Geokinetics Announces Change in Management
2012-11-09 02:24:14 -
HOUSTON, TEXAS - November 8, 2012 - Geokinetics Inc. (the "Company") (NYSE MKT:
GOK) announced that Richard F. Miles has retired from his position as Chief
Executive Officer of the Company and as a member of its board of directors,
effective as of the close of business November 8, 2012, after five years at its
helm. David J. Crowley, currently President and Chief Operating Officer of the
Company, has been appointed to serve as the Company's President and Chief
Executive Officer and to the board of directors of the Company.
William R. Ziegler, Chairman of the board of directors, stated, "Dick Miles has
enjoyed an illustrious 46-year career in the seismic industry. He has also
provided vision and leadership at key junctures in our company's history. On
behalf of the board, the management and our employees across the globe, I would
like to thank Dick for his perseverance in challenging circumstances and wish
him a healthy and happy retirement."
Mr. Miles commented, "The past five years at Geokinetics have been extremely
challenging, as we have merged the PGS onshore group and are in the process of
clearing up legacy issues and implementing necessary company-wide infrastructure
throughout our global operations. Although the Company faces liquidity issues,
operationally, Geokinetics is well positioned today to take advantage of the
current market climate, and with David's strong leadership skills the Company is
in good hands to capitalize on those opportunities."
Mr. Crowley added, "I would also like to acknowledge Dick Miles for his
mentoring, his Anglo-American sense of humor and his passion for the people in
the seismic business, particularly the people in Geokinetics. I'm looking
forward to a bright future with the team at Geokinetics. The energy and talent
here is second to none."
Geokinetics Inc. is a leading provider of seismic data acquisition, seismic data
processing services and multi-client seismic data to the oil and gas industry
worldwide. Headquartered in Houston, Texas, Geokinetics is the largest Western
contractor acquiring seismic data onshore and in transition zones in oil and gas
basins around the world. Geokinetics has the crews, experience and capacity to
provide cost-effective world class data to its international and North American
clients. For more information on Geokinetics, visit www.geokinetics.com.
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other
than statements of historical facts, included in this press release that address
activities, events or developments that Geokinetics expects, believes or
anticipates will or may occur in the future are forward-looking statements.
These statements include but are not limited to statements about the business
outlook, the clearing up of legacy issues and implementation of infrastructure,
related financial performance and all statements with respect to future events.
These statements are based on certain assumptions made by Geokinetics. Such
statements are subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of Geokinetics, which may cause actual results
to differ materially from those implied or expressed by the forward-looking
statements. These include risks relating to financial performance and results,
our ability to implement cost-saving and liquidity enhancing measures and
strategic and financial alternatives and other important factors that could
cause actual results to differ materially from those projected, or backlog not
to be completed, as described in our reports filed with the Securities and
Although Geokinetics believes that the expectations reflected in such statements
are reasonable, it can give no assurance that such expectations will be correct.
All of Geokinetics' forward-looking statements, whether written or oral, are
expressly qualified by these cautionary statements and any other cautionary
statements that may accompany such forward-looking statements. Any forward-
looking statement speaks only as of the date on which such statement is made and
Geokinetics undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or otherwise.
Gary L. Pittman
Chief Financial Officer
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Source: Geokinetics Inc. via Thomson Reuters ONE