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GX Technology Continues to Grow with the Addition of GMG/AXIS

  • Monday, September 20, 2004 4:44PM IST (11:14AM GMT)
Imaging Leader to Offer a More Comprehensive Suite of Seismic Products and Services; Poised for Growth into New Markets
 
Houston, United States: Houston-based GX Technology Corporation (GXT), a leading seismic imaging services provider, announced today that GMG/AXIS will become part of the GXT organization. GMG/AXIS, which is based in Denver, provides seismic imaging products and services to the exploration and production industry with a special expertise in imaging hard rock, onshore environments. GMG/AXIS has been a wholly owned subsidiary of Input/Output Inc. (NYSE:IO) since it was acquired in July 2002 by I/O. GXT became a wholly owned subsidiary of I/O in June 2004. Effective immediately, the commercial software operations of GMG/AXIS, Green Mountain Geophysics, will be combined with the software modeling division of GXT and will be renamed the GMG Products Division. The processing services business will operate under the new name of AXIS Imaging Division within GXT. David Verdun, general manager of GMG/AXIS, has been appointed senior vice president of GXT and will manage both of the new divisions from Denver. The full range of GXT services will be available through the Denver office. According to Mick Lambert, CEO and president of GXT, "We are excited to have both GMG and AXIS join the GX Technology group and believe that it is a very good fit. Their expertise and service offerings are exceptional and, like GX Technology, they are committed to providing the best imaging technology and services to their E & P clients. By adding the land expertise provided by AXIS, GX Technology will be able to offer a more comprehensive suite of products and services to our existing clients, and expand our business into new regions." The combination of GMG/AXIS and GXT will comprise the Seismic Services Group of I/O, and this group will provide their oil & gas company clients with custom-designed surveys, address specialized and challenging imaging problems and account for the actual geophysical properties encountered in a survey. David Verdun commented, "GX Technology has a great industry reputation for producing the highest quality subsurface imaging solutions. Historically, GXT has been primarily focused on pre-stack depth migration services in the marine environment, while GMG/AXIS has been more focused on land. Both companies excel at velocity modeling, but through slightly different and highly complementary workflows and technologies. We're pleased to combine forces and become the new Denver-based location for GX Technology." ABOUT GX TECHNOLOGY CORPORATION GX Technology (GXT), a subsidiary of Input/Output Inc., is a leading provider of Image-Driven seismic solutions. Oil and gas companies use GXT's services to produce the highest fidelity subsurface images, which significantly reduces the risk and cost of finding and producing hydrocarbons. GXT's Image,-Driven(TM) solutions include seismic acquisition, time processing, prestack depth and time imaging, 4D and multi-component services. GXT's headquarters are located in Houston. The company operates regional service centers in Calgary, London, Denver and Aberdeen. Additional information is available at www.gxt.com. ABOUT INPUT/OUTPUT INC. Input/Output Inc. (NYSE:IO) is the world's leading, technology-only seismic services provider. The company provides cutting-edge seismic acquisition equipment, software, and planning and seismic processing services to the global oil and gas industry. The company's technologies are applied in both land and marine environments, in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse (4D) reservoir monitoring and full-wave imaging. I/O has offices in the United States, Canada, Europe, China, Russia and the Middle East. Additional information is available at http://www.i-o.com "Image-Driven" is a trademark of GX Technology Corporation


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