Press Release Source: TGC Industries, Inc.
TGC Industries Announces Purchase of Additional Wireless Recording Equipment
Will deploy its ninth seismic acquisition crew in the U.S.
PLANO, Texas, June 13, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) ("TGC") today announced that it has purchased and taken delivery of 13,000 channels of GSX wireless recording equipment, along with all peripheral equipment. Additionally, the Company announced plans to deploy its ninth seismic field acquisition crew in the U.S. by the beginning of the third quarter. Including this delivery, TGC's owns approximately 46,000 OYO Geospace wireless channels.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "Based on our current backlog and prospects for the rest of 2012, we are purchasing this additional equipment to be used in the deployment of our ninth crew in the U.S., which should be in the field by the beginning of the third quarter. In addition to our U.S. crews, we now have two crews operating in Canada as they went back into service after the Spring breakup. Therefore, by the beginning of the third quarter, we expect to have 11 crews operating in North America, nine in the U.S. and two in Canada. Taking into account the delivery of this new GSX equipment, our total channel count is approximately 112,000, comprised of GSR, GSX and ARAM channels."
TGC Industries, Inc., based in Plano, Texas, is a leading provider of seismic data acquisition services with operations throughout the continental United States and Canada. The Company has branch offices in Houston, Midland, Oklahoma City and Calgary.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations and projections about future events. All statements other than statements of historical fact included in this press release regarding the Company are forward-looking statements. There can be no assurance that those expectations and projections will prove to be correct. Important factors that could cause actual results to differ materially from such expectations and projections are disclosed in the Company’s Securities and Exchange Commission filings, and include, but are not limited to, the dependence upon energy industry spending for seismic services, the unpredictable nature of forecasting weather, the potential for contract delay or cancellation, and the potential for fluctuations in oil and gas prices. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Executive Officer
Jack Lascar / Karen Roan
DRG&L (713) 529-6600
Source: TGC Industries, Inc.