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ENTRY INTO A DEFINITIVE AGREEMENT
9 Months Ended
Sep. 30, 2012
ENTRY INTO A DEFINITIVE AGREEMENT  
ENTRY INTO A DEFINITIVE AGREEMENT

NOTE G — ENTRY INTO A DEFINITIVE AGREEMENT

 

On October 15, 2012, we disclosed that the Company entered into an agreement with Geospace Technologies to purchase 8,000 stations of 3-channel GSX wireless seismic recording equipment, along with all peripheral equipment, to be deployed in Canada.  The Company took delivery of substantially all of this equipment during October 2012.  This purchase was financed with a $7,000,000 36-month note payable to a commercial bank and approximately $7,200,000 in existing cash.