TGS-NOPEC Completes Acquisition of Riley Electric Log

TGS-NOPEC Geophysical Company, via its subsidiary, A2D Technologies, completed the acquisition of all shares of Riley Electric Log Inc from the Canadian corporation Divestco Inc. on December 5th, 2003. In addition to Riley's entire U.S. well log data inventory, A2D received a perpetual license from Divestco to market approximately 1.2 million depth-calibrated images of Canadian well logs. Terms of the license allow A2D to develop and own added value and derivative products from the Canadian well log images.

Riley Electric Log owns the most extensive (3 million+) collection of hard-copy well logs in the U.S. These well logs, in addition to the 1.2 million Canadian well logs, will greatly expand A2D's industry-leading digital well log database, LOG-LINE Plus!

This comprehensive data coverage will allow A2D to source materials for existing backlogged orders, add to A2D's client base, and further substantiate and grow A2D's existing subscription model. Riley's financial results will be consolidated with A2D's results beginning in January 2004. The Riley acquisition is expected to increase A2D's 2004 revenues by at least 30% over 2003 levels.