Apache has committed a sizeable acquisition program to Trace in which I/O's VectorSeis System Four land imaging system will be used exclusively. The program focuses on Apache's 2004 acquisition initiatives for North America and involves commitments to acquire seismic data on several hundred square kilometers of acreage. Delivery of I/O equipment to Trace is underway and should be completed by the end of the year.
Commenting on the announcement, John Geddes, President and CEO of Trace Energy Services, said, "We are excited about our agreements with Apache and I/O. This will build on Trace's experience with I/O's VectorSeis technology, which we see as the most advanced and highly efficient land imaging system in the industry. Demand for this technology is rapidly growing among our clients, including Apache, particularly in light of other successful VectorSeis seismic surveys in Western Canada during the 2002-2003 season. We are pleased that Apache has confidence in our ability to execute a significant acquisition program on their behalf. Through their commitment to us, we accelerated our decision to undertake this purchase and become the largest provider of VectorSeis-based seismic acquisition services in North America."
Mike Bahorich, Executive Vice President of Exploration and Production Technology at Apache, commented, "Having experienced first-hand the benefits of I/O's technology and Trace's operational expertise, Apache is confident that our collective relationship will result in improved image quality in an important core area. This will allow us to fine-tune our exploration, development and reservoir management programs in Western Canada and deliver even more value to Apache's shareholders."
Bob Peebler, CEO of I/O, added, "I/O is very pleased to reach this important milestone in our technology alliance with Apache. We are confident that Trace will efficiently acquire and deliver the highest quality seismic data to Apache as well as other industry leaders who embrace the benefits of digital, full-wave imaging. With the selection of a seismic acquisition contractor now complete, I/O will focus on other previously identified areas of seismic technology cooperation -- including applying I/O's AZIM ™ anisotropic imaging techniques to further enhance the seismic data Apache acquires in the field."
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