HOUSTON, Sept. 16, 2011 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) today announced that it has signed a Letter of Intent to acquire 100% of the shares of Sensor Geophysical Ltd. ("Sensor") of Calgary, Alberta. Completion of the transaction is subject to execution of a definitive purchase and sale agreement and the satisfaction of certain other conditions.
The combination of GGS' extensive multi-component acquisition capabilities with Sensor's unique multi-component processing toolkit will create one of the industry's most advanced converted wave imaging providers. GGS maintains one of the largest 3C recording system channel counts in geophysical services, and is developing its own next generation autonomous AutoseisTM nodal 3C and 4C systems. Sensor is one of the only independent 3C and 4C processing providers with their own proprietary software for advanced multi-component imaging. The transaction also provides GGS an excellent entry into the Canadian seismic marketplace.
Christopher T. Usher, Global's CTO, said, "We are pleased to welcome Sensor to Team Global, and are excited about deploying their proven converted wave imaging across our existing data processing centers. We are equally excited about leveraging their established presence in the Canadian market to introduce our patented Weinman Geosciences HTI processing, our microseismic Tomographic Fracture ImagingTM, and Unconventional ConsultingTM offerings." Mr. Usher added that "Our customers have been seeking access to these more advanced capabilities for optimizing shale exploitation on their Canadian assets, which we can now provide effectively through Sensor's local operations."
Steve Weber, a Principal at Sensor, noted, "We have been providing high quality data processing services for more than 17 years, and have been developing differential multi-component software for most of that time, and presented several papers recently highlighting our technology." Rodney Couzens, the other Sensor Principal, commented that "We are looking forward to making our proprietary technology available to customers all over the world through Global's expanding data processing network, and to introducing Global's HTI processing and microseismic fracture imaging toolkits to the Calgary marketplace."
Richard Degner, Global's CEO, added, "Sensor is a great company with exceptional people and leading technology. We look forward to immediately employing Sensor's multi-component processing on our new 3C datasets over the Eagle Ford and Bakken shales. Additionally, realizing the Canadian marketplace is important to our western hemisphere growth, the prominent Sensor brand is a great springboard for GGS' ramp up in Calgary."
About Global Geophysical Services, Inc.
GGS provides an integrated suite of Geoscience solutions to the global oil and gas industry including high-resolution RG-3D Reservoir Grade® seismic data acquisition, Multi Client data library products, micro seismic monitoring, seismic data processing, data analysis, and interpretation services. GGS combines experience, innovation, operational safety, and environmental responsibility with leading edge geophysical technology to facilitate successful E&P execution. GGS' combined product and service offerings provide the ability to Gain InSight™ in the exploration and production of hydrocarbons. GGS is headquartered in Houston, Texas. To learn more about GGS, visit www.GlobalGeophysical.com.
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