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COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2011
COMMITMENTS AND CONTINGENCIES.  
COMMITMENTS AND CONTINGENCIES

NOTE P — COMMITMENTS AND CONTINGENCIES

 

During January of 2012, the Company entered into an agreement to purchase 14,200 channels of GSR seismic recording equipment for a total purchase price of approximately $14.7 million to be paid from a $7.7 million note payable from a commercial bank and the remainder from existing cash.  The Company took delivery of this equipment during January and February of 2012.

 

In conducting its activities, the Company from time to time is the subject of various claims arising from the ordinary course of business.  In the opinion of management, the ultimate resolution of such claims is not expected to have a material adverse effect upon the financial position of the Company.