MicroSeismic, Inc. Announces Q3 Backlog up 86% to $41 Million
Houston, TX -- December 19, 2011 -- MicroSeismic, Inc. (MicroSeismic) announced today that its third quarter backlog is up 86 percent to $41 million as compared to the same period last year. The increase is due in part to recent contract awards for microseismic monitoring by Whiting Petroleum and Gastar Exploration. Both companies are leading oil and gas producers in the North American unconventional shale plays.
The increase in business is due largely to operators realizing the value of microseismic monitoring. MicroSeismic clients are extending their current monitoring contracts and adding more wells to their monitoring programs for 2012. They are using the knowledge gained through microseismic monitoring to optimize well spacing, fracture staging and pumping parameters, and are reporting increases in both production and recovery.
"MicroSeismic's fracture monitoring process is one of the key technologies Whiting is using to optimize hydraulic fracturing," said James J. Volker, Chairman and CEO of Whiting Petroleum. "Our buried microseismic monitoring array at Sanish Field is a key component to our development program. MicroSeismic, Inc. has been an exceptionally strong supporting partner in the design and implementation of this technology."
"Our clients are reaping the benefits of monitoring using our BuriedArray(TM) and PSET(R) technology," said Bill Coates, President and CEO of MicroSeismic, Inc. "Not only are they achieving enhanced production and recovery levels, they are gaining a better understanding of how the reservoir responds to production activity over time. We're providing information in real-time enabling them to adjust their completion parameters and maintain strong production over the life of their field."
About MicroSeismic, Inc.
MicroSeismic, Inc. (MSI) is a global geophysical service company providing real-time monitoring and mapping of hydraulic fracture operations for developing unconventional oil and gas plays. Founded in 2003, MSI is the pioneer in monitoring microseismic activity utilizing surface and near-surface arrays. MSI’s technology provides real-time information on fracture location and geometry helping operators increase production and recovery while decreasing cost and risk. For more information, visit www.microseismic.com.
Media Contact: Kelly Weber kweber@microseismic.com 713-443-9164