UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 8, 2011
Global Geophysical Services, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
001-34684 |
05-0574281 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
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13927 South Gessner Road Missouri City, TX |
77489 |
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| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (713) 972-9200
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 8.01. Other Events.
On March 8, 2011 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated March 8, 2011
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Global Geophysical Services, Inc.
(Registrant) |
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March 9, 2011
(Date) |
/s/ MATHEW VERGHESE
Mathew Verghese Senior Vice President & Chief Financial Officer |
| Exhibit Index | ||
| 99.1 | Press release dated March 8, 2011 | |
EXHIBIT 99.1
HOUSTON, March 8, 2011 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) today announced that it has launched, in partnership with NuTech Energy Alliance, Ltd. (NuTech), a new multi client product offering that provides an integrated earth model for over 6 million acres of the Eagle Ford shale in Southwest Texas, built from multidisciplinary geosciences and engineering data spanning cores to well logs to seismic data. The product will provide unrivalled insight into the most prospective areas of this prolific shale play supporting local exploitation, regional understanding, leasehold acquisition and M&A.
GGS is a leading provider of geosciences solutions with a multi-million acre Eagle Ford seismic data library, and has an unconventional resources consulting practice and a microseismic frac monitoring service. NuTech has a multi-million well database, access to calibrating cores, geomodeling capabilities, and a range of petrophysical and frac modeling services. Together, the two companies offer a complementary set of geoscience and engineering competencies, and range of non-exclusive data, that uniquely enable the creation of an integrated Basin InSightTM product for Eagle Ford shale operators.
Richard Degner, Global's CEO, commented, "We have been pleased with customer response to our expansive reservoir grade 3D seismic coverage of the Eagle Ford, and the range of analysis products we have developed on this library, such as our FracFacture product which segregates brittle from ductile trends in the shale. We are now delighted to take our offerings a major step closer to the customer's ultimate needs, by providing a seismic-guided and log calibrated earth model over the bulk of the basin."
Allen Howard, CEO of NuTech, noted, "We have been providing geomodels to our customers for years, as a foundation for providing petrophysical analysis and frac modeling on a proprietary basis. For this, we have acquired a vast library of public wells, which have been processed for both consistency and the extrapolation of key petrophysical parameters. For the first time, we have found a partner that completely complements our work, by providing the detailed information we lacked in between our well locations, and covering the same vast areas of the basin. No one has built an integrated earth model of this scale, for the shale plays, before."
GGS will take the lead, through its multi-client customer network, in offering the product to the market. Customers will be able to license the full 6 million acres of Eagle Ford geomodel, with a range of supporting data, and receive through annual subscription quarterly updates to the model when new seismic, microseismic and well data become available as operators continue to exploit the Eagle Ford shale.
The companies plan to showcase integrated Basin InSight data at the AAPG 2011 Annual Convention & Exhibition in Houston April 10-13, 2011.
About Global Geophysical Services, Inc.
GGS, headquartered in Houston, TX, provides an integrated suite of Geoscience solutions to the global oil and gas industry including high-resolution RG-3D Reservoir Grade™ seismic data acquisition, Multi Client data library products, micro seismic monitoring, seismic data processing, data analysis, and interpretation services. GGS combines experience, innovation, operational safety, and environmental responsibility with leading edge geophysical technology to facilitate successful E&P execution. GGS's combined product and service offerings provide the ability to Gain InSight™ in the exploration and production of hydrocarbons. To learn more about GGS, visit www.GlobalGeophysical.com.
The Global Geophysical Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7300
About NuTech Energy Alliance, Ltd.
NuTech, headquartered in Houston, Texas, utilizes its suite of services, namely NuLook, NuStim, and NuView in an integrated, multidisciplinary approach that provides the client with a complete picture of the reservoir. The services can be selectively employed for numerous applications, providing the client a competitive advantage in its screening of potential prospects, its exploitation of reserves, its identification of bypassed hydrocarbons and the development of exploration strategies for new and existing properties. Our service experience with over 50,000 wells analyzed in over 80 countries throughout the world, and an unprecedented accuracy rate allows our clients to identify, quantify and produce their hydrocarbon reserves in unconventional and conventional resources with more confidence - without the added expense of running new logs. To learn more, visit www.nutechenergy.com
CONTACT: Richard Degner
President and CEO
www.globalgeophysical.com
13927 South Gessner Road
Missouri City, TX 77489
Phone: 713-808-1750
Fax: (713) 972-1008