ex99-2.htm

NYSE Alternext: GOK - A World of Opportunities, Revealed

Forward-Looking Statements

u This presentation contains forward-looking statements.

u All forward-looking statements speak only as of the date of this presentation or,
in the case of any document incorporated by reference, the date of that
document. All subsequent written and oral forward-looking statements
attributable to the company or any person acting on the company’s behalf are
qualified by the cautionary statements in this section. The company does not
undertake any obligation to update or publicly release any revisions to forward-
looking statements to reflect events, circumstances or changes in expectations
after the date of this report.

u Actual experience may differ and such differences may be material.

u Backlog consists of written orders and estimates for our services which we
believe to be firm. In many instances contracts are cancelable by customers so
we may never realize some or all of our backlog, which may lead to lower than
expected financial performance.

u Forward-looking statements are subject to uncertainties and risks which are
disclosed in Geokinetics’ Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q.

NYSE Alternext: GOK - A World of Opportunities, Revealed

Corporate Information

Market Data (at 1/6/2009)

• Exchange/Ticker: NYSE Alternext/GOK

• Market Capitalization: $34.6 MM

• Enterprise Value $205.6 MM*

Trading Data (at 1/6/2009)

• Common Shares Out. 10.5 MM

• Avg. Volume (90 day) 53,714 shares/day

• Institutional Ownership 73%

Key Financial Data (at 9/30/2008)

• Cash $17.3MM

• Debt $94.0MM

• Debt to Total Cap 29.2%

•Debt, Preferred Equity and Cash as of 9/30/08.
Institutional ownership as reported by BigDough.

NYSE Alternext: GOK - A World of Opportunities, Revealed

Industry Dynamics

Source: Barclays Capital - The Original E&P Spending Survey , December 18, 2008

International Exploration and Production Expenditures ($B)

NYSE Alternext: GOK - A World of Opportunities, Revealed

Emerging OBC Market

u Launched OBC operations Q4 2007

u Sole provider of Sercel SeaRay (2 Systems)

u Offshore capabilities up to 500 ft. water depth

u Expanding OBC capabilities near-term

§ Enhancing operating efficiency

§ Expanding operations

§ One active crew, potential to split

NYSE Alternext: GOK - A World of Opportunities, Revealed

The Value of Seismic Technology

“With 3-D seismic, we can understand the detailed geology much better than before. And
that translates to opportunities to drill new wells to bolster production in mature fields.”

- ExxonMobil, The Lamp (2007 - Number 4)

Geokinetics OBC

Streamer

NYSE Alternext: GOK - A World of Opportunities, Revealed

E&P Project Cycle

Exploit

Seismic Data Acquisition and Processing

Needed at All Stages of the E&P Cycle

¿ Increase drilling success rates

¿ Reduce finding and development costs

NYSE Alternext: GOK - A World of Opportunities, Revealed

International Trends

u 27 of the top 50 oil companies in the world are
National Oil Companies (state majority-owned)
(Source: Petroleum Intelligence Weekly)

u International projects are generally longer-term

u NOCs have different strategic rationales for investment
(e.g., fund government budgets, generate foreign
exchange reserves, create jobs, maintain desired
import/export balance, etc.), making associated projects
more resistant to budget cuts

u International projects are mainly targeted to oil prospects

u More moderate drops are expected in international E&P
capex budgets (6% international versus 26% in U.S.)

NYSE Alternext: GOK - A World of Opportunities, Revealed

Global Seismic Crew Count

Data Source: IHS Energy.

Region

Nov-2007

Nov-2008

Change

U.S.

-6

Canada

-3

U.S. & Canada

-9

Europe

+11

CIS

Latin America

Africa

+17

Middle East

+19

Far East

+29

Outside U.S. & Canada

212

297

+85

World Total

306

382

+76

u International markets grew to
78% of total market from
69%, driven by NOCs and
IOCs targeting primarily oil

u U.S. and Canadian markets
declined to 22% of total
market from 31%, due to
weak commodity prices

u U.S. E&P spending in 2009
expected to decline 26%,
international E&P expected to
decline only 6%
(Source: Barclays Capital - The Original E&P Spending
Survey 12/18/08)

u Global presence provides
ability to redeploy assets
to best markets

NYSE Alternext: GOK - A World of Opportunities, Revealed

Geophysical Market Overview

Company

Data Proc
& Interp

Eqpmt.

Land

OBC

Geokinetics



Dawson



Tidelands



PGS



BGP



CGGVeritas (Sercel)



WesternGeco
(Schlumberger)



Mitcham



ION Geophysical



Bolt Technologies



OYO Geospace



NYSE Alternext: GOK - A World of Opportunities, Revealed

2009 Business Strategy

Increase Profitability

Strengthen
Complementary
Service Offerings

¿ Leverage competitive advantage and expertise in
difficult land environments and offshore shallow
water zones to maximize profitability

¿ Better assist customers with full range of seismic services, from
acquisition and processing to interpretation and management

¿ Redeploy assets to best markets

¿ Increase operational efficiencies

Strengthen
Advantage in

Key Markets

¿ Concentrate assets in regions/countries where we are strongest

¿ Long-term work opportunities, fewer mobilizations

Continue to Leverage
Competitive Advantage

Maintain Liquidity and
Strong Balance Sheet

¿ Disciplined spending - expect reduced and back-loaded
2009 Cap-Ex budget

¿ Maintain debt at 30% of capital or less

NYSE Alternext: GOK - A World of Opportunities, Revealed

International Revenue Rising

u Strong visibility for crew
utilization through 2009

u Concentrating crews in
markets offering long-term
work opportunities keeps
them working longer and
improves margins

u International job sizes are
increasing

u Can mobilize crews to most
active markets worldwide to
maximize utilization

NYSE Alternext: GOK - A World of Opportunities, Revealed

Processing & Interpretation
Capabilities

u Full suite of onshore and offshore proprietary seismic data processing services
and interpretation products

§ Geophysical processing

§ Interpretation / well log analysis (existing database)

§ Software

§ Consulting Services

u Advanced Technologies for processing new data and reprocessing
old data with new methods

§ AVO, pre-stack time and depth imaging

§ Multi-component and 4D

u Global Reach

§ Offices in US and UK

§ P&I services stretch to all regions of the globe

u Complements data acquisition services

§ GROWTH OPPORTUNITY for follow on work to Company field crews;
currently less than 5%

NYSE Alternext: GOK - A World of Opportunities, Revealed

Capitalization

12/31/2006

12/31/2007

9/30/2008

Cash, equivalents and restricted cash (1)

$ 22,059

$ 16,843

$ 17,321

Long-term debt and capital leases
(including current portion):

Credit facility

40,537

40,935

Floating rate notes

110,000

Other debt

7,169

39,375

53,061

Total debt

117,169

79,912

93,996

Debt as % capitalization

58.1%

29.4%

29.2%

Convertible preferred stock

56,077

60,926

94,557(2)

Stockholders’ equity

28,595

130,965

133,809

Total capitalization

$201,841

$271,803

$322,362

(1) Includes $1.7 million, $1.3 million and $2.9 million of restricted cash at 12/31/06, 12/31/07 and 9/30/08, respectively.
(2) Completed the sale of 120,000 additional shares of convertible preferred stock and 240,000 warrants for gross proceeds of $30.0 million on July 28, 2008.

NYSE Alternext: GOK - A World of Opportunities, Revealed

Debt Status & Strategy

u $70 million Revolving Credit Facility ($40.9M @ 9/30/08)

§ Financial Covenants:

• Net Worth greater than $175M ($228M @ 9/30/08)

• Fixed Charge Coverage > 1.10 (2.21 @ 9/30/08)

• Capital Expenditures limited to $80M for 2008 & $50M for 2009

u CIT Capital Leases ($31.0M @ 9/30/08)

• Net Worth & Fixed Charge Covenant Mirroring Above

u Expect debt reduction in 2009 resulting from cash flow
from operations & lower capital expenditures

u 2009 Cap-Ex budget expected to be reduced and
weighted to back half of 2009

• Allows for decision point based on market & industry conditions

u Goal is to maintain at most 30% debt to capital with likely
reduction

NYSE Alternext: GOK - A World of Opportunities, Revealed

Adjusted Revenue and
EBITDA Growth

Note: Adjusted EBITDA reflects $727k of Grant’s Abandoned IPO expenses and $12.9 million of expenses related to the Grant Acquisition consisting primarily of investment
advisor and professional fees, payout under phantom stock plan and completion bonuses which are added back in 2006 as well as $3.2 million of one-time severance costs
in 2007.

NYSE Alternext: GOK - A World of Opportunities, Revealed

Quarterly Results

Note: Adjusted EBITDA reflects $727k of Grant’s Abandoned IPO expenses and $12.9 million of expenses related to the Grant Acquisition consisting primarily of investment advisor
and professional fees, payout under phantom stock plan and completion bonuses which are added back in 3Q06 as well as $3.2 million of one-time severance costs in 3Q07.

Pro Forma Quarterly Revenue ($MM)

Pro Forma Adjusted EBITDA ($MM)

NYSE Alternext: GOK - A World of Opportunities, Revealed

Rising Backlog

u NOC orders are 79%
of international backlog
(at 9/30/08)(1)

u TZ and OBC jobs are
71% of international
orders (at 9/30/08)

u International order
book is focused on
projects targeting oil

u North American
cancellations between
9/30/08 and 12/31/08
have been more than
offset by new
international orders

*Includes a $59 million job in Argentina which has been removed from current backlog due to continued delays
and uncertainty.

1. Includes backlog with NOC’s or partnerships including NOC’s

412

417

411

381

321

283

311

509

NYSE Alternext: GOK - A World of Opportunities, Revealed

Capital Investments

u 2007: Invested $95 million

§ New state-of-the-art equipment
(67% received in second half of year)

§ Upgraded U.S. crews

§ Expanded recording capacity

§ Entered OBC market

u 2008: Cap-Ex budget of $80 million, $70 million
invested through 9/30/08

§ Focus on increasing international channel
count and seabed acquisition capacity

u 2009: Expect Cap-Ex budget to be reduced from
2008 and weighted to last half of the year for
flexibility and liquidity

u Maintenance Cap-Ex has historically averaged 3%
to 4% of revenues

u Capital investment decisions historically based
on an average expected payback of
less than three years EBITDA

Sercel SeaRay

NYSE Alternext: GOK - A World of Opportunities, Revealed

Comparative Valuation

GOK

Source: Bloomberg, as of January 2, 2009. Companies in comparison include GOK, TRMA, HLX, ALY, TGE, TTI, KEG, CPX, DWSN, WEL, IO, SPN,
SWSI, BAS, GLF, CBI, WG, CFW CN, ENG, GLBL, BJS, NGS, RES, TDW, BHI, MDI, OII, HAL, TCW CN, BOLT, FWLT, SGR, SLB, CLB, CRR.