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Latest Results Provide First-Ever Looks at Deepwater Beaufort-Mackenzie and
Banks Basins

HOUSTON, Nov. 5 /PRNewswire-FirstCall/ — ION Geophysical Corporation
(NYSE: IO) today announced that its GX Technology (GXT) subsidiary has
completed the second and third seasons of acquisition for its basin-scale
ArcticSPAN(TM) program in the Canadian Beaufort Sea. The most recent
additions to the ArcticSPAN seismic data library, known as ‘Beaufort II &
III’, provide high-resolution subsurface images of prospective targets in the
Arctic region, including first-ever looks into the deep water
Beaufort-Mackenzie Basin and the western margin of Banks Island. These
programs are generating a new understanding of the formation of the
Beaufort-Mackenzie Basin and are driving revised estimates of the basin’s
total reserve potential.

The United States Geological Survey (USGS) estimates that the Arctic
region contains 22% of the world’s undiscovered oil and gas resources.
Leasing activity has increased significantly in the Arctic as oil & gas
companies assess under-exploited petroleum systems, as evidenced by the
February and July 2008 lease sales that attracted nearly $4 billion in high
bids.

Ken Williamson, Senior Vice President of ION’s Integrated Seismic
Solutions group, commented, “ArcticSPAN is continuing to provide insights that
are prompting both public and private organizations to rethink their estimates
of the region’s resource potential. We continue to identify exploration
opportunities in areas already imaged while expanding our acquisition program
in others.”

Beaufort II data complements the original 6,700 kilometers of ArcticSPAN
data acquired during 2006, which covers the coasts of northern Canada and
Alaska from Cape Lisburne to Point Barrow, seaward into the Chukchi Sea out to
the U.S. territorial border with Russia. In total, more than 12,000 km of
ultra-deep, basin-scale 2D data, imaged with advanced processing and depth
imaging techniques from GX Technology, are currently available. The data
acquisition phase of Beaufort III was recently completed; 7,175 kilometers of
new data from this phase is expected to be available in the second quarter of
2009.

For more information on ArcticSPAN, view the slideshow:
http://easylink.playstream.com/i-o/progressive/Overviews/2008-09-
11%2010.07%20ArcticSPAN.wvx

About ION

ION is a leading provider of geophysical technology, services, and
solutions for the global oil & gas industry. ION’s offerings allow E&P
operators to obtain higher resolution images of the subsurface to reduce the
risk of exploration and reservoir development, and enable seismic contractors
to acquire geophysical data more efficiently. Additional information about
ION is available at http://www.iongeo.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 ION from time to time in its filings with the Securities and
Exchange Commission.

Contacts
ION (Financial community)
Chief Financial Officer
Brian Hanson, +1 281.879.3672

ION (Media affairs)
Senior Manager – Corporate Marketing
Jenny Salinas, +1 713.366.7286
jenny.salinas@iongeo.com

SOURCE ION Geophysical Corporation

Web site: http://www.iongeo.com
(IO)