Business
DAWSON GEOPHYSICAL ANNOUNCES ASSET PURCHASE AGREEMENT WITH WILKS BROTHERS, LLC
MIDLAND, Texas, March 24, 2023 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company" or "Dawson") today announced that it has entered into
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, March 24, 2023 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\" or \"Dawson\") today announced that it has entered into an asset purchase agreement with Wilks Brothers, LLC and Breckenridge Geophysical, LLC (\"Breckenridge\"), pursuant to which the Company purchased substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library.\nThe transaction is effective immediately and Dawson extended offers of employment to relevant employees of Breckenridge to continue supporting the acquired assets and business. The parties plan to begin integration of the acquired assets and business into Dawson's operations as soon as possible.\nTotal consideration for the transaction is 7,000,000 shares of Dawson common stock. 1,188,235 shares were issued at the time of closing, and the remaining 5,811,765 shares are in the form of a convertible note, which will only convert following shareholder approval at a meeting Dawson plans to convene as soon as practicable.\nStephen C. Jumper, CEO and President of Dawson Geophysical, said, \"We are excited to welcome all the Breckenridge employees to the Dawson team. They bring with them needed years of operational experience at all levels as well as long-standing customer relationships. This transaction increases our channel and vibrator energy source capacity with the addition of like equipment allowing for improved operational efficiencies. The combination will provide flexibility in executing existing projects from both companies and provide meaningful operational and cost synergies.\"\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.\nAbout Dawson\nDawson Geophysical Company is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States and Canada. Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of...