Aeroquest International Limited (TSX VENTURE: AQL) Announces the Signing of a Significant Petroleum Services Contract
08 May 2008 - 6:15AM
Marketwired
MISSISSUAGA, ONTARIO announced today that it has entered into a
significant contract as a part of its recently established
Petroleum Services initiative.
Aeroquest Limited, a subsidiary of Aeroquest International, has
entered into a contract with GX Technology Corporation (a
subsidiary of ION Geophysical Corporation) to provide a fixed wing
magnetic survey in excess of 100,000 line kilometers in length in
the Banks Island and Beaufort Sea area of the Canadian Arctic. The
airborne data collected by Aeroquest will assist ION's seismic
programs aimed at delineating portions of the Beaufort-Mackenzie
Basin, Banks Basin, Sverdrup Basin and the Arctic Costal Margin in
pursuit of hydrocarbon exploration.
"This contract is not only a significant one for Aeroquest",
said Roy Graydon, President and CEO of Aeroquest International,
"but it also validates our efforts to build a global organization
capable of providing services to the world`s most significant
exploration industry participants, and confirms our belief in the
opportunities available to our company in the petroleum services
sector. We are thrilled to have the opportunity to partner with a
petroleum services company of the caliber of ION."
This contract will commence in late spring, 2008 and is expected
to be complete by the fall of 2008.
About Aeroquest International
Aeroquest International is a global information and technology
services company and a leader in the development and operation of
innovative and proprietary geophysical surveying platforms for the
mineral and petroleum exploration, and environmental services
industries. Directly, and through its sister companies UTS
Geophysics and Geophex, Aeroquest fields a fleet of helicopter and
fixed wing survey systems and is active around the world. More
information about Aeroquest can be found at www.aeroquest.ca. More
information on UTS Geophysics can be found at www.uts.com.au. More
information on Geophex can be found at www.geophex.com.
About ION Geophysical Corporation
ION is a leading provider of geophysical technology, services,
and solutions for the global oil & gas industry. ION's
offerings allow E&P operators to obtain higher resolution
images of the subsurface to reduce the risk of exploration and
reservoir development, and enable seismic contractors to acquire
geophysical data more efficiently. Additional information about ION
is available at http://www.iongeo.com.
For Investors
This news release may include statements about expected future
events and/or financial results that are forward-looking in nature
and subject to risks and uncertainties. The Company cautions that
actual performance will be affected by a number of factors, many of
which are beyond its control. Future events and results may vary
substantially from what the Company currently foresees. Discussion
of the various factors that may affect future results is contained
in the Company's recent filings, available on SEDAR.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Aeroquest International Limited Roy Graydon President
& Chief Executive Officer (905) 672-4010 Email:
rgraydon@aeroquest.ca Website: www.aeroquest.ca
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