian Basin of Virginia and West Virginia. The Central Appalachian Basin is a hilly region where coal mining is prevailing. The company operates 298 producing vertical CBM (coal bed methane) wells in which it owns a 99.0 percent average working interest in the Lasher fields and Pond Creek in southwestern Virginia and southern West Virginia. As of December 31, 2013, around 91 percent of company’s estimated proved developed reserves, or 92.5 billion cubic feet, is in the Pond Creek field. During May 2014, it sold extensively all of CBM interests and other assets which are situated in Harrison, the Appalachian Basin in McDowell, Raleigh, Wyoming, West Virginia and Buchanan County, Virginia, and Barbour and Taylor Counties.

© Copyright 2016 OTC News Magazine. All rights reserved.