The two sister companies are both based in Houston. WAI will use its common stock to pay for these transactions. Further financial details were not disclosed. The transactions are contingent upon approval of the definitive agreements by the respective boards of directors. "Geosignal has developed some of the leading seismic refraction processing methods in the industry," said Richard White, Western Atlas Senior Vice President and President of Western Geophysical, the leading seismic service company in the industry. "These methods allow oil companies to successfully survey areas that historically have been "no data" zones, because the seismic signals could not be imaged accurately. One of the typical areas of application are the mud zones in river deltas, which is a highly attractive area for hydrocarbon exploration. Based on their technology and expertise in these methods, we believe that Geosignal and Seismic Resources will provide an excellent complement to Western's current capabilities." "Historically, these two companies have concentrated their activities in a limited geographic area. Now, with the help of Western Geophysical, we will be able to expand the application of their technologies through our global organization. Their approximately 70 employees, which include the management, will play a major role in these efforts," White added.
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