HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- Seitel, Inc.
(OTC Bulletin Board: SELA), a leading provider of seismic data to the oil and
gas industry, today announced that its board of directors has appointed board
member Robert Kelley as Lead Director. Kelley's responsibilities will include
strategic direction and planning and investment oversight, as well as leading
the search for the expeditious appointment of a permanent CEO.
Kelley serves on the compensation committee and is chairman of the audit
committee. He is currently president of Kellco Investments, Inc., a private
investment company located in Ardmore, Oklahoma. Kelley retired in April 2001
as chairman of the Board of Noble Affiliates, Inc., now known as Noble Energy,
Inc.
"Bob is an integral part of Seitel's new leadership," stated Fred Zeidman,
chairman of the board. "He has over 30 years of experience in the oil and gas
industry and has already demonstrated his ability to push forward issues that
ensure continuity and goal achievement. We are committed to becoming the
largest, most comprehensive data provider in North America, and Bob will play
a key role in the company's growth."
"Seitel's fundamentals are strong," commented Kelley. "We worked
diligently to restructure our capital and emerge out of bankruptcy in August.
Now we must focus on building on these fundamentals and growing this company
to its full potential."
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 over 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 more than 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. Other important factors which could cause actual
results to differ materially from those in the forward-looking statements are
detailed 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: Robert Monson, CFO
713-881-2816
SOURCE Seitel, Inc.
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CONTACT: Robert Monson, CFO of Seitel, Inc., +1-713-881-2816
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