Paradigm Geophysical and Petrophysical Consulting Inc. Form Service Cooperation Agreement

Apr 19, 2001, 01:00 ET from Paradigm Geophysical Limited

    HOUSTON, April 19 /PRNewswire/ --
 Paradigm Geophysical Limited (Nasdaq: PGEO) today announced that it has signed
 an agreement with Petrophysical Consulting, Inc. (PCI) to jointly provide
 integrated Reservoir Imaging and Characterization Services to the oil and gas
 industry.  The agreement enhances the current Reservoir Characterization
 service offerings of both companies by providing superior integration of
 seismic data analysis with rock physics.
     The success of seismic reservoir characterization hinges on the ability to
 relate elastic rock properties (derived from seismic data) to volumetric rock
 properties (e.g. porosity, lithology) and to pore fluid characteristics (e.g.
 fluid saturation, pore pressure).  This cooperative service agreement brings
 together Paradigm's current Reservoir Characterization services with PCI's
 solutions in Rock Physics, resulting in improved service offerings that will
 extract significant added value and understanding from client's existing data
 sets.
     Loz Darmon, Corporate Vice President of Reservoir Studies for Paradigm
 stated, "This cooperative agreement with PCI is consistent with Paradigm's
 stated objective of providing the broadest range of best-of-class reservoir
 characterization services in the industry.  Through the integration of PCI's
 solutions and expertise in Rock Physics transformations, we are able to
 significantly augment our current reservoir characterization offerings in AVO,
 Seismic Inversion, Seismic Facies Classification, Pore Pressure Prediction and
 Petrophysical Analysis."
     Jack Dvorkin, Chief Petrophysicist for Petrophysical Consulting, Inc.
 commented "We see tremendous opportunities for the union of Paradigm and PCI's
 technology and expertise and, as a result, significant risk reduction in
 transforming seismic data to reservoir properties. The integration of Rock
 Physics with Paradigm's seismic reservoir images will provide our customers
 with increased levels of assurance and comfort when working with seismic to
 rock physics transformations and a better description and understanding of the
 reservoir."
 
     About Paradigm
     Paradigm Geophysical provides information solutions to the leaders of the
 oil and gas industry worldwide, offering technical software solutions and
 product-driven services to companies involved in the exploration & production
 of oil and gas and to oilfield service companies.  The company has a global
 network of sales, users' support and services with 20 offices in 16 countries,
 serving all major oil-and gas-producing provinces in the world.
     Further information on Paradigm, including recent Press Releases and
 financial results is available on the Company's web-site:
 http://www.paradigmgeo.com.
 
     Paradigm Geophysical(R) is the registered trademark, of Paradigm
 Geophysical Limited.
 
     About Petrophysical Consulting, Inc.
     Petrophysical Consulting, Inc. (PCI) has been founded by rock physicists
 from Stanford University to provide practical rock physics reservoir
 characterization solutions to the oil and gas industry. PCI's worldwide
 service encompasses experience in oil and gas fields in North and South
 America, the North Sea, China, Japan, Africa, and Australia.
 
     Safe Harbor statement: Certain statements contained in this press release
 are forward-looking in nature.  These statements can be identified by the use
 of forward-looking terminology such as "believes," "expects," "may," "will,"
 "should," or "anticipates" or the negative thereof or comparable terminology,
 or by discussions of strategy.  The company's business and operations are
 subject to a variety of risks, and uncertainties and other factors.
 Consequently, actual results may materially differ from those projected stated
 by any forward-looking statements.  Such risks, uncertainties and other
 factors that could cause actual results to differ from those projected
 include, but are not limited to, the following: (1) future capital
 expenditures by oil and gas companies (2) fluctuations and absolute levels of
 international oil prices, (3) the need for increased Company investment to
 support product and new services introductions, (4) the company's ability to
 raise needed additional capital, (5) rapid technological changes that could
 make the company's products less desirable or obsolete, (6) market acceptance
 of the Company's products and services, (7) changes in product sales mix
 (8) product transitions by the Company and its competitors, (9) the impact of
 competitive products and pricing, (8) currency fluctuations.  These as well as
 other risks and uncertainties, are discussed in greater detail in the
 Company's filings with the Securities and Exchange Commission, including its
 most recent 20-F filed on June 26, 2000, its 1999 Annual Report and its
 regular Quarterly Reports. The company makes no commitment to revise or update
 any forward-looking statements in order to reflect events or circumstances
 after the date any such statement is made.
 
 

SOURCE Paradigm Geophysical Limited
    HOUSTON, April 19 /PRNewswire/ --
 Paradigm Geophysical Limited (Nasdaq: PGEO) today announced that it has signed
 an agreement with Petrophysical Consulting, Inc. (PCI) to jointly provide
 integrated Reservoir Imaging and Characterization Services to the oil and gas
 industry.  The agreement enhances the current Reservoir Characterization
 service offerings of both companies by providing superior integration of
 seismic data analysis with rock physics.
     The success of seismic reservoir characterization hinges on the ability to
 relate elastic rock properties (derived from seismic data) to volumetric rock
 properties (e.g. porosity, lithology) and to pore fluid characteristics (e.g.
 fluid saturation, pore pressure).  This cooperative service agreement brings
 together Paradigm's current Reservoir Characterization services with PCI's
 solutions in Rock Physics, resulting in improved service offerings that will
 extract significant added value and understanding from client's existing data
 sets.
     Loz Darmon, Corporate Vice President of Reservoir Studies for Paradigm
 stated, "This cooperative agreement with PCI is consistent with Paradigm's
 stated objective of providing the broadest range of best-of-class reservoir
 characterization services in the industry.  Through the integration of PCI's
 solutions and expertise in Rock Physics transformations, we are able to
 significantly augment our current reservoir characterization offerings in AVO,
 Seismic Inversion, Seismic Facies Classification, Pore Pressure Prediction and
 Petrophysical Analysis."
     Jack Dvorkin, Chief Petrophysicist for Petrophysical Consulting, Inc.
 commented "We see tremendous opportunities for the union of Paradigm and PCI's
 technology and expertise and, as a result, significant risk reduction in
 transforming seismic data to reservoir properties. The integration of Rock
 Physics with Paradigm's seismic reservoir images will provide our customers
 with increased levels of assurance and comfort when working with seismic to
 rock physics transformations and a better description and understanding of the
 reservoir."
 
     About Paradigm
     Paradigm Geophysical provides information solutions to the leaders of the
 oil and gas industry worldwide, offering technical software solutions and
 product-driven services to companies involved in the exploration & production
 of oil and gas and to oilfield service companies.  The company has a global
 network of sales, users' support and services with 20 offices in 16 countries,
 serving all major oil-and gas-producing provinces in the world.
     Further information on Paradigm, including recent Press Releases and
 financial results is available on the Company's web-site:
 http://www.paradigmgeo.com.
 
     Paradigm Geophysical(R) is the registered trademark, of Paradigm
 Geophysical Limited.
 
     About Petrophysical Consulting, Inc.
     Petrophysical Consulting, Inc. (PCI) has been founded by rock physicists
 from Stanford University to provide practical rock physics reservoir
 characterization solutions to the oil and gas industry. PCI's worldwide
 service encompasses experience in oil and gas fields in North and South
 America, the North Sea, China, Japan, Africa, and Australia.
 
     Safe Harbor statement: Certain statements contained in this press release
 are forward-looking in nature.  These statements can be identified by the use
 of forward-looking terminology such as "believes," "expects," "may," "will,"
 "should," or "anticipates" or the negative thereof or comparable terminology,
 or by discussions of strategy.  The company's business and operations are
 subject to a variety of risks, and uncertainties and other factors.
 Consequently, actual results may materially differ from those projected stated
 by any forward-looking statements.  Such risks, uncertainties and other
 factors that could cause actual results to differ from those projected
 include, but are not limited to, the following: (1) future capital
 expenditures by oil and gas companies (2) fluctuations and absolute levels of
 international oil prices, (3) the need for increased Company investment to
 support product and new services introductions, (4) the company's ability to
 raise needed additional capital, (5) rapid technological changes that could
 make the company's products less desirable or obsolete, (6) market acceptance
 of the Company's products and services, (7) changes in product sales mix
 (8) product transitions by the Company and its competitors, (9) the impact of
 competitive products and pricing, (8) currency fluctuations.  These as well as
 other risks and uncertainties, are discussed in greater detail in the
 Company's filings with the Securities and Exchange Commission, including its
 most recent 20-F filed on June 26, 2000, its 1999 Annual Report and its
 regular Quarterly Reports. The company makes no commitment to revise or update
 any forward-looking statements in order to reflect events or circumstances
 after the date any such statement is made.
 
 SOURCE  Paradigm Geophysical Limited