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US Seismic Systems, An Acorn Energy Company, Advances In Test With Supermajor Oil Company

Stocks in this article: ACFN

CHATSWORTH, Calif., Oct. 1, 2013 /PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company, today announced that it continues to advance in the evaluation of its products by a supermajor oil company and that it has received orders for the next phase of the evaluation. These orders are related to the customer's continuing assessment of USSI's products as a result of USSI's participation in a five-company, competitive down-hole seismic sensor technology field trial hosted by the supermajor earlier this summer. The terms of the new orders for cabling, deployment systems and field service expenses are confidential.   

"As we mentioned in our annual shareholder update, we were selected to advance in this important seismic shootout.  As part of its continuing evaluation, we understand that the customer focused on validating the key features that set us apart from the competition, namely, performance at substantially higher frequencies and long term operation in a high temperature downhole environment. We further understand that our high frequency performance was verified via downhole testing by the supermajor last month and we have been told that our system performed even better than our published specifications.  We are now moving on to what we believe will be a final qualification or "cook test" that will verify our claims, based on laboratory data, that our products have the inherent high temperature and pressure performance needed for long term deployment in a deep high temperature oil well" stated Jim Andersen, President and CEO of USSI. 

"We feel very fortunate to have such a large and influential company devoting their people and resources to working with us to advance our technology. In the short time since the shootout, we are experiencing an increasing level of serious interest in our revolutionary fiber optic sensor technology by the mainstream of the oil industry. We anticipate that success at this next stage with the supermajor could lead to one or more orders for longer term evaluation in active fields," added Andersen.

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