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Global Geophysical Announces Strategic Relationship With Geophysical Pursuit (GPI) And Seismic Exchange (SEI)

Stocks in this article: GGS

HOUSTON, April 1, 2013 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) (Global) today announced a strategic licensing, marketing and data distribution relationship with a joint venture created by Seismic Exchange, Inc. (SEI) and Geophysical Pursuit, Inc. (GPI). Under the terms of the relationship, the SEI-GPI joint venture will provide exclusive marketing and distribution services for a substantial portion of Global's North American onshore data library assets.

The parties also intend to collaborate on future data acquisition program opportunities for which Global will become a preferential services provider to both GPI and SEI.

"We are very enthusiastic about the unique opportunities created by this relationship," observed Richard White, CEO of Global. "Our high-quality RG-3D Reservoir Grade® data library offers significant value to a broad array of E&P companies. Leveraging the relationship breadth and customer networks of both SEI and GPI creates a broad opportunity to expand the license base of these data sets."

"The geographic areas covered by Global's seismic data sets are highly complementary to GPI's library," noted Jeff Springmeyer, President of GPI. "We are enthusiastic about leveraging our successful track record in marketing data library assets to create value for Global and our customers."

As part of the transaction, a subsidiary of SEI will provide certain data management services for Global's library assets subject to this strategic relationship. "We are excited to be working with the Global Geophysical team," said John Havens, President of SEI. "Since our founding in 1975, we have been key partners to the upstream oil and gas industry. This relationship extends that opportunity by bringing decision critical sub-surface information across a number of developing plays to each of our respective customers."

The parties have started collaborating on various projects and licensing opportunities and expect to complete most marketing transition activities and data management responsibilities during the second quarter.

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