TGS-NOPEC Geophysical Company (TGS) has acquired substantially all of the assets of Center Line Data Corporation, a privately held Denver-based provider of well log digitizing software and services. The 36 staff of Center Line will become employees of TGS' Geological Products and Services division and will allow TGS to open a regional office in Denver.
The purchase price included approximately US $5 million in cash and 30,600 shares of TGS. No new shares were issued related to this transaction.
"The Center Line transaction represents a strategic acquisition for our Geologic Products division" said Rod Starr, Senior VP of TGS Geological Products & Services. "Center Line has developed proprietary well log digitizing software that will allow TGS to greatly accelerate the creation of LAS files from our comprehensive well log image inventory. The Denver office will supplement our industry-leading Houston capacity to help us with this effort. This is important due to the substantial LAS commitments that TGS now has to the industry."
Since the 3rd quarter of 2007, TGS has secured commitments from E&P companies for over one million LAS well log files throughout many onshore US basins. These LAS files will be added to TGS Geological's extensive data library. LAS (Log ASCII Standard) well logs are fully digitized well logs that are used in a variety of geological, geophysical and petrophysical applications and typically have a commercial value of approximately ten times the value of the standard well log images.
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