GeoMet Announces Financial and Operating Results for the Quarter and Year Ended December 31, 2014

HOUSTON, TX--(Marketwired - Feb 18, 2015) - GeoMet, Inc. (OTC PINK: GMET) (OTC PINK: GMETP) ("GeoMet" or the "Company") today announced its financial and operating results for the quarter and year ended December 31, 2014.

Financial and Operating Results

On May 12, 2014, GeoMet closed the sale of substantially all of its remaining assets (the "Asset Sale"). As a result of the Asset Sale, all operating activities are presented as discontinued operations in the Condensed Consolidated Statements of Operations (Unaudited) for the quarter and year ended December 31, 2014 and 2013.

As of December 31, 2014, our primary asset as a public "shell company" is cash in the amount of $22.9 million. On a go forward basis, we believe we are incurring the minimum overhead expenses necessary to sustain a public registrant.

Quarter Ended December 31, 2014

For the quarter ended December 31, 2014, GeoMet reported a net loss available to common stockholders of $2.0 million, or $0.05 per fully diluted share. Included in net loss available to common stockholders for the quarter ended December 31, 2014 were non-cash charges of $0.8 million for accretion of preferred stock and $0.5 million for paid-in-kind ("PIK") dividends paid on preferred stock. For the quarter ended December 31, 2013, GeoMet reported a net loss available to common stockholders of $4.3 million, or $0.11 per fully diluted share. Included in net loss available to common stockholders for the quarter ended December 31, 2013 were non-cash charges of $0.6 million for accretion of preferred stock and $1.6 million for PIK dividends paid on preferred stock.

For the quarter ended December 31, 2014, GeoMet reported income from discontinued operations of $84 thousand, including a tax benefit of $24 thousand, or $0.00 per fully diluted share. For the quarter ended December 31, 2013, GeoMet reported a loss from discontinued operations of $359 thousand, net of tax of $0, or $0.01 per fully diluted share.

Year Ended December 31, 2014

For the year ended December 31, 2014, GeoMet reported net income available to common stockholders of $53.3 million, or $1.32 per fully diluted share. Included in net income available to common stockholders for the year ended December 31, 2014 were non-cash charges of $3.0 million for accretion of preferred stock and $2.3 million for PIK dividends paid on preferred stock. For the year ended December 31, 2013, GeoMet reported a net income available to common stockholders of $27.8 million, or $0.69 per fully diluted share. Included in net income available to common stockholders for the year ended December 31, 2013 were non-cash charges of $2.3 million for accretion of preferred stock and $5.3 million for PIK dividends paid on preferred stock.

For the year ended December 31, 2014, GeoMet reported income from discontinued operations of $63.0 million, net of tax of $0.7 million, or $1.56 per fully diluted share. Included in income from discontinued operations was a $61.3 million gain resulting from the Asset Sale. For the year ended December 31, 2013, GeoMet reported income from discontinued operations of $40.8 million, net of tax of $0, or $1.01 per fully diluted share. Included in income from discontinued operations was a $36.9 million gain resulting from the June 2013 sale of GeoMet's Alabama assets.

Forward-Looking Statements Notice

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. Except for statements of historical facts, all statements included in the document, including those preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," "projects," "target," "goal," "plans," "objective," "should" or similar expressions or variations on such words, are forward-looking statements. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the Securities and Exchange Commission ("SEC"). Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company's web site at http://www.geometinc.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. GeoMet undertakes no duty to update or revise these forward-looking statements.

GEOMET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
			Quarter Ended December 31,								Year Ended December 31,
			2014				2013				2014				2013
Expenses:
	Depreciation, depletion and amortization		$	--			$	24,674			$	113,817			$	125,897
	General and administrative			686,132				1,555,519				3,846,142				5,011,645
	Lease termination costs			--				--				427,722				--
	Restructuring costs			--				--				--				93,584
Total operating expenses				686,132				1,580,193				4,387,681				5,231,126
Other income (expense)				2,780				(182,172	)			(14,966	)			(227,082	)
Loss before income taxes from continuing operations				(683,352	)			(1,762,365	)			(4,402,647	)			(5,458,208	)
Income tax expense				6,250				6,250				25,000				25,000
Loss from continuing operations				(689,602	)			(1,768,615	)			(4,427,647	)			(5,483,208	)
Discontinued operations				84,022				(358,714	)			63,033,319				40,802,282
Net (loss) income			$	(605,580	)		$	(2,127,329	)		$	58,605,672			$	35,319,074
Accretion of Preferred Stock				(841,943	)			(632,984	)			(2,964,762	)			(2,257,968	)
Paid-in-kind dividends on Preferred Stock				(503,739	)			(1,574,076	)			(2,306,466	)			(5,295,138	)
Cash dividends paid on Preferred Stock				(397	)			(737	)			(1,960	)			(2,572	)
Net (loss) income available to common stockholders			$	(1,951,659	)		$	(4,335,126	)		$	53,332,484			$	27,763,396
Net (loss) income per common share -- basic and diluted:
Continuing operations			$	(0.05	)		$	(0.10	)		$	(0.24	)		$	(0.32	)
Discontinued operations				--				(0.01	)			1.56				1.01
Total			$	(0.05	)		$	(0.11	)		$	1.32			$	0.69
Weighted average number of common shares:
Basic and diluted				40,513,373				40,504,684				40,513,373				40,481,330

GEOMET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
			December 31,
			2014				2013
ASSETS
Current Assets:
	Cash and cash equivalents		$	22,894,405			$	8,108,272
	Other current assets			148,302				3,593,547
Total current assets				23,042,707				11,701,819
Property and equipment -- net				--				42,329,051
Other noncurrent assets				--				769,384
TOTAL ASSETS			$	23,042,707			$	54,800,254
LIABILITIES, MEZZANINE AND STOCKHOLDERS' DEFICIT
Current Liabilities:
	Current portion of long-term debt		$	--			$	71,550,000
	Asset retirement obligations			--				265,470
	Other current liabilities			277,893				9,105,846
Total current liabilities				277,893				80,921,316
Asset retirement obligations				--				8,915,407
Other long-term accrued liabilities				--				823,005
TOTAL LIABILITIES				277,893				90,659,728
Series A Convertible Redeemable Preferred Stock				48,676,221				43,404,993
Total stockholders' deficit				(25,911,407	)			(79,264,467	)
TOTAL LIABILITIES, MEZZANINE AND STOCKHOLDERS' DEFICIT			$	23,042,707			$	54,800,254

GEOMET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		2014				2013
Net cash (used in) provided by operating activities		$	(10,779,911	)		$	8,797,808
Net cash provided by investing activities			97,118,004				59,832,639
Net cash used in financing activities			(71,551,960	)			(67,756,400	)
Increase in cash and cash equivalents			14,786,133				874,047
Cash and cash equivalents at beginning of period			8,108,272				7,234,225
Cash and cash equivalents at end of period		$	22,894,405			$	8,108,272