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ACQUISITION OF EAGLE CANADA SUPPLEMENTARY DATA
 12 Months Ended
Dec. 31, 2011
ACQUISITION OF EAGLE CANADA SUPPLEMENTARY DATA  
ACQUISITION OF EAGLE CANADA SUPPLEMENTARY DATA

NOTE O — ACQUISITION OF EAGLE CANADA SUPPLEMENTARY DATA

 

On October 19, 2009, we disclosed our entry into a Material Definitive Agreement regarding the acquisition of the stock of Eagle Canada, Inc. (“Eagle Canada”), a Delaware corporation.  Eagle Canada was a wholly-owned subsidiary of Eagle Geophysical, Inc. and Eagle Geophysical Onshore, Inc. (the “Debtors”) which were debtors in a Chapter 11 bankruptcy proceeding in Houston, Texas.  Eagle Canada is in the business of providing seismic data and surveying services to the Canadian energy industry and has its principal place of business located in Calgary, Alberta, Canada.  By Order dated October 14, 2009, the Bankruptcy Court approved the sale of the Eagle Canada stock by the Debtors to TGC and authorized the Debtors to enter into a Stock Purchase Agreement with TGC.  In accordance with the terms of the Stock Purchase Agreement, the sale transaction closed on October 16, 2009, with TGC acquiring the Eagle Canada stock for a total purchase price of approximately $10.3 million paid from existing cash.  The acquisition provided the Company with a new geographic region in which to operate.  The seismic recording equipment used by Eagle Canada is interchangeable with that of TGC.

 

The amounts of Eagle Canada’s revenue and earnings included in our consolidated statement of income for the year ended December 31, 2009, and the unaudited revenue and earnings of the combined entity had the acquisition date been January 1, 2009, are as follows:

 

 

 

Revenue

 

Earnings

 

 

 

 

 

 

 

Actual from 10/15/09 to 12/31/09

 

$

4,783,892

 

$

381,366

 

 

 

 

 

 

 

Supplemental pro forma from 1/1/09 to 12/31/09

 

$

103,539,881

 

$

1,584,565