Geospace Technologies Amends Its Credit Agreement; Increases Borrowing Capacity to $50 Million

  Geospace Technologies Amends Its Credit Agreement; Increases Borrowing
  Capacity to $50 Million

Business Wire

HOUSTON -- September 30, 2013

Geospace Technologies Corporation (NASDAQ: GEOS) announced today that it has
amended its credit agreement with Frost Bank (the “Amended Credit Agreement”).

Modifications to the Amended Credit Agreement include (i) an increase in
available borrowings from $25 million to $50 million, (ii) an interest rate
based on one-month LIBOR plus a margin of 2.50% to 3.25%, and (iii) an
extension of the facility’s maturity date to April 27, 2016. The Amended
Credit Agreement contains covenants, terms and conditions customary for
similar financing agreements. Borrowings under the Amended Credit Agreement
are not subject to a borrowing base.

Geospace Technologies Corporation designs and manufactures instruments and
equipment used by the oil and gas industry to acquire seismic data in order to
locate, characterize and monitor hydrocarbon producing reservoirs. The company
also designs and manufactures non-seismic products, including industrial
products, offshore cables, thermal printing equipment and film.

This press release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact included herein including statements regarding
potential future products and markets, our potential future revenues, future
financial position, business strategy, future expectations and estimates and
other plans and objectives for future operations, are forward-looking
statements. We believe our forward-looking statements are reasonable. However,
they are based on certain assumptions about our industry and our business that
may in the future prove to be inaccurate. Important factors that could cause
actual results to differ materially from our expectations include the level of
seismic exploration worldwide, which is influenced primarily by prevailing
prices for oil and gas, the extent to which our new products are accepted in
the market, the availability of competitive products that may be more
technologically advanced or otherwise preferable to our products, tensions in
the Middle East and other factors disclosed under the heading “Risk Factors”
and elsewhere in our most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q, which are on file with the Securities and Exchange
Commission. Further, all written and verbal forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in
their entirety by such factors. We assume no obligation to revise or update
any forward-looking statement, whether written or oral, that we may make from
time to time, whether as a result of new information, future developments or
otherwise.

Contact:

Geospace Technologies Corporation
Gary D. Owens, 713.986.4444
Chairman, President and CEO
 
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