GeoPetro Resources Company Converts Series AA Preferred Stock Into Common Stock
GeoPetro Resources Company (“GeoPetro” or the “Company”) (AMEX:GPR) (TSX: GEP.S) announced that effective today all 1,890,710 of the Company’s outstanding shares of Series AA Preferred Stock automatically converted into 1,890,710 shares of GeoPetro common stock, no par value per share. Under the Company’s Amended and Restated Articles of Incorporation, the Series AA Preferred Stock automatically converted into common shares on a one-for-one share basis effective the first trading day after the reported high selling price for GeoPetro’s common shares is at least $5.25 per share for any consecutive ten trading days, which condition was met on March 27, 2007. Dividends accrued on the Series AA Preferred Stock at a rate of $0.28 per annum, per share, through December 31, 2006. In 2006, dividends paid on the Series AA Preferred Stock totaled $529,400. Pursuant to the terms of the Series AA Preferred Stock, no dividends are payable for the first quarter of 2007.
As of March 28, 2007, after giving effect to the conversion of the Series AA Preferred Stock into common stock, there are 29,359,718 shares of GeoPetro’s common stock and no shares of preferred stock outstanding.
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