Clarification: Seitel Announces Record Date for Determining Stockholders to Receive Common Stock and Stockholder Warrants Under
June 25 2004 - 11:57AM
PR Newswire (US)
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/
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