RXT Secures Gulf Work Through September

The multi component seismic company Reservoir Exploration Technology ASA (RXT) has signed a letter of intent for a contract in the Gulf of Mexico with GX Technology Corporation (GXT). The proposed contract rates are favorable to the company's annualized projection. The survey duration is estimated to be around 120 days.

"This means that our Gulf of Mexico (GOM) crew has secured contract work until at least the end of September 2007," said Michael Scott, RXT's chief executive officer. "The crew will then have been in continuous operation in the GOM since operation commenced in 3rd quarter 2004. There is an increased interest in our operation which is attributable to a combination of improved cost efficiency and excellent data quality. This further validates our projection that this operation will continue to operate in the GOM area."

Reservoir Exploration Technology ASA (RXT) is a marine geophysical company specializing in multi component seismic sea-floor acquisition. Multi component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for exploration, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, London and Houston.

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