Seitel acquires new 3-D onshore Gulf Coast Texas data

Seitel announced that it has acquired for cash 1,300 square miles of new 3-D onshore Gulf Coast Texas seismic library data, shot between 1998-2000, from Grant Geophysical. The acquisition will be merged with Seitel's current seismic library which totals one petabyte of data. The deal will be accretive to earnings.
"We are working on several data library acquisitions that would complement our existing seismic library and ultimately create a stronger, more comprehensive product for Seitel and its newly formed subsidiary Seitel Solutions. Many of these acquisitions, all accretive to earnings, could close at various times over the next 12 months. Our acquisition strategy has been fuelled by strong free cash flow generation stemming from increased demand for seismic library data," stated Paul Frame, President and CEO.

Seitel markets its proprietary seismic information/technology to more than 400 petroleum companies, selling data from its library and creating new seismic surveys under multi-client("group shoot") projects. It also selectively participates in oil and natural gas exploration and development programs with over 100 petroleum-industry partners.