GeoMet, Inc. Announces Distribution of Common Stock By Investors
GeoMet, Inc. (NASDAQ:GMET) (“GeoMet” or the “Company”) announced today that it was advised by Yorktown Energy Partners IV, L.P. (“Yorktown Energy”), an early investor and the largest holder of GeoMet common shares, that it distributed 1,199,135 shares of GeoMet common stock to its limited and general partners after the market closed on August 13, 2008. This is the second such distribution. Following the distribution of these shares, Yorktown Energy will hold approximately 36% of the Company’s outstanding shares.
Yorktown Energy has also informed GeoMet that the shares distributed can be immediately resold. GeoMet was advised by the principals of the general partner of Yorktown Energy that their current intention is to retain the shares received in the distribution for the foreseeable future.
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. GeoMet undertakes no duty to update or revise these forward-looking statements.
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” or “CBM”) and non-conventional shallow gas. Our principal operations and producing properties are located in the Cahaba Basin in Alabama and the Central Appalachian Basin in West Virginia and Virginia. We also control additional coalbed methane and oil and gas development rights, principally in Alabama, British Columbia, Virginia, and West Virginia.
For more information please contact Stephen M. Smith at (713) 287-2251 or email@example.com or visit our website at www.geometinc.com.