Geokinetics Completes Restructuring

Apr 16, 2001, 01:00 ET from Geokinetics Inc.

    HOUSTON, April 16 /PRNewswire/ -- Geokinetics Inc.
 (OTC Bulletin Board:   GEOK) announced today that it had completed a
 restructuring of its 13.5% Senior Secured debt obligations as well as its
 obligations to its principal equipment supplier.
     On April 9, the Company entered into agreements with the holders of its
 13.5% Senior Secured 2002 Notes and 2005 Notes which extend the maturity date
 of the 2002 Notes from September 15, 2002 until September 15, 2003 and permit
 the Company, at its option, to pay interest on the notes in the form of cash
 or payment in kind ("PIK") (the issuing of additional notes) on each interest
 payment date through the maturity dates for the 2002 Notes and 2005 Notes.
     Also on April 9, GeoLease Partners, L.P. purchased the equipment which had
 previously been leased to the Company by Input/Output, Inc. ("I/O") and was
 assigned I/O's rights under the related equipment lease.  Immediately after
 the assignment of the lease, the Company and GeoLease Partners, L.P. entered
 into an amendment to the lease, which permits the Company, at its option, to
 satisfy monthly lease installments by paying cash or deferring payments of
 such installments until the expiration date of the lease.
     On April 3, the Company had announced that it had filed with the
 Securities and Exchange Commission a request to extend the due date for filing
 of its Form 10-KSB for the fiscal year ended December 31, 2000 until April 17,
 pending completion of the Company's restructuring.  The Company filed its Form
 10-KSB for the fiscal year 2000 on April 16.
     Geokinetics Inc., based in Houston, Texas, is a provider of seismic
 processing and acquisition services through its subsidiaries, Geophysical
 Development Corporation and Quantum Geophysical, Inc.
 
 

SOURCE Geokinetics Inc.
    HOUSTON, April 16 /PRNewswire/ -- Geokinetics Inc.
 (OTC Bulletin Board:   GEOK) announced today that it had completed a
 restructuring of its 13.5% Senior Secured debt obligations as well as its
 obligations to its principal equipment supplier.
     On April 9, the Company entered into agreements with the holders of its
 13.5% Senior Secured 2002 Notes and 2005 Notes which extend the maturity date
 of the 2002 Notes from September 15, 2002 until September 15, 2003 and permit
 the Company, at its option, to pay interest on the notes in the form of cash
 or payment in kind ("PIK") (the issuing of additional notes) on each interest
 payment date through the maturity dates for the 2002 Notes and 2005 Notes.
     Also on April 9, GeoLease Partners, L.P. purchased the equipment which had
 previously been leased to the Company by Input/Output, Inc. ("I/O") and was
 assigned I/O's rights under the related equipment lease.  Immediately after
 the assignment of the lease, the Company and GeoLease Partners, L.P. entered
 into an amendment to the lease, which permits the Company, at its option, to
 satisfy monthly lease installments by paying cash or deferring payments of
 such installments until the expiration date of the lease.
     On April 3, the Company had announced that it had filed with the
 Securities and Exchange Commission a request to extend the due date for filing
 of its Form 10-KSB for the fiscal year ended December 31, 2000 until April 17,
 pending completion of the Company's restructuring.  The Company filed its Form
 10-KSB for the fiscal year 2000 on April 16.
     Geokinetics Inc., based in Houston, Texas, is a provider of seismic
 processing and acquisition services through its subsidiaries, Geophysical
 Development Corporation and Quantum Geophysical, Inc.
 
 SOURCE  Geokinetics Inc.