Norex Exploration Services Inc.
TSX : NRX

Norex Exploration Services Inc.

November 09, 2009 10:35 ET

Norex Announces Service Agreement With WesternGeco

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2009) - Norex Exploration Services Inc. (TSX:NRX) ("Norex" or the "Company") today announced the renewal of a service agreement with WesternGeco, a Schlumberger business segment, for the provision of a recording crew for seismic data acquisition programs in the United States.

In conjunction with this contract, Norex will utilize up to ten of its 67,000lb buggy vibrators. The Company's vibrator fleet, consisting of both buggy and truck mounted vibrators, now totals 35 machines.

"We are very pleased to be working with WesternGeco throughout the United States in the provision of seismic data acquisition services" commented Paul Crilly, President and CEO.

About Norex

Norex, and its divisions Conquest Seismic Services and U.S. subsidiary, Conquest Seismic Services, Inc., provide premium 2D, 3D, 4D and 3C land-based seismic data acquisition services in Canada and the United States. Norex trades on the TSX under the symbol "NRX".

Forward-looking Statements

Certain information set forth in this news release, including buggy vibrator usage contains forward-looking statements, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. The Company provides seismic data acquisition services and is exposed to a number of risks and uncertainties that are common to companies in the same business. These risks and uncertainties include demand for the Company's services which is affected by, among other things, the speculative nature of resource exploration and development activities, changes in commodity prices, general economic, market and business conditions; competition for capital and skilled personnel and shortages thereof; the competitive nature of the seismic industry; the ability to keep pace with constantly changing technology; uncertainty in various factors in the oil and gas industry, including the ability to comply with current and future health, safety, environmental and other laws; the general risk inherent to seismic data acquisition activities; risks relating to expansion including pressure on operational and technical resources; risks relating to the reliance on key officers, employees and consultants, including an unexpected loss or departure of any one of them; cancellation of work previously awarded to the Company; the possibility of a conflict of interest arising for the directors and officers of Norex who are participants in other sectors of the oil and gas industry; risks relating to having shareholders who are able to exert influence over the affairs of Norex; the possibility of the need for future financing, which may not be available on favourable terms; the volatility of the trading market for the shares of Norex; actions by governmental or regulatory authorities including increasing taxes and changes in other regulations; and the occurrence of unexpected events involved in resource exploration including, but not limited to, adverse weather conditions and wind. Adverse weather or field operating conditions can also negatively impact field productivity and, as a result, the Company's overall profitability.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements.

The information contained in this press release should not be considered all-inclusive as it excludes changes that may occur in general economic, political and environmental conditions. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Investors are cautioned against attributing undue certainty to forward-looking statements. The forward-looking information and statements contained in this press release speak only as of the date hereof and, subject to its obligations under applicable law, the Company does not intend, and does not assume any obligation, to update these forward looking statements if conditions or opinions should change.

Contact Information

  • Norex Exploration Services Inc.
    Mr. Paul Crilly
    President and CEO
    (403) 216-5929
    or
    Norex Exploration Services Inc.
    Mr. Graham Reid
    Vice President of Finance and CFO
    (403) 216-5918