Dawson Geophysical to Purchase Additional GSX Recording Equipment and Energy Source Units
MIDLAND, Texas, Dec. 27, 2012 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company"), today announced that it has placed an order for 12,000 channels of the Geospace single-channel GSX cable-less recording equipment. The 12,000 channels will replace an RSR recording system on one of the Company's existing data acquisition crews. The Company expects to complete the purchase and take delivery by December 31, 2012, the end of its first quarter of fiscal 2013. Upon delivery the Company will own in excess of 73,000 channels of GSR and GSX equipment and 179,000 channels total.
In addition, the Company is in the process of taking delivery of ten INOVA AHV IV 364 vibrator energy source units. The ten vibrator energy source units will replace a set of energy source units on an existing crew. Upon full delivery, the Company will own 179 vibrator energy source units.
Stephen Jumper, President and Chief Executive Officer said, "This addition of the Geospace channels keeps us in a leading technical and operational position in the lower 48 United States with our ability to deploy six large cable-less crews. The additional recording channels will provide opportunities to further increase crew efficiencies on existing crews and meet increasing client demand for high resolution subsurface images."
Dawson Geophysical Company is a leading provider of U.S. onshore seismic data acquisition services in the lower 48 states of the United States. Founded in 1952, Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company's actual results of operations. These risks include but are not limited to, the volatility of oil and natural gas prices, disruptions in the global economy, dependence upon energy industry spending, limited number of customers, credit risk related to our customers, cancellations of service contracts, high fixed costs of operations, weather interruptions, inability to obtain land access rights of way, industry competition, managing growth, the availability of capital resources and operational disruptions. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year-ended September 30, 2012. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Dawson Geophysical Company