ION Expands South American 2D Data Library with Acquisition of UruguaySPAN

HOUSTON, Feb. 21, 2013 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that it has successfully acquired 2,800 km of high-quality, depth-imaged seismic data within the Punta del Este Basin offshore Uruguay.  Known as UruguaySPAN™, this latest addition to ION's global BasinSPAN™ seismic data library will provide E&P companies with the first deep, geologically-driven image of the province, enabling them to more effectively assess Uruguay's offshore hydrocarbon potential, identify new opportunities, and mitigate exploration risk. 

UruguaySPAN links with ION's existing ArgentineSPAN™ and BrasilSPAN™ surveys, imaging the northern Argentine and southern Brazilian basins, to provide the first true regional framework of the Punta del Este basin. 

Doug Allinson, Vice President, Latin America for ION's GeoVentures division, commented, "We are pleased to have acquired this survey in conjunction with the Administracion Nacional de Combustibles, Alcoholes y Portland (ANCAP), Uruguay's national agency responsible for hydrocarbon development.  South America is a highly prospective region for oil and gas companies, and the Southern Atlantic margin is one of the Southern Hemisphere's most under-explored areas.  The survey will provide operators a better understanding of the petroleum system development offshore Uruguay, which is currently experiencing considerable exploration activity."

Data is being processed using the latest technologies by ION's GX Technology data processing group and will be available to ION clients in second quarter 2013.   

To learn more, visit:  www.iongeo.com/UruguaySPAN.

About ION

ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P companies to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and 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)
Senior Vice President and Chief Financial Officer
Greg Heinlein, +1 281.552.3011

ION (Media relations)
Vice President - Corporate Marketing
Karen Abercrombie, +1 713.366.7281
[email protected]

SOURCE ION Geophysical Corporation