Company: MicroSeismic, RockPort Capital
Segment: Enhanced HC Recovery
Houston − August 25, 2006 − MicroSeismic, Inc., a geophysical service company providing 3-D seismic imaging for both exploration and production of hydrocarbon resources, today announced the closing of a $7 million preferred share offering. Proceeds will be used to acquire capital equipment for expansion of operations as well as to fuel sales growth and to fund software development. Altira Technology Fund IV LLC, led the round. Previous investor CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures, and new investor RockPort Capital Partners also participated.
“We are proud to have achieved profitability in our second full year of operations,” said Peter Duncan, Ph.D., CEO of MicroSeismic, Inc. “This investment round will allow us to respond to the flourishing market demand for our services.”
MicroSeismic has developed several proprietary technologies for passive seismic and has completed work for more then 20 domestic and international oil and gas companies.
MicroSeismic also announced that William E. “Wilber” James, a Managing General Partner of RockPort Capital Partners, has joined the company’s board of directors. Mr. James has an extensive background in the energy business, including founding and managing several companies in the crude oil, refined products, natural gas and electric power marketing businesses. Mr. James also currently serves on the Board of Directors of Peabody Energy Corporation.
“MicroSeismic, Inc is rapidly defining the market for passive seismic in the oil and gas industry,” said Mr. James. “In addition, the management team understands the industry and has positioned the Company for growth.”
About MicroSeismic, Inc.
MicroSeismic, Inc. is a world leader in microseismic monitoring and passive seismic imaging. Microseismic monitoring is the practice of listening to the seismic noise emitted from a reservoir so as to directly detect such things as patterns of fluid movement, fracture development or compaction. The knowledge of such patterns will allow for improved reservoir management. Passive seismic imaging is 3-D structural imaging using existing, often naturally occurring, sound sources, rather than dynamite or vibrators. Passive seismic technology enables seismic exploration in places that are difficult to reach or environmentally sensitive.
For more information, visit: www.microseismicinc.com
About Altira Group
Altira Group, based in Denver, Colorado, is a venture capital firm focused exclusively on energy technology. Altira looks for promising technology companies in the areas of oil and gas, clean energy and power. The firm targets market entry opportunities with initial investments ranging from $1 to $10 million.
For more information, visit: www.altiragroup.com
About RockPort Capital Partners
RockPort Capital Partners is a venture capital firm based in Boston, MA that invests in companies in the energy, environmental and advanced materials sectors. The firm is committed to companies with breakthrough technologies that deliver significant economic value to large potential markets. With the closing of RockPort Capital Partners II, in January 2006, RockPort has now raised over $380 million for venture investments. For more information, visit: www.rockportcap.com.
About CTTV Investments LLC CTTV Investments is the venture capital arm of Chevron Technology Ventures LLC.
For more information, visit: www.chevron.com/technologyventures