HOUSTON–(BUSINESS WIRE)–April 26, 2005–GX Technology Corporation, a leading seismic imaging service provider and a subsidiary of Input/Output, Inc. (NYSE:IO – News), announced today the opening of an advanced imaging center in Caracas, Venezuela. This is the first of three international imaging centers scheduled to be opened this quarter; the other two are in Nigeria and Angola.
“The opening of these new imaging centers is a key step in the global expansion of GXT’s business. Each new center has been driven by customer requests for our advanced imaging services in critical hydrocarbon-producing markets,” stated Mick Lambert, President, GX Technology (GXT). “Our new state-of-the-art facility in Caracas will provide Petroleos de Venezuela SA (PDVSA), the national oil company of Venezuela, and other international oil & gas companies with the most advanced imaging technology and services available in the industry. By being closer to our customers, we’ll be able to better align our offerings with their imaging objectives, reduce the time it takes for the customer to obtain high fidelity seismic images, and more seamlessly transfer knowledge and exchange best practices.”
The Caracas center will provide advanced seismic imaging services, including pre-stack time migration (PreSTM), pre-stack depth migration (PreSDM), advanced velocity model building and a full suite of time processing services. GXT’s advanced imaging centers also provide customers with local access to the complete range of full-wave imaging products and services offered by GXT and I/O. The company’s imaging solutions are designed to help oil & gas companies better visualize and evaluate their subsurface data to identify potential reservoirs and well locations, both onshore and offshore.
GX Technology (GXT), a subsidiary of Input/Output, Inc., is a leading provider of Image-Driven(TM) seismic solutions. Oil & gas companies apply GXT’s advanced imaging solutions to produce the highest fidelity land and marine subsurface images and reduce the risk and cost of finding and producing hydrocarbons. The company’s solutions include start-to-finish seismic acquisition programs, time processing, pre-stack depth and time imaging, anisotropic imaging, wavelet-based AVO analysis, 4-D and multicomponent services, and fracture detection and modeling. GXT also provides software and services for seismic acquisition planning, survey design and modeling. GXT is a Houston-based company that operates regional service centers in Denver, London, Calgary, Aberdeen, and Caracas. Additional information is available at www.gxt.com.
I/O is the world’s leading, technology-focused seismic solutions provider. The company provides cutting-edge seismic acquisition equipment, software, and planning and seismic processing services to the global oil and gas industry. I/O’s technologies are applied in both land and marine environments, in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse (4D) reservoir monitoring and full-wave imaging. Headquartered in Houston, Texas, I/O has regional offices in Canada, Europe, China, Russia and the Middle East. Additional information is available at www.i-o.com.
The information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may vary fundamentally from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risk factors that are disclosed by I/O from time to time in its filings with the Securities and Exchange Commission.
“Image-Driven” is a trademark of GX Technology Corporation
Kelly Smith, +1 281 879 3593
Mindy Manning, +58 212 740 6100