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GX Technology Launches Ultra-deep Regional Data Program for Offshore Nova Scotia.

Energy Editors/Business Editors

HOUSTON--(BUSINESS WIRE)--Oct. 8, 2003

Company will employ advanced depth imaging technology to offer

better insight into the regional geology and hydrocarbon potential of

the Nova Scotian Basin

Houston-based GX Technology Corporation, a leading seismic service provider, announced today that it has launched a new regional 2D seismic data program, named NovaSpan, which specifically focuses on the Nova Scotian basin located offshore of Nova Scotia, Canada.

The company, which specializes in acquiring, processing and imaging high-resolution seismic data for hydrocarbon exploration, indicated that the acquisition for the NovaSpan program has begun and is scheduled to be acquired and processed by the end of this year. The depth imaging and interpretation of the data will be available in early 2004. When completed, NovaSpan will include more than 3,500 line kilometers of new, ultra-deep 2D seismic data.

The program is the first of its kind in this region and was specifically designed to provide a basin-wide understanding of the regional geology in the Nova Scotian basin and offshore Newfoundland. It will include data imaged to depths far below that of any previous regional seismic programs.

"NovaSpan is a truly revolutionary program because it provides exploration companies with a unique insight into the basin geology on a regional level. NovaSpan will provide an enhanced understanding of the Nova Scotia basin's tectonic and structural history, which will reduce drilling risks and uncertainties, from the continental shelf to deep water," said Mark Noble, NovaSpan program manager, GX Technology.

By studying this type of high-resolution data at greater depths, geoscientists can gain a better understanding of the geologic structures, history, source rocks and most-importantly- potential hydrocarbon traps or reservoir locations.

"We are very pleased with the initial results of the NovaSpan program and confident that it will provide our clients with the same competitive advantages that have been realized by our clients that purchased GulfSpan, our Gulf of Mexico regional program," said Mick Lambert, president and CEO, GX Technology.

NovaSpan is being produced with the assistance of Dr. Mark Rowan of Rowan and Associates, and in conjunction with the Geological Survey of Canada (Atlantic Division). Support for NovaSpan is being provided by the Nova Scotia Department of Energy, and the Canada-Nova Scotia Offshore Petroleum Board.

ABOUT GX TECHNOLOGY CORPORATION

GX Technology is the leading provider of Image-Driven seismic solutions. Oil and gas companies use GX Technology's services to produce the highest fidelity subsurface images, which significantly reduces the risk and cost of finding and producing petroleum. GXT's Image-Driven(TM) solutions include seismic acquisition, time processing, prestack depth and time imaging, 4D and multi-component services. GX Technology's headquarters are located in Houston, and the company's regional service centers are located in Calgary, London, and Aberdeen.

Visit GXT's Web site at www.gxt.com.

"Image-Driven" is a trademark of GX Technology Corporation
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Publication:Business Wire
Geographic Code:1USA
Date:Oct 8, 2003
Words:470
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