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Data to be Available for Upcoming Australian Licensing Round

HOUSTON, July 30 /PRNewswire-FirstCall/ — ION Geophysical Corporation
(NYSE: IO) today announced that it has successfully acquired 5,000 km of
regional seismic data covering the Bight Basin and Ceduna Sub-basin offshore
southern Australia. Known as BightSPAN(TM), this latest addition to ION’s
global BasinSPAN(TM) seismic data library offers the first regional geologic
study of Australia’s deepwater southern coast.

The acquired BightSPAN data is currently being processed by ION’s GX
Technology (GXT) subsidiary using the latest pre-stack time (PreSTM) and depth
migration (PreSDM) techniques and is scheduled for delivery to clients by year
end, in advance of the April 2010 closure of the Australian Government’s
Offshore Petroleum Acreage Release. The upcoming licensing round includes six
new blocks of frontier acreage in an under-explored area characterized by
multiple source rock intervals and a wide range of structural and
stratigraphic plays.

Ken Williamson, Senior Vice President of ION’s Integrated Seismic
Solutions group, commented, “The BightSPAN dataset should allow our clients to
better define the potential of the deepwater areas of South Australia’s Great
Australian Bight and provide a clear understanding of the multiple source rock
intervals and migration pathways of the region. It is the first regional
geology program in Australia of this magnitude, and we are seeing interesting
structures and intriguing geologic features in the early data results.”

The BightSPAN program was designed to image through the crustal section,
providing a better understanding of petroleum systems in the region. The
thickest depocenter in the Bight Basin – the Ceduna Sub-basin – contains a
sedimentary section in excess of 12 km thick. Indications of active petroleum
systems in the area include oil and gas shows, a palaeo-oil column, and
evidence of hydrocarbon seepage. BightSPAN was acquired with ten kilometer
streamers for long offsets and eighteen-second record lengths to provide the
best possible deepwater imaging of the region’s petroleum systems. The
program was designed in collaboration with regional geoscience experts and the
Australian government to deliver new insights into the basin architecture and
geologic framework and a more definitive understanding of the general source,
structure, reservoir, and seal mechanisms of the region.

To learn more about ION’s BightSPAN program, visit:
www.iongeo.com/BightSPAN.

About ION

ION Geophysical Corporation 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 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 (Investor relations)
Chief Financial Officer
Brian Hanson, +1 281.879.3672

ION (Media relations)
Director – Marketing Programs
Karen Abercrombie, +1 713.366.7281
karen.abercrombie@iongeo.com

SOURCE ION Geophysical Corporation

Web Site: http://www.iongeo.com

(IO)