Geokinetics Announces Pricing of Public Offering of Common Stock
December 14 2009 - 9:10PM
PR Newswire (US)
HOUSTON, Dec. 14 /PRNewswire-FirstCall/ -- Geokinetics Inc. (NYSE
Amex: GOK) today announced that its public offering of 4,000,000
shares of Geokinetics common stock, par value $.01 per share, was
priced at $9.25 per share to the public. Geokinetics expects the
delivery to occur on December 18, 2009. In addition, the
underwriters have a 30-day option to purchase up to an additional
600,000 shares of common stock to cover over-allotments, if any.
Assuming no exercise of the over-allotment option, Geokinetics
expects to receive net proceeds from the offering of approximately
$34.8 million, after deducting the underwriting discounts and
commissions and estimated offering expenses. Geokinetics intends to
use the net proceeds from this offering to fund a portion of the
cash purchase price of the acquisition of the on-shore seismic and
multi-client seismic library business of Petroleum Geo-Services
ASA, and any remaining net proceeds for general corporate purposes,
which could include the costs to mobilize Geokinetics' seismic
crews. The completion of the common stock offering is not
contingent upon the completion of the acquisition. The joint
book-running managers for the public offering are RBC Capital
Markets Corporation and Raymond James & Associates, Inc.
Capital One Southcoast, Inc., Howard Weil Incorporated and
Pritchard Capital Partners, LLC are co-managers for the offering.
The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission. The offering of these securities may be made only by
means of a prospectus supplement and the accompanying prospectus,
copies of which may be obtained from: RBC Capital Markets
Corporation Raymond James & Associates, Inc 3 World Financial
Center Attn: Equity Syndicate 200 Vesey Street, 8th Floor 880
Carillon Parkway New York, NY 10281-8098 St. Petersburg, FL 33716
Attention: Equity Syndicate Phone: (800) 248-8863 Phone:
212-428-6670 Fax: 212-428-6260 An electronic copy of the
preliminary prospectus supplement and accompanying base prospectus
may also be obtained at no charge at the Securities and Exchange
Commission's website at http://www.sec.gov/. This press release is
neither an offer to sell nor the solicitation of an offer to buy
the securities and shall not constitute an offer, solicitation or
sale in any jurisdiction in which, or to any persons to whom, such
an offer, solicitation or sale is unlawful. About Geokinetics Inc.
Geokinetics Inc., based in Houston, Texas, is a leading global
provider of seismic acquisition and high-end seismic data
processing services to the oil and gas industry. Geokinetics has
strong operating presence in North America and is focused on key
markets internationally. Geokinetics operates in some of the most
challenging locations in the world from the Arctic to mountainous
jungles to the transition zone environments. 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 for the year, backlog and bid activity, business strategy,
related 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
financial performance and results, job delays or cancellations,
reductions in oil and gas prices, the continued disruption in
worldwide financial markets, 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 Geokinetics' reports filed with the
Securities and Exchange Commission. 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. Contacts: Scott A. McCurdy Vice
President and CFO Geokinetics Inc. (713) 850-7600 DATASOURCE:
Geokinetics Inc. CONTACT: Scott A. McCurdy, Vice President and CFO,
Geokinetics Inc., +1-713-850-7600
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