Logan International Inc.

October 04, 2010 16:35 ET

Logan International Announces Front-End Seismic Award

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2010) - Logan International Inc., (TSX:LII) announced that its front-end seismic segment, which is operated through its Destiny Resource Services division ("Destiny"), has been selected by CGG Veritas to provide surveying, line clearing and drilling services in the emerging Marcellus Shale play in Pennsylvania. This program, which will be performed under a series of several contracts, is expected to continue for nearly two years and to generate approximately $55 million of revenue. The initial phase of the project was begun in late August.

Peter Scott, President of Destiny, stated "Destiny has a long term working relationship with CGG Veritas which has been beneficial for both companies and we look forward to being part of their success in the Marcellus play". Logan CEO Gerald Hage added, "This program will provide a strong base for our front-end seismic segment - both as an expansion into this important market and as a counter-weight to the extreme seasonality of our Canadian front-end seismic business".

Destiny has established a full service location in Williamsport, PA to support this program and other opportunities in this area. The new facility will be shared with Logan's downhole tool segment which will further enhance Logan's presence in this emerging market.

Logan International is a growth-oriented oilfield manufacturing and services company focused on the downhole tool and completion technology markets. Logan manufactures and sells a complete line of downhole products - retrieving tools, stroking tools, surface tools, remedial tools (Logan Oil Tools) and high performance polycrystalline diamond compact cutters and bearings (Dennis Tool Company) for a variety of well work-over, intervention, drilling and completion activities. Based in Houston, Texas, Logan Oil Tools is recognized as a leading source of superior products for many of the largest fishing and rental tool companies around the world. Logan International is also a leading provider of equipment and services for completion, workover fishing activities and drilling motor systems and has a proprietary multi-fracturing completion system ("MultiStim Fracture Isolation™") which is fully retrievable post-fracturing (Source Energy Tool Services). In addition, Logan International provides front-end services to energy explorers and producers and to seismic acquisition companies in North America (Destiny Resource Services).

Forward-Looking Statements

This press release contains forward-looking statements. These statements relate to future events or future performance of Logan International including but not limited to the anticipated benefits resulting from the transaction described in this press release. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan International's current views with respect to certain events, and are subject to certain risks, uncertainties and assumptions. Although Logan International believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan International's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan International's Annual Information Form for the year ended December 31, 2009 filed on http://www.sedar.com which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan International does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.

For more information about Logan International Inc. please visit our website at www.loganinternationalinc.com.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Logan International Inc.
    Gerald Hage
    Chief Executive Officer
    403-692-1375 Calgary
    281-617-5300 Houston
    Logan International Inc.
    David Jones
    Chief Financial Officer
    403-237-6437 Calgary
    281-617-5322 Houston