Share this page with someone.

Facebook Twitter LinkedIn Print Email
   Results Help Optimize Strategic Drilling Program for Sinopec Subsidiary

HOUSTON and BEIJING, Sept. 24 /PRNewswire-FirstCall/ — ION Geophysical
Corporation (NYSE: IO), formerly known as I/O, announced today that its GX
Technology (GXT) subsidiary, a leading seismic imaging services provider, has
delivered the final results from the previously announced XinChang full-wave
imaging project to Southwest Branch Company, an operating subsidiary of the
Chinese energy and petrochemical firm Sinopec. Last summer, GXT was awarded a
contract to identify high-potential, drillable prospects based on seismic data
that was previously acquired using ION’s VectorSeis(R) digital full-wave
sensors. At the time of the award, this was the largest full-wave imaging
project ever undertaken by GXT.

Xu Xiangrong, President of Southwest Branch Company at Sinopec, commented
on the project, “We were delighted to accept the final report from GXT.
Imaging experts from GXT have closely collaborated with our technical
geoscience and engineering experts over the last year. The results, even in
previously submitted interim reports, exceeded our expectations in almost
every regard. We now have a much better understanding of the subsurface in
the XinChang area, including the lateral extent of our reservoirs and how
sand-shale lithology, fracture density, and gas saturations vary throughout
the reservoir intervals. We have already modified our 2007-08 drilling
program to target the highest potential prospects identified by GXT; in fact,
several wells are currently being drilled that the joint GXT-Southwest Gas
technical team identified earlier this year. We eagerly anticipate the
results. I am confident that the reserve additions and production increases
will easily justify our multi-year commitment to this full-wave imaging
program.”

Bob Peebler, President and CEO of ION, added, “This is an excellent
example of how full-wave imaging can add real value to our customers’
portfolios. We were involved in this project from the start when, several
years ago, Southwest Gas decided to pilot test multicomponent seismic as a
better tool for imaging fractured gas reservoirs in the Sichuan province.
Following a successful pilot study, we remained involved. Various ION groups
have been involved in designing the survey, supplying VectorSeis sensors and
the land acquisition system and, most recently, processing and interpreting
the data. Today, the methodical approach and patience of all the parties,
including Sinopec, have been rewarded. We met the imaging objectives set by
Sinopec, assisted them in optimizing their drilling investments and, we
expect, have helped them to find more hydrocarbons. I wish to thank Mr.
Xiangrong for his support of our efforts and was delighted to award him with a
President’s Award for Innovation on behalf of my colleagues at ION. “To learn
more about the XinChang full-wave project, visit:
http://www.iongeo.comxinchang

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)
Director – Corporate Marketing
Kelly Kline, +1 281.879.3593
kkline@iongeo.com

SOURCE ION Geophysical Corporation

CONTACT: Financial community, Brian Hanson, Chief Financial Officer,
1-281-879-3672, or Media affairs, Kelly Kline, Director – Corporate
Marketing, 1-281-879-3593, kkline@iongeo.com, both of ION Geophysical
Corporation
Web site: http://www.iongeo.com
(IO)