Geokinetics Completes $30 Million Private Placement of Junior Preferred Stock
15 December 2010 - 8:15AM
Marketwired
Geokinetics Inc. (NYSE Amex: GOK) today announced the closing of a
$30 million private placement of 120,000 shares of a new series of
junior preferred stock and warrants to purchase 3,495,000 shares of
common stock with affiliates of Avista Capital Partners, Petroleum
Geo-Services and other existing shareholders. The warrants have an
exercise price of $9.64 per share (subject to adjustment) and
expire in December 2016. Geokinetics intends to use the net
proceeds from the placement to repay indebtedness and for general
corporate purposes.
The securities sold in this private placement have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws, and
accordingly may not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act
and such applicable state securities laws. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About Geokinetics Inc.
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 our
international and North American clients. For more information on
Geokinetics, visit www.geokinetics.com.
Forward-Looking Statements
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 our ability to comply with covenants in
our credit facilities, the business outlook for the year, future
contract awards, financial performance and statements with respect
to future events. These statements are based on certain assumptions
made by Geokinetics based on management's experience and perception
of historical trends, industry conditions, market position, future
operations, profitability, liquidity, backlog, capital resources
and other factors believed to be appropriate. 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
general economic conditions and conditions in the oil and gas
industry, financial performance and results, job delays or
cancellations, reductions in oil and gas prices, impact from severe
weather conditions and other important factors that could cause
actual results to differ materially from those projected, or
backlog not to be completed, as described in the Company's reports
filed with the Securities and Exchange Commission. 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.
Contact: Scott M. Zuehlke Director of Investor Relations
Geokinetics (713) 850-7600
Geokinetics, Inc. (AMEX:GOK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Geokinetics, Inc. (AMEX:GOK)
Historical Stock Chart
From Jul 2023 to Jul 2024