Seitel Appoints Robert D. Monson as New CFO
May 10 2004 - 5:23PM
PR Newswire (US)
Seitel Appoints Robert D. Monson as New CFO HOUSTON, May 10
/PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SEIEQ;
TSE: OSL) ("Seitel" or the "Company") today announced that Robert
D. Monson has been appointed Chief Financial Officer, effective
immediately. Mr. Monson has over 19 years of experience in the oil
and gas industry, including over four years in the international
seismic industry. He has served in various financial capacities
with Schlumberger Limited since 1985, most recently as business
segment CFO for Schlumberger Well Services and the worldwide
controller for Oilfield Technology Centers. Prior to this, Mr.
Monson served as either treasurer or controller to other
Schlumberger entities, including assignments in their New York
headquarters and various international locations. "We are very
excited to have Robert join our team, and his experience will be
invaluable as we emerge from bankruptcy," said Randall D. Stilley,
CEO and President of Seitel. On March 18, 2004 the Bankruptcy Court
confirmed Seitel's Chapter 11 plan of reorganization. The plan is
supported by Seitel's Official Committee of Equity Security
Holders, as well as the Company's largest creditors, Berkshire
Hathaway Inc. and Ranch Capital LLC. In addition to Berkshire and
Ranch, the bankruptcy plan was accepted by the holders of more than
99.6% of the shares of common stock who voted on the plan. 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 which it offers for license to a wide
range of oil and gas companies. Seitel has a diversified customer
base, which includes marketing to more than 1,300 customers and
license agreements with more than 1,000 customers. Seitel's library
of 3D seismic data is one of the largest available for licensing in
the U.S. and Canada. The company has ownership in approximately
32,000 square miles of 3D seismic data, primarily located in major
North American oil and gas producing regions. Seitel's customers
utilize this data, in part, to assist their identification of new
geographical areas where subsurface conditions are favorable for
oil and gas exploration, to determine the size, depth and
geophysical structure of previously identified oil and gas fields
and to optimize the development and production of oil and gas
reserves. Forward-Looking Statements Statements in this release
about the future outlook related to Seitel involve known and
unknown risks and uncertainties, which may cause the Company's
actual results to differ materially from expected results. While
the Company believes its forecasting assumptions are reasonable,
there are factors that are hard to predict and influenced by
economic and other conditions that are beyond the Company'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 or in Seitel's filings with the Securities and Exchange
Commission, including its most recent Form 10-K Annual Report, a
copy of which may be obtained from the Company without charge.
DATASOURCE: Seitel, Inc. CONTACT: Leonard Goldstein of Seitel,
Inc., +1-832-295-8300, ; Scott Tagliarino of Rubenstein Associates,
+1-212-843-8057, , for Seitel, Inc.
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