Houston-based Geokinetics Inc. will acquire the intellectual property and legacy assets of Geotrace Technologies, a provider of seismic imaging and reservoir analysis services, according to a news release.
Following the transaction, which is expected to be finalized in early 2017, Geokinetics will have sole ownership of Geotrace’s proprietary technology, source code and intellectual property for more than 375 modules. These includes the DIAMOND data processing platform, BE bandwidth extension routine; TrueDepth pre-stack depth migration; orthorhombic pre-stack time and depth migration; reverse time migration and reservoir characterization.
Geotrace’s legacy data processing and software licensing contracts worldwide would also transfer over to Geokinetics, the release said.
Geokinetics provides integrated seismic data acquisition, processing and reservoir analysis solutions.
Recommended Reading
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-19 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
NOV's AI, Edge Offerings Find Traction—Despite Crowded Field
2024-02-02 - NOV’s CEO Clay Williams is bullish on the company’s digital future, highlighting value-driven adoption of tech by customers.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.