PanAmerican Geophysical Announces the Launch of Their New Company for Land and Well Seismic Services

JERSEY, Channel Islands--()--Today the merger agreement and acquisition of CGL Compañia Geofísica Latinoamerica S.A.S. (CGL), GeoStrata Resources, Inc. and UGA Seismic was announced. CGL, GeoStrata and UGA Seismic will continue to operate under their own brands within their local markets.

The newly formed group has its corporate headquarters in Jersey in the Channel Islands. A new regional operational headquarters in Brazil will be established in the coming weeks. PanAmerican will specialize in land and well seismic services with focused operations in key markets in North and South America.

Mark Farine has been named Chief Executive Officer. Farine, with 29 years experience in the seismic industry (two with Digicon, fifteen with Syntron Inc. and twelve with Sercel), will focus on expanding PanAmerican’s South American market, driving global marketing, and developing PanAmerican’s international team to best serve the needs of its growing customer base.

The merger with CGL, based in Bogotá, Colombia, GeoStrata based in Calgary, Canada and UGA Seismic based in Buenos Aires, Argentina immediately provides PanAmerican with the personnel and resources to deliver high quality seismic services to customers throughout the Americas. Synergies created by this union will result in improved equipment utilization and a deeper pool of personnel resources; and will increase flexibility and efficiency in the group’s operations.

“We are thrilled to be a part of this group, and will offer the best of our HSE and logistic experience and best practices gathered over six years working in Colombia. With trained personnel, we are committed to delivering the best final product,” says Martin Gilberto Galindo, Manager of CGL.

Mitch Peters, CEO of GeoStrata, adds, “GeoStrata believes that with the support of the new management and technical team being established in PanAmerican Geophysical, we are well positioned to grow geophysical and micro-seismic services in the Canadian market while offering support in the Latin American markets with personnel and global operational expertise gained over the past 4 decades.”

Aldo A. Perrotta, President, CEO of UGA, also comments, “We are excited about this merger. With our planned expansion in Brazil, PanAmerican will provide customized services to the regional market; incorporating leading technologies with a strong international background. ”

“We are committed to becoming a leading service provider throughout the North and South American markets,” says Dave Pratt, Chairman of PanAmerican Geophysical. “Our individual companies are leading providers in their local markets. Coming together into a larger group, delivers critical mass which will maximize asset utilization, increase technical support, and will allow us to invest in focused strategic expansion. PanAmerican Geophysical is in the process of integrating operational best practices; standardization of HSE policies and consolidating our asset pool that will result in increased operational efficiency and an enhancement of our ability to meet our clients’ needs.”

Mr. Pratt continues, “While we work on the integration of our group companies over the next several months, our clients will continue to receive the same high quality service, which they have come to expect. PanAmerican is well positioned in key growth markets that will allow us to provide services for operators across the Americas market.”

For more information please visit PanAmerican Geophysical at www.panamgeo.com – Coming soon August 15, 2011.

About PanAmerican Geophysical

With the recent merger and acquisition of CGL Compañia Geofísica Latinoamerica S.A.S. (CGL), GeoStrata Resources, Inc. and UGA Seismic, PanAmerican Geophysical is a leading full service geophysical seismic acquisition company specializing in land and well seismic services. PanAmerican Geophysical delivers engineering services, seismic technologies and product solutions for the seismic industry and oil and gas industry.

Contacts

For further information:
Investor Relations
Dave Pratt, +44 4534 760000
Chairman
dave.pratt@panamgeo.com

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Contacts

For further information:
Investor Relations
Dave Pratt, +44 4534 760000
Chairman
dave.pratt@panamgeo.com