SCIENCE
US Seismic Systems Awarded a Large-Scale Development Program
This is the Second of Numerous Collaborations with Oil and Gas Service Companies Currently under Negotiation
US Seismic Systems (USSI) has announced today that it has been awarded an order to develop a large-scale seismic system based upon its revolutionary fiber optic sensor technology for a major oilfield services company. The economic value of this order, once in production, is over $10M annually.
Jim Andersen, CEO of USSI said, "The award of this order helps to validate that USSI is rapidly becoming recognized as a leader in fiber optic seismic monitoring within the oil and gas industry. We believe we are the first company to provide a cost effective fiber optic solution, and to top it off, our systems are more reliable with substantially better performance. These collaborations allow us to couple our world-class fiber optics expertise with the critical field experience of top tier service companies to mature our commercial development efforts."
John Moore, CEO of Acorn Energy stated, "Jim and his team at US Seismic are delivering the enabling sensor technology for the 4D seismic revolution. The 4th dimension in 4D seismic is time. US Seismic has developed sensors that for the first time can be permanently embedded in reservoirs and provide crucial real time information to enable geologists to improve the yields from reservoir stimulation."
According to the WorldWatch Institute, 75% of global oil reserve additions came not from new discoveries but from revisions and extensions of known accumulations. The energy companies using reservoir stimulation need more seismic data to continue expanding reserves ahead of growing demand.
To accommodate the increase in development and production requirements the company has moved into a new 21,000 square foot manufacturing facility in Chatsworth, California and is expanding its staff.
US Seismic is holding an investor day on July 12, 2011 from 11 a.m. - 5 p.m. at its new facility in Chatsworth, CA. Please contact Shae Begolly at 302-656-1707 to register.
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