SEITEL ACQUIRES SEISMIC LIBRARY OF GRANT TENSOR GEOPHYSICAL CORP.
HOUSTON, Dec. 31 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI), fast becoming one of the largest providers of U.S. seismic data to the petroleum industry, announced today that it has acquired substantially all of the library of seismic surveys owned by Grant Tensor Geophysical Corp. (NASDAQ: GRNT) -- the fourth acquisition that Seitel has made in the past six months, which has tripled the size of the company's data base. The Grant Tensor library, acquired in a multimillion-dollar transaction, totals approximately 146,500 miles of offshore and onshore seismic surveys. About 41,500 miles are onshore the United States; 50,000 miles are offshore, mostly in the Gulf of Mexico and includes three-dimensional seismic data, plus surveys offshore both the California and Florida coasts; and 55,000 miles are onshore and offshore in international regions. "This represents the fourth strategic acquisition that Seitel has made since the summer, which, along with a fifth expansion, has elevated our company into being one of the largest U.S. seismic-data companies," said Paul A. Frame, president and chief executive officer of Seitel. This past June, Seitel entered the Canadian market when it acquired in excess of 13,000 miles of seismic surveys in Canada developed by Western Geophysical Corp., a company jointly owned by Dresser Industries (NYSE: DI) and Litton Industries (NYSE: LIT). In July, it acquired Teledyne, Inc.'s (NYSE: TDY) large 230,000-plus mile library of mostly offshore seismic surveys in the Gulf of Mexico, including over 28,000 linear miles of three-dimensional data. In October, the company acquired the entire seismic library of GEO International (NYSE: GX), which totaled in excess of 12,500 miles onshore the United States. In another strategic expansion, Seitel moved into seismic data brokerage and management when it entered into an agreement in September to serve as the exclusive marketing agent for Texaco Inc.'s entire 600,000-plus mile North American seismic library. In total, the amount of seismic surveys that Seitel has available to market today exceeds one million miles. The company, which operates internationally and domestically, both creates high-quality, two- dimensional and three-dimensional seismic surveys as well as markets from and expanding data base. -0- 12/31/92 /CONTACT: Jay M. Green, director of investor relations of Seitel, Inc., 203-629-0633/ (SEI)
CO: Seitel, Inc.; Grant Tensor Geophysical Corp. ST: Texas IN: OIL SU: TNM
PS -- NY002 -- 0831 12/31/92 09:01 EST
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|Date:||Dec 31, 1992|
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