SAE conducts 20-to-1 reverse split after 2-month stock slideHouston-based SAExploration Holdings completed a 20-to-1 reverse split of its issued and outstanding common stock and begin trading on the Nasdaq on a split-adjusted basis on Sept. 17. Shares of the seismic company have been sliding since just before the company closed on its acquisition of rival Geokinetics out of bankruptcy.SAE common stock was closed at $40.60 per share on July 20, the day the company announced that it had secured a $25 million bridge financing for its $20 million...
Oct 02, 2018
SAE borrows $25MM for Geokinetics stalking horse bidSAExploration Holdings announced it would borrow $25 million from some of its existing lender to buy $20 million in assets from Geokinetics Inc. through a sales process overseen by the U.S. Bankruptcy Court. The assets include seismic equipment and machinery, seismic processing software and contracts with large upstream operators.Geokinetics, a privately held provider of seismic services, filed for bankruptcy on June 25 and SAE bought the assets through a stalking horse...
Aug 03, 2018
SAExploration completes purchase of bankrupt competitorSAExploration completed the
acquisition of substantially all the assets
of bankrupt Geokinetics Inc., including
equipment and machinery,
seismic processing software
and equipment and certain
contracts with E&Ps. With the acquisition,
SAE restated its existing credit facilities
and entered into a new acquisition credit
facility of $23.4 million, secured by the
acquired assets to fund the deal and
related transaction...
Jul 31, 2018
Geokinetics files for Chapter 11, will pursue 363 saleSeismic data company Geokinetics Inc. filed for Chapter 11 bankruptcy protection on June 26 in the U.S. Bankruptcy Court for the Southern District of Texas, listing assets and liabilities at $10-50 million. The company will pursue a sales process under Section 363 of the Bankruptcy Code after agreeing to an asset purchase agreement on July 16 with stalking horse bidder SAExploration, Inc.The company entered into a $15 million debtor-in-possession term loan that is provided by...
Jul 11, 2018
SAExploration offers to buy Geokinetics out of Ch.11 Seismic data company Geokinetics
filed for bankruptcy with competitor
SAExploration offering a “stalking
horse” acquisition bid of $20 million.
Geokinetics also has entered into a
$15 million debtor-in-possession term
loan primarily provided by funds
managed by SAE stakeholders.
Geokinetics will go up for auction
on July 16 in Houston. All bids must be
at least $21.1 million, which is equal to
SAE’s offer plus a breakup fee. Geokinetics,
which last filed for bankruptcy in
2013, listed...
Jul 10, 2018
Alaska approves Icewine 3D seismic surveyAlaska approved Geokinetics’
Icewine 2018 3D seismic survey permit
application. This authorizes the company
to carry out a seismic
survey 12 mi west of
Dalton Highway, subject
to conditions of the permit. Work scope
includes the collection of roughly 201 sq
mi of 3D data on state land and waters.
The permit is effective until May 31, 2018.
Icewine’s stakeholders are 88 Energy
(77.5% WI, operator) and Burgundy
Xploration...
Feb 02, 2018
88 Energy less optimistic on Icewine unconventional oilFollowing integration of well data from 88 Energy ’s Icewine #1 and #2 wells with existing seismic, the company revised downward its estimate of in-place unconventional resource per 640 acres from 75 MMboe to 40-46 MMboe. However, conventional prospective resource potential for Icewine as a whole is 1.47 Bbo, as determined by 750 km of 2D seismic data collected in 2015-2016. Meanwhile, Accumulate Energy Alaska, an 88 Energy-Burgundy Xploration JV, awarded Geokinetics a contract to...
Dec 22, 2017
88 Energy hires Geokinetics for Alaska surveyGeokinetics will acquire 3D land
seismic data on 200 square miles of the
North Slope of Alaska in
1Q18. Australia-based 88
Energy, parent company
to Accumulate Energy Alaska,
awarded the contract for the Icewine
3D 2018 survey. The contract also
includes fast-track PSTM processing
managed and executed at Geokinetics’
headquarters in Houston. Geokinetics
will support Icewine 3D 2018 and
other North Slope operations with
a new 9,000-square-foot operations
center in...
Dec 22, 2017
UK orders up reprocessed 2D seismic - November 21, 2016The UK’s Oil & Gas Authority awarded four new contracts for supply of more than 10,000 km of reprocessed, proprietary 2D seismic data. In particular, the data covers the Anglo-Paris, Wessex and Weald Basins onshore, the South West Approaches, the Solway Firth, the Unst Basin and the East Shetland Platform. The awards will go to Shearwater GeoServices, Geokinetics, DMT Petrologic and Quality Seismic. Results are due in...
Nov 21, 2016
South Texas Quick News - May 19, 2016• There are 39 rigs–31 oil, eight gas–running in the South Texas region this issue down from 126 YOY. • There are 10 rigs running in Karnes County, Texas, down from 19 YOY. • Aransas, Bee, Guadalupe and Willacy counties are each running one rig, up from zero YOY. • Seismic Exchange Inc. (SEI) has acquired the 114-sq-mi Columbus 3D survey in Colorado County, Texas, shot in 2011 and processed by Geokinetics. The survey overlaps the northwest portion of SEI’s COLA Merge 3D...
May 19, 2016
SEI acquires 114-sq-mi 3D survey in S. Texas - May 17, 2016Seismic Exchange Inc. (SEI) has acquired the 114-sq-mi Columbus 3D survey in Colorado County, Texas, shot in 2011 and processed by Geokinetics. The survey overlaps the northwest portion of SEI’s COLA Merge 3D survey, which incorporates a reprocessed Cat Springs 3D survey in Austin County that SEI acquired from Halcon Resources in 2014 but had expired at YE15. COLA Merge is now available for license for the first time, according to SEI. It covers a large portion of Lavaca County and a small...
May 17, 2016
CGG wins $80 million contract quartetSeismic shooter CGG has won contracts for four major 3D seismic surveys using its proprietary BroadSeisTM-BroadSource marine broadband technology. The clients were not disclosed but the company said the four surveys combined represent $80 million in new business. Three of the surveys are in the Asia-Pacific region --- two offshore Malaysia and one offshore northwest Australia --- while the fourth is offshore West Africa.The deals were some much-needed good news for the company. In its...
Sep 10, 2014
South Pacific Briefs - December 10, 2015• Regulators rejected BP’s drilling application for EPPs 37-40 off South Australia. The government said the supermajor’s plans for drilling the deepwater blocks in the ecologically sensitive Great Australian Bight didn’t meet standards laid out in current regulations. Although its bid to drill has been rejected, the government says BP is free to resubmit a drilling application in the future. BP is sole owner of the licenses. • Shell and Tag Oil agreed to extend Shell’s 3D seismic...
Dec 10, 2015
People Briefs - June 22, 2015C&J Energy Services announced that Nabors board designee Sheldon Erikson has replaced resigning director Michael Linn on the company’s board as part of ongoing integration and international expansion discussions. Erikson was president and CEO of Cameron International from 1995 to 2008, chairman from 1996 to 2011 and a director from 2014-2015, among other service sector executive positions. He is also on the boards of Frank’s International and Endeavour International. Nabors is entitled to...
Jun 22, 2015
People Briefs - June 05, 2015• Cardinal Energy Group announced that John Jordan has rejoined the firm as CFO, with interim CFO Gary Peterson moving to Controller. Jordan has over 40 years’ experience in accounting and financial services, with extensive background in oil and gas and geothermal energy. He spent over 36 years at Unocal and successor Chevron within the Comptroller department. Jordan had previously served with Cardinal but retired to provide community service support to the disabled veteran community; he...
Jun 05, 2015