HOUSTON, TX--(Marketwired - Oct 23, 2015) - TGS announced today that its Geological Products division purchased all the outstanding shares of Digital Petrodata LLC.
Digital Petrodata, established in 2005, is a small GIS technology company based in Denver that provides integrated GIS data and cloud solutions for E&P companies. The company has built a nationwide GIS multi-client database containing every producing oil and gas field, pool, and formation in the United States. Digital Petrodata also recently introduced GEONEWS™, a geospatially located and tagged database of current oil and gas news. Both products are available to customers through the Digital Petrodata web portal and are updated frequently.
"Digital Petrodata's GIS-based products are a great complement to existing TGS geologic data," stated John Adamick, Senior Vice President of Geologic Products. "Our well data combined with their field, pool, and formation level data will allow our customers to seamlessly explore from an individual producing zone up to a true regional level. For example, a customer can begin by comparing production trends from formations such as the Eagle Ford or Bakken, narrow their search to certain key fields of interest in one area or the other, and then pull down the actual logs and production data from individual wells in the field. Furthermore, through GEONEWS, customers can instantly access presorted news that is specific to their area of interest."
Kirk Harstead, founder and CEO of Digital Petrodata also commented, "We look forward to continuing our great working relationship with TGS. The rich data offering, resources, and expertise from TGS combined with the Digital Petrodata's GIS data products and web portal technology will allow us to offer world-class data and analysis solutions for the upstream oil and gas industry. Digital Petrodata is extremely excited about the growth potential of the combined companies."
Additional information on Digital Petrodata's products can be found at www.digitalpetrodata.com.
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
Source: Marketwired (Canada)
(October 23, 2015 - 8:50 AM EDT)
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