MicroSeismic, Inc. Raises $7 Million in 2nd Equity Round
MicroSeismic, Inc., a geophysical service company providing 3-D seismic imaging for both exploration and production of hydrocarbon resources, announced the closing of a $7 million preferred share offering. Proceeds will be used to acquire capital equipment for expansion of operations as well as to fuel sales growth and to fund software development. Altira Technology Fund IV LLC, led the round. Previous investor CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures, and new investor RockPort Capital Partners also participated.
"We are proud to have achieved profitability in our second full year of operations," said Peter Duncan, Ph.D., CEO of MicroSeismic, Inc. "This investment round will allow us to respond to the flourishing market demand for our services."
MicroSeismic has developed several proprietary technologies for passive seismic and has completed work for more then 20 domestic and international oil and gas companies. MicroSeismic also announced that William E. "Wilber" James, a Managing General Partner of RockPort Capital Partners, has joined the company's board of directors. Mr. James has an extensive background in the energy business, including founding and managing several companies in the crude oil, refined products, natural gas and electric power marketing businesses. Mr. James also currently serves on the Board of Directors of Peabody Energy Corporation.
"MicroSeismic, Inc. is rapidly defining the market for passive seismic in the oil and gas industry," said Mr. James. "In addition, the management team understands the industry and has positioned the Company for growth."
MicroSeismic, Inc. is a world leader in microseismic monitoring and passive seismic imaging. Microseismic monitoring is the practice of listening to the seismic noise emitted from a reservoir so as to directly detect such things as patterns of fluid movement, fracture development or compaction. The knowledge of such patterns will allow for improved reservoir management. Passive seismic imaging is 3-D structural imaging using existing, often naturally occurring, sound sources, rather than dynamite or vibrators. Passive seismic technology enables seismic exploration in places that are difficult to reach or environmentally sensitive.
- MicroSeismic Shuffles Executive Management (Oct 19)
- MicroSeismic, NSI Team Up for Enhanced Fracture Modeling Solutions (Sep 15)
- MicroSeismic Bags 2nd Contract in Marcellus Play (Apr 21)