Korea National Oil Corporation Selects Chroma Energy to Provide Seismic Interpretation Services.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 22, 2002 Chroma Short for "chrominance." The attributes of a color, which include its hue (frequency) and saturation (amount of black). See hue and saturation. Energy Inc. today announced that it has signed an agreement with Korea National Oil Corporation (KNOC KNOC Korea National Oil Corporation ) to provide seismic interpretation services in support of their ongoing domestic exploration and development activities. Under the terms of the agreement, KNOC will have access to Chroma Energy's data mining and prospect generation services as well as its proprietary ImageGenetics(TM) pattern recognition and ChromaVision(TM) visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all software. The seismic interpretation project is an exploration study in the Ulleung Basin, East Sea, offshore Korea, where KNOC will soon be developing Korea's first domestic production. 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. Don Voelte, 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 Chroma Energy, "This is an exciting opportunity for Chroma Energy to again demonstrate our ability to deliver quality services through an integrated interpretation process that includes our proprietary technology as one component of the analysis. KNOC has consistently been an aggressive exploration company in the oil industry, and they have an exceptional record of accomplishment in applying new technologies to the E&P business. Chroma Energy is pleased to be invited to join their team." Man Sik Kim, general manager, technical department, KNOC, added, "We have been impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the level of geological detail that can be seen using pattern recognition tools and the ability to quickly extract these patterns from seismic data. We are extremely pleased to have Chroma Energy contribute to our exploration and development efforts." Charged with maintaining an adequate supply of energy to sustain Korea's thriving economy, Korea National Oil Corporation is Korea's national petroleum manager and is an internationally competitive company with a clear focus on oil and gas development. Chroma Energy Inc. is an energy exploration company specializing in proprietary pattern recognition and visualization technology. The company develops high-quality prospects by combining the proven oil- and gas-finding expertise of its staff with those of its partners' own exploration staffs. Utilizing standard geological/geophysical seismic interpretation packages and its own state-of-the-art proprietary pattern recognition and visualization tools, Chroma is able to reduce the cycle time from lead identification to drillable prospect. Chroma Energy has provided services and participated in more than three dozen projects with various domestic and international exploration and production firms since its founding. Headquartered in Houston, Chroma Energy maintains its research and development facility in Boulder, Colo. For more information about Chroma Energy, visit www.chromaenergy.com This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on current expectations subject to various risks and uncertainties that could cause Chroma Energy's actual results to differ materially from those included in the forward-looking statements. Although Chroma Energy believes its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Factors that could cause actual results to differ materially from those contained in forward-looking statements include, but are not limited to, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the results of exploratory drilling activities, fluctuations in oil and natural gas prices, operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. , regulatory and environmental matters, capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , availability of drilling rigs, weather, and the general condition of the economy and its effect on the securities market. Investors are directed to consider such risks and other uncertainties. |
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