Seitel Announces Record Date for Determining Stockholders to Receive Common Stock and Stockholder Warrants Under its Confirmed C
June 25 2004 - 8:30AM
PR Newswire (US)
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, in exchange for each
share of common stock owned, one share of Seitel's reorganized
common stock and one stockholder warrant 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"). A record holder who transfers its Seitel
common stock after the record date will no longer be entitled to
receive shares of reorganized common stock on or after the
effective date of 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. 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, +1-713-881-8900, both of
Seitel, Inc. Web site: http://www.seitel-inc.com/
Copyright