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HOUSTON, Nov 14, 2008 /PRNewswire-FirstCall via COMTEX News Network/ — ION Geophysical Corporation
(NYSE: IO) announced today that it intends to commence an offering of
$175 million aggregate principal amount of its senior notes due 2013. The net
proceeds from the sale of the notes will be applied to repay certain
indebtedness that the Company incurred in connection with its acquisition of
ARAM Systems Ltd. and related companies in September 2008. The Company’s
obligations under the notes will be guaranteed by certain of its domestic

The notes will be sold to qualified institutional investors under Rule
144A, to certain non-U.S. persons in transactions outside the United States
under Regulation S, and to a limited number of institutional accredited
investors. This news release does not constitute an offer to sell or the
solicitation of an offer to buy the notes. Any offers of the notes will be
made only by means of a confidential offering circular. The notes will not be
registered under the Securities Act of 1933 or any applicable state securities
law, and may not be offered or sold in the United States absent registration
under the Securities Act of 1933 and applicable state securities laws or
pursuant to available exemptions from such registration requirements.

This press release is being issued pursuant to and in accordance with Rule
135c under the Securities Act of 1933.

Forward-looking statements made in this news release concerning the
Company’s proposed senior notes offering are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties, and that actual results could differ materially from those
described therein. These risks and uncertainties would include, without
limitation, the satisfaction of the conditions to the closing of the proposed
senior notes offering, the Company’s ability to secure terms beneficial to it,
and the timing of any such closing.

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

R. Brian Hanson
Chief Financial Officer

Jack Lascar

SOURCE ION Geophysical Corporation