Dawson Geophysical Company Announces Fielding of Additional Crew
26 Januar 2006 - 1:51AM
PR Newswire (US)
MIDLAND, Texas, Jan. 25 /PRNewswire-FirstCall/ -- Dawson
Geophysical Company (NASDAQ:DWSN) today announced that its Board of
Directors has approved the fielding of an additional data
acquisition crew. The new crew is expected to commence operations
in May, 2006. The Company's Board of Directors has also approved an
increase of $15,000,000 to the Company's capital expenditure budget
to cover the cost of equipping the new crew and to expand and
update existing crews, bringing the Company's approved capital
expenditure budget for fiscal 2006 to $25,000,000. The additional
crew will bring the Company's total crew count to twelve. In
addition, the Board of Directors has named Stephen C. Jumper,
Company President and Chief Operating Officer since 2001, as
President and Chief Executive Officer effective today. Mr. Jumper's
career with Dawson spans 21 years, beginning as data processing
geophysicist and advancing to Vice President of Technical Services.
The Board has also named executive vice president C. Ray Tobias as
Chief Operating Officer. L. Decker Dawson, our current Chief
Executive Officer and Chairman of the Board of Directors, will step
down as Chief Executive Officer, but will continue to serve as
Chairman of the Board of Directors. In yesterday's annual
stockholders meeting, shareholders re-elected members of the Board
of Directors, voted to increase the Company's authorized common
stock from 10,000,000 to 50,000,000 and named KPMG LLP independent
public accountants for the fiscal year ending September 30, 2006.
Shareholders did not adopt a proposed increase in the Company's
2004 incentive stock plan. The Company has no current plans to
issue any of the newly authorized common stock. Dawson Geophysical
Company is the leading provider of U.S. onshore seismic data
acquisition services as measured by the number of active data
acquisition crews. Founded in 1952, Dawson acquires and processes
2-D, 3-D, and multi- component seismic data solely for its clients,
ranging from major oil and gas companies to independent oil and gas
operators as well as providers of multi- client data libraries. In
accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, Dawson Geophysical
Company cautions that statements in this press release which are
forward-looking and which provide other than historical information
involve risks and uncertainties that may materially affect the
Company's actual results of operations. These risks include, but
are not limited to, dependence upon energy industry spending, the
volatility of oil and gas prices, weather interruptions, the
ability to obtain land access rights of way and the availability of
capital resources. A discussion of these and other factors,
including risks and uncertainties, is set forth in the Company's
Form 10-K for the fiscal year ended September 30, 2005. Dawson
Geophysical Company disclaims any intention or obligation to revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise. FCMN Contact:
hagan@dawson3d.com DATASOURCE: Dawson Geophysical Company CONTACT:
L. Decker Dawson, Chairman of the Board of Directors, or Stephen C.
Jumper, President and Chief Executive Officer, or Christina W.
Hagan, Chief Financial Officer, all of Dawson Geophysical Company,
+1-800-332-9766 Web site: http://www.dawson3d.com/
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