ARKeX Announces New Multi-Client FTG Survey Offshore Greenland

April 24, 2012

Houston, TX – April 24, 2012 -- ARKeX, a provider of non-seismic geophysical imaging services, in conjunction with ION Geophysical Corporation, today announced the commencement of a new multi-client full tensor gravity gradiometry (FTG) survey offshore Greenland.  The 50,000 sq km (30,000 line km) survey will cover a substantial portion of the pre-round blocks that are on offer to the KANUMAS group and the ordinary round blocks that will be offered next year as part of Greenland’s ongoing license rounds.

With reserve estimates of 8.5 billion BOE, 80.4 trillion cf of gas, and 8.5 bb of natural gas liquids, the region offshore northeast Greenland is very attractive to E&P companies.

The acquired FTG data will be incorporated with ION’s 2D Northeast GreenlandSPAN^TM program to build a 3D structural model of the area, giving exploration companies valuable geologic information on which to base their exploration decisions.

Phill Houghton, ARKeX Vice President of Business Development, commented, “It is great to be working with ION on another multi-client FTG project. Greenland has vast potential, and by combining ARKeX FTG data with ION’s SPAN data, together we will be able to deliver an enhanced geologic model of this frontier area.”

Joe Gagliardi, ION’s Director of Arctic Solutions and Technology, added, “For E&P operators in the Arctic, the stakes are incredibly high.  To reduce their risk and allow for informed decision making, these companies need high resolution data covering as much of the territory as possible. Relying on the typical volume of recon grade 3D seismic data in the Arctic offshore Northeast Greenland is simply not feasible due to the presence of pack ice covering the prime exploration area. ION and ARKeX are applying a unique application of basin-scale data sets and non-seismic data to produce a 3D data volume ahead of the 2013 licensing round.”

Survey operations are scheduled to commence in April 2012.  The data is expected to be available Q3.

For more information about ARKeX, visit www.ARKeX.com.  To learn more about Northeast GreenlandSPAN, visit www.iongeo.com/ArcticSPAN

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About ARKeX

ARKeX is a provider of non-seismic geophysical imaging services for the oil & gas exploration industries. It specialises in the acquisition of multi-client and proprietary Full Tensor Gravity Gradiometry (FTG) data. FTG surveys measure minute variations in the earth's gravitational field to help image subsurface structures. FTG has a much higher bandwidth and delivers a higher resolution image than conventional gravity surveys. It can be used as a stand alone service or in conjunction with seismic data. ARKeX can also process and interpret conventional gravity and magnetic data as well as brokering multi-client non-seismic data. Based in Cambridge, UK, ARKeX has offices in Sherington, UK, and Houston, USA, and has global operational capabilities.

www.arkex.com

About ION

ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com.

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