HOUSTON – April 21, 2010 – MicroSeismic, Inc. (MSI), a leading geophysical service company providing 3-D passive seismic imaging for energy exploration and production, today announced that it has recorded a 700% increase in its first quarter revenues for fiscal year 2010 over the first quarter of 2009.
MicroSeismic, Inc. reported record revenues of $11.3 million for the quarter ending on March 31, 2010. These results exceeded Q4 2009 results, the previous record high. The first quarter has consistently been the lowest revenue quarter each year for the company. MSI had strong growth in both its surface FracStar® and buried array services. With the completion of current buried array projects, MSI will have in excess of 500 square miles of buried arrays in five oil and gas shale fields across the country. MSI has also achieved a record backlog of $19 million dollars at quarter end.
“We are very proud of our record setting first quarter, as it reflects the broad acceptance of our technology,” said Peter Duncan, Ph.D., CEO of MicroSeismic, Inc. “We are most pleased by our client’s feedback that we are helping them achieve immediately improved results in a cost-effective manner and that they are realizing value with each additional well that we monitor. Our patented processing technology and unique acquisition methods are providing unmatched monitoring results.”
MSI invented the PSET®, Passive Seismic Emission Technology, processing method in addition to the FracStar® surface-based array and the buried array for microseismic monitoring. The FracStar utilizes hundreds of geophones in a radial pattern to record the passive seismic data collected during the hydraulic fracturing process and then applies the PSET processing to the data. The FracStar and Buried Array, unlike downhole monitoring methods, do not require a monitoring well and the FracStar is flexible so it can be adapted to accommodate mountainous environments and challenging terrains with low environmental impact. Both the FracStar and Buried Array have been proven to provide more accurate and comprehensive results when compared to down hole monitoring methods.
About MicroSeismic, Inc.
MicroSeismic, Inc. is the leading provider of passive seismic and microseismic data acquisition, analysis and interpretation to the global oil & gas industry. MicroSeismic’s technology and services enable E&P operators to better manage their reservoirs, increase their production rates and decrease their completion costs and risks. The company is based in Houston, Texas with offices in Denver, Colorado and Calgary, Alberta. For more information visit: www.microseismic.com.
PSET®, Passive Seismic Emission Tomography, is a passive seismic monitoring, mapping and analysis process invented by MicroSeismic. PSET® utilizes a FracStar® array or a Buried Array of surface detectors to locate very low level acoustic energy emissions associated with hydrocarbon producing activities. Mapping of these energy fields can yield valuable information to optimize frac treatments and other processes.