Spectraseis Extends Technical Collaboration with StatoilHydro

Areas of technical collaboration will include the analysis of passive seismic surveys and StatoilHydro has interest in joining the newly formed Joint Industry Project (JIP) established by Spectraseis and the Swiss Federal Institute of Technology (ETH Zurich). The JIP has been set up to further advance the understanding of LF passive seismic technology for enhanced applications in the detection of hydrocarbon reservoirs.

Spectraseis CEO, Ross Newman, commented:

"We are delighted to be extending our collaboration today with StatoilHydro, a leading technology innovator. StatoilHydro's active involvement is further confirmation of the huge opportunities low frequency seismic technology brings to the upstream E&P business and we look forward to working together in further commercializing the next generation of geophysical information."

His words were backed up by Ole J. Martinsen, Vice President of Exploration Research at StatoilHydro:

"Reducing risk in exploration and production is one of the single biggest challenges E&P operators face today. We look forward to continuing to work with Spectraseis in ensuring that LF passive seismic reaches its full potential. Our program with Spectraseis during the past two years has been very positive. The Spectraseis team has established clear leadership in LF technology and we are excited to be extending our collaboration with them in this high-potential field."

Established in 2003 in partnership with leading European universities, Spectraseis helps oil and gas companies more efficiently find and produce hydrocarbon reserves, as compared to conventional surveying and seismic techniques. In November 2007, Spectraseis secured a CHF 36 million (US$ 32.2 million) investment from Warburg Pincus, the global private equity firm and a leading energy investor.

Spectraseis has the industry's biggest research program focused on the theory, methods and applications of low frequency spectral analysis, leading to the filing of 11 patents to date. Research programs include: Numerical modeling of wave propagation in porous media; low frequency processing and interpretation methods; and low frequency hydrocarbon microtremors.