Related Party Transactions

9 Months Ended

Sep. 30, 2012

Related Party Transactions

Related Party Transactions

NOTE 12: Related Party Transactions

On August 12, 2011 the Company entered into an amended and restated credit agreement with the Lenders for the Whitebox Revolving Credit Facility. Mr. Gary L. Pittman, the Company’s Executive Vice President and Chief Financial Officer, is a passive investor in, and holds approximately 0.2% of the total assets of ECF Value Fund, L.P. and approximately 0.2% of the total assets of ECF Value Fund International, Ltd. which are participating lenders in the amended and restated credit agreement at September 30, 2012.

During the three and nine months ended September 30, 2012, the Company paid fees of approximately $0.0 million and $0.1 million, respectively, for freight broker services provided by Total Connection, a company owned and operated by the spouse of an employee of the Company. During the three and nine months ended September 2011, the Company paid fees of approximately $0.0 million and $0.2 million to this company. Additionally, during the three and nine months ended September 30, 2012, the Company paid fees of approximately $1.2 million and $2.5 million, respectively, for permitting services provided by Complete Geo Land Services, LLC, a company owned and operated by the spouse of an employee of the Company. During the three and nine months ended September 30, 2011, the Company paid fees of approximately $0.5 million, $0.9 million, respectively, to this company.

During the three and nine months ended September 30, 2012, the Company recorded revenue of approximately $0.1 million and $0.3 million, respectively, for seismic data processing services provided to Carmot Seismic AS, a Norwegian company partially owned by the spouses of two employees of the Company and where the Company employees are Directors. During the three and nine months ended September 30, 2011, the Company recorded revenue of approximately $0.0 million and $0.3 million, respectively, for seismic data processing services provided to this company.