Dana Petroleum and Magic Earth to Present Ghana Prospects; GeoProbe Technology Responsible for High-speed Interpretation of Large Offshore Dataset.Business/Energy Editors & High-Tech Writers HOUSTON--(BUSINESS WIRE)--Oct. 8, 2002 Dana Petroleum and Magic Earth, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Halliburton (NYSE NYSE See: New York Stock Exchange :HAL Hal: see Halle, Belgium. hal In Sufism, a state of mind reached from time to time by mystics during their journey toward God. The ahwal (plural of hal) are God-given graces that appear when a soul is purified of its attachments to the material world. ), announced today that Dana is presenting its high potential deepwater Ghana prospects for industry participation. Each prospect is estimated to contain several hundred million barrels of reserves according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dana's mid-year review released in September 2002. Dana's principal geophysicist will present the portfolio in Magic Earth's exhibit booth during the 2002 Society of Exploration Geophysicists The Society of Exploration Geophysicists (or SEG) is a nonprofit organization dedicated to promoting the science of geophysics and the education of exploration geophysicists. International Exposition in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. . Magic Earth interpreters worked with Dana to accelerate prospect generation while improving their level of comprehension and confidence. Magic Earth reduced the interpretation cycle time by 80 percent. Tom Cross, chief executive of Dana, commented, "Dana prides itself on the excellence of its geoscience ge·o·sci·ence n. Any one of the sciences, such as geology or geochemistry, that deals with the earth. ge team, which has made nine oil and gas discoveries from our last eleven exploration wells in the North Sea, West Africa and Indonesia. Magic Earth has proved an effective technological partner for a fast-growing, independent operator such as Dana. Through powerful 3D visual interpretation of major 3D seismic data sets, Magic Earth technology has helped Dana's geophysicists to rapidly identify and analyze very large prospects where a stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat element is present. We had already utilized this leading-edge technology in Mauritania, and we realized that it could help us with our evaluation of offshore Ghana." "Magic Earth is excited to have played a key role in helping Dana rapidly increase its portfolio of exploration prospects," said Michael Zeitlin, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Magic Earth. "By working with Magic Earth and utilizing GeoProbe, the world's fastest interpretation technology, Dana was able to review the entire volume of 1250 square kilometers and generate prospects and horizons in one-fifth of the time it normally would have taken." Dana Petroleum plc is a leading British independent oil and gas company, committed to maximizing shareholder value through the creation and execution of high impact opportunities. For additional information about Dana Petroleum, visit the company's Web site at www.dana-petroleum.com. Magic Earth Inc. specializes in high-performance volume visualization and interpretation solutions including GeoProbe software, consultation services for interpretation projects, training and large-screen immersive visualization centers. For additional information about Magic Earth and GeoProbe, visit the company's Web site at www.magicearth.com. Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group business segments. The company's World Wide Web site can be accessed at www.halliburton.com. |
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