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SEITEL ACQUIRES GEO INTERNATIONAL'S SEISMIC LIBRARY

 SEITEL ACQUIRES GEO INTERNATIONAL'S SEISMIC LIBRARY
 HOUSTON, Oct. 15 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI and SEI.RA/SEI.F), fast becoming one of the largest providers of U.S. seismic data to the petroleum industry, announced today it has acquired the entire library of seismic surveys owned by GEO Seismic Services, a subsidiary of GEO International (NYSE: GX) -- the third acquisition and fourth expansion that Seitel has made in the past four months.
 The GEO library, acquired in a multimillion-dollar cash transaction, totals in excess of 12,500 miles of high-quality, two-dimensional seismic surveys onshore the United States. The majority of the data is in Texas and Louisiana, which complements Seitel' own seismic survey of that region -- and combines to form one of the largest independent seismic data bases of the onshore Gulf Coast. The GEO library also includes data in some geographic areas not previously covered by Seitel, including the Williston and Wind River Basins of the Rocky Mountains region.
 "This represents the third strategic acquisition that Seitel has made since the summer, each done for cash, which reflects our company's strong financial position," said Paul A. Frame, Seitel's president and chief executive officer.
 In late June, Seitel entered the Canadian market when it acquired in excess of 13,00 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, which more than doubled the data bases owned by Seitel to a total of over 400,000 miles.
 "Seitel is aggressively marketing those two libraries, which are already generating meaningful revenues for our company. And we expect the GEO library, which strategically parallels data that Seitel has created itself, also to quickly contribute to our company's revenue base," Frame reported.
 Seitel's core business is the creation of seismic surveys and the marketing of data from its library. Up until this year, the company concentrated on high-quality, two-dimensional (2D) seismic data. This year, Seitel has entered the burgeoning field of three-dimensional (3D) seismic surveys, which provides a more detailed depiction of the Earth's subsurface. Both 2D and 3D data are geoscientific information fundamental to the exploration and development of crude oil and natural gas.
 In another strategic expansion, the company last month moved into seismic data brokerage and management, serving as the exclusive marketing agent for seismic libraries owned by leading petroleum companies.
 In total, the amount of seismic surveys that Seitel has available to market today is approaching 1 million miles.
 -0- 10/15/92
 /CONTACT: Jay M. Green, director-investor relations of Seitel, Inc., 203-629-0633/
 (SEI) CO: Seitel, Inc. ST: Texas IN: SU: TNM


AH -- NY076 -- 0507 10/15/92 14:14 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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