TGC Industries Announces the Acquisition of Eagle Canada

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Tge Marine	LSE:TGE	London	Ordinary Share	DE000A0SFQK4	ORD NPV (DI)

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Tge Marine (LSE:TGE)
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From Jun 2019 to Jun 2024

PLANO, Texas, Oct. 19 /PRNewswire-FirstCall/ -- TGC Industries, Inc. (NASDAQ:TGE) today announced that it has acquired Eagle Canada, Inc. ("Eagle Canada"), a provider of seismic data and surveying services to the Canadian energy industry based in Calgary, Alberta Canada. TGC Industries purchased all of the outstanding stock of Eagle Canada for a total purchase price of $10.3 million, which was paid from existing cash. Eagle Canada generated revenues of $26.5 million in 2008. The transaction closed on October 16, 2009. Eagle Canada was a wholly-owned subsidiary of Eagle Geophysical, Inc. and Eagle Geophysical Onshore, Inc. Eagle Canada provides seismic acquisition services to the oil and gas industry throughout Canada. Their business model is centered around all aspects of land acquisition, with particular expertise in the acquisition of seismic data in technically complex and logistically difficult areas with 3-D heliportable capabilities. Eagle Canada has the capability to operate five seismic crews, with 16,000 channels and nine vibrator units, and has access to additional equipment through leasing. They utilize the latest in ARAM Aries recording equipment to maximize productivity and data quality, and their equipment is interchangeable with that of TGC. Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "This acquisition is an excellent fit for TGC. It strengthens our strategic position within the seismic industry, giving us diversification and a new geographic region in which to operate. In addition, it provides us with operational exposure to new industries since the company has extensive experience in 3-C data acquisition in the Canadian oil sands and their seismic acquisition services are also used by the potash mining industry in Canada. "We welcome Eagle Canada to our organization and are pleased that its president Robert Wood and his team will remain in place. We expect Eagle Canada with its solid profitability to play an important role in our growth plans going forward." TGC Industries, Inc., based in Plano, Texas with branch offices in Houston and Oklahoma City, is one of the leading providers of seismic data acquisition services throughout the continental United States. 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. These forward-looking statements are based on our current expectations and projections about future events. All statements other than statements of historical fact included in this press release regarding the Company are forward-looking statements. There can be no assurance that those expectations and projections will prove to be correct. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. CONTACTS: Wayne Whitener Chief Executive Officer TGC Industries, Inc. (972) 881-1099 Jack Lascar / Karen Roan DRG&E (713) 529-6600 DATASOURCE: TGC Industries, Inc. CONTACT: Wayne Whitener, Chief Executive Officer of TGC Industries, Inc., +1-972-881-1099; or Jack Lascar or Karen Roan, both of DRG&E, +1-713-529-6600, for TGC Industries, Inc. Web Site: http://www.tgcseismic.com/

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