GEOTRACE RECAPITALIZES TO CONTINUE ITS GROWTH
HOUSTON, TX - December 23, 2003 – Geotrace Technologies, Inc., a leading provider of subsurface imaging solutions and sophisticated reservoir analysis to the oil and gas industry worldwide, is please to announce its new financial partnership with Oak Investment Partners, Cornerstone Equity Investors and Allied Capital.
The recapitalization of the company will enable Geotrace to continue its growth momentum. Geotrace focuses on helping their clients optimize oil and gas production and managing exploration risks by employing a suite of highly engineered software tools that integrate seismic, well log, and other petrophysical data. It typically serves companies that are exploring a new field, attempting to most effectively produce oil and gas from a field with known reserves, or re-analyzing data for fields that are being sold or where new technology can help add value to a previous analysis.
About Geotrace
Geotrace, headquartered in Houston, Texas, is an independent, integrated, reservoir services company that provides subsurface imaging solutions to the oil and gas industry. The company is client focused and seeks to assist the client to optimize operations through the application of leading edge technology and highly experienced personnel. Founded in 1979, Geotrace began offering 2D seismic data processing services to domestic oil and gas customers. As 3D seismic surveys increased in popularity, the company expanded its services to include this new technology in 1986. During the early 90's, Geotrace further expanded its service emphasis to reservoir service solutions to the oil and gas industry. Its client base spans international/domestic, foreign national, and independent oil and gas producers.
About Cornerstone Equity Investors, LLC
Cornerstone Equity Investors, LLC is one of the largest and most experienced private equity firms in the United States. Since 1984, the professionals of Cornerstone have raised over $1.2 billion in committed capital. Cornerstone focuses on lower middle market leveraged buyouts of corporate divisions, closely held private companies and micro and small capitalization public companies in the business services, consumer, healthcare and technology manufacturing industries. For more information, please visit www.cornerstone-equity.com.
About Oak Investment Partners
Oak Investment Partners is a Connecticut-based growth-oriented private equity firm with a total of $4.2 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Oak information is available via its website at www.oakvc.com.
About Allied Capital
Allied Capital is the nation's largest business development company and provides long-term debt and equity investment capital to support the expansion of companies in a variety of industries. The company also participates in the real estate capital markets as an investor in non-investment grade commercial mortgage-backed securities and collateralized debt obligation bonds and preferred shares. The company is headquartered in Washington, DC. Allied information is available via its website at www.alliedcapital.com.
|
