Geospace Technologies Corporation Announces Contract for Delivery of a Permanent Land Data Acquisition System

  Geospace Technologies Corporation Announces Contract for Delivery of a
  Permanent Land Data Acquisition System

Business Wire

HOUSTON -- October 8, 2013

Geospace Technologies Corporation (NASDAQ: GEOS) today announced that the
company has entered into a contract to deliver a permanent land data
acquisition system. It is the company’s first system design of its kind. The
system will be trenched in the earth above a producing reservoir for
monitoring purposes. The $5.0 million system is expected to be delivered
through a contract with Makamin Petroleum Services Company (MPS) during fiscal
year 2014.

MPS is a Saudi based oil and gas services company and is a 100% owned
subsidiary of Saudi Makamin Oil and Gas Group. Its main activities are onshore
drilling, pipeline & industrial services, geosciences, marine diving, and
chartering services. Its main market is in Saudi Arabia with major E & P

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


Geospace Technologies Corporation
Gary D. Owens, 713.986.4444
Chairman, President and CEO
FAX: 713.986.4445
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