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OYO Geospace Announces New Contracts for 13,000-Channels of Land Nodal Seismic Data Acquisition System

^{Published on 2010-12-02 16:51:02 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--OYO Geospace (NASDAQ: OYOG) today announced it has recently received orders from Dawson Geophysical Company and Tidelands Geophysical Company totaling 13,000-channels of its nodal acquisition system. The company expects delivery to occur over the next two months.

Dawson Geophysicala™s order is for 10,000 single-channel GSR units, with partial deliveries beginning immediately and final delivery expected before the end of January, 2011. This order is in addition to the 2,000 four-channel GSR units previously ordered by Dawson Geophysical for delivery in the companya™s first fiscal quarter ending December 31, 2010. Upon delivery, this order will bring the total GSR channel count for Dawson Geophysical to 26,000 channels.

Tidelands Geophysical has ordered 3,000 single-channel GSR units with delivery expected to be in the companya™s first fiscal quarter ending December 31, 2010. Upon delivery, this order will bring the total GSR channel count for Tidelands Geophysical to 7,000 channels.

Upon delivery of these two orders, the company expects the worldwide customer-owned GSR channel count to exceed 52,000 channels.

OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures equipment and film for the thermal printing industry worldwide.

This press release includes aforward-looking statementsa within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading aRisk Factorsa and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.