Nasdaq-listed GC Industries, Inc. announced that it has acquired Eagle Canada, Inc., a provider of seismic data and surveying services to the Canadian energy industry.
TGC Industries purchased all of the outstanding stock of Calgary, Alberta, Canada-based Eagle Canada for a total purchase price of $10.3 million, which was paid from existing cash.
The transaction was closed on October 16, 2009.
Eagle Canada, a wholly-owned subsidiary of Eagle Geophysical, Inc. and Eagle Geophysical Onshore, Inc., provides seismic acquisition services to the oil and gas industry throughout Canada. Their business model is centered around all aspects of land acquisition, with particular expertise in the acquisition of seismic data in technically complex and logistically difficult areas with 3-D heliportable capabilities.
Commeting on the deal, Wayne Whitener, TGC Industries’ President and Chief Executive Officer, said: “This acquisition is an excellent fit for TGC. It strengthens our strategic position within the seismic industry, giving us diversification and a new geographic region in which to operate.
“In addition, it provides us with operational exposure to new industries since the company has extensive experience in 3-C data acquisition in the Canadian oil sands and their seismic acquisition services are also used by the potash mining industry in Canada”.
TGC Industries, which is based in Plano, Texas, with branch offices in Houston and Oklahoma City, is one of the leading providers of seismic data acquisition services throughout the continental United States.