Seitel (NASDAQ:SEIEQ)
Historical Stock Chart
From May 2019 to May 2024
Clarification: Seitel Announces Record Date for Determining
Stockholders to Receive Common Stock and Stockholder Warrants Under Its
Confirmed Chapter 11 Plan of Reorganization
HOUSTON, June 25 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC:SEIEQ) (BULLETIN
BOARD: SEIEQ) , today announced that Friday, June 25, 2004 has been set as the
record date for determining holders of record of Seitel's common stock who are
entitled to receive stockholder warrants, each representing the right to
purchase 4.926 shares of reorganized common stock, at an exercise price of 60
cents per share, in accordance with Seitel's Third Amended Joint Plan of
Reorganization confirmed by order of the Bankruptcy Court on March 18, 2004
(the "Plan"). Notice of the record date has been given to the National
Association of Securities Dealers, Inc., which has indicated that Seitel's
common stock commenced trading on an "X-warrant" basis on June 23, 2004. On
and after the effective date of the Plan, shares of reorganized common stock
will be issued upon surrender of and in exchange for certificates representing
Seitel's "old" common stock.
ABOUT SEITEL
Seitel is a leading provider of seismic data and related geophysical services
to the oil and gas industry in North America. Seitel's products and services
are used by oil and gas companies to assist in the exploration for and
development and management of oil and gas reserves. Seitel has ownership in an
extensive library of proprietary onshore and offshore seismic data that it has
accumulated since 1982 and that it offers for license to a wide range of oil
and gas companies. Seitel believes that its library of onshore seismic data is
one of the largest available for licensing in the United States and Canada.
Seitel's seismic data library includes both onshore and offshore
three-dimensional (3D) and two-dimensional (2D) data and offshore multi-
component data. Seitel has ownership in approximately 32,000 square miles of
3D and approximately 1.1 million linear miles of 2D seismic data concentrated
primarily in the major North American oil and gas producing regions. Seitel
markets its seismic data to over 1,300 customers in the oil and gas industry,
and it has license arrangements with in excess of 1,000 customers.
Statements in this release about the future outlook related to Seitel involve
known and unknown risks and uncertainties, which may cause Seitel's actual
results to differ materially from expected results. While Seitel believes its
forecasting assumptions are reasonable, there are factors that are hard to
predict and influenced by economic and other conditions that are beyond
Seitel's control. Among the other important factors which could cause actual
results to differ materially from those in the forward-looking statements are
the failure of the Plan to otherwise become effective, as well as other factors
detailed in the Disclosure Statement related to the Plan or in Seitel's filings
with the Securities and Exchange Commission, including its most recent Annual
Report on Form 10-K, a copy of which may be obtained from Seitel without
charge.
Contact Information
Leonard M. Goldstein, General Counsel
Robert D. Monson, Chief Financial Officer
Telephone: (713) 881-8900
DATASOURCE: Seitel, Inc.
CONTACT: Leonard M. Goldstein, General Counsel, or Robert D. Monson,
Chief Financial Officer, both of Seitel, Inc., +1-713-881-8900
Web site: http://www.seitel-inc.com/