29 May, 2008. British Virgin Islands/Dubai: The annual general meeting of SeaBird Exploration Limited ('SeaBird") on 15 May 2007 authorized the Board of Directors to establish share option programs for SeaBird's management and key personnel representing up to 5,000,000 options.
SeaBird announced today that a total of 3,415,000 share options have been granted to a total of 61 employees. The options have an exercise price of NOK 13.00, which represents the average closing price for the SeaBird share on the Oslo Stock Exchange at the date of the grant 28 May 2008.
1/3 of the options granted may be exercised one year after the grant date, 1/3 of the options granted may be exercised two years after the grant date and the remaining 1/3 of the granted options may be exercised three years after the grant. All options must be exercised within four years of grant date.
The following primary insiders have been granted options:
CFO Geir Olsen is awarded 325,000 options. Holding after the allocation is 0 shares and 525,000 options.
General Counsel Alexander Holst is awarded 325,000 options. Holding after the allocation is 1,000 shares and 425,000 options.
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075
Geir Olsen
CFO SeaBird Exploration
Phone: + 47 916 39367
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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.