<SEC-DOCUMENT>0001104659-21-139708.txt : 20211116
<SEC-HEADER>0001104659-21-139708.hdr.sgml : 20211116
<ACCEPTANCE-DATETIME>20211116084726
ACCESSION NUMBER:		0001104659-21-139708
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211116
DATE AS OF CHANGE:		20211116

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAWSON GEOPHYSICAL CO
		CENTRAL INDEX KEY:			0000799165
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL AND GAS FIELD EXPLORATION SERVICES [1382]
		IRS NUMBER:				742095844
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-37717
		FILM NUMBER:		211414218

	BUSINESS ADDRESS:	
		STREET 1:		508 WEST WALL
		STREET 2:		SUITE 800
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701
		BUSINESS PHONE:		4326843000

	MAIL ADDRESS:	
		STREET 1:		508 WEST WALL
		STREET 2:		SUITE 800
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TGC INDUSTRIES INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAWSON GEOPHYSICAL CO
		CENTRAL INDEX KEY:			0000799165
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL AND GAS FIELD EXPLORATION SERVICES [1382]
		IRS NUMBER:				742095844
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A

	BUSINESS ADDRESS:	
		STREET 1:		508 WEST WALL
		STREET 2:		SUITE 800
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701
		BUSINESS PHONE:		4326843000

	MAIL ADDRESS:	
		STREET 1:		508 WEST WALL
		STREET 2:		SUITE 800
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TGC INDUSTRIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>tm2133072d1_sc14d9a.htm
<DESCRIPTION>SC 14D9/A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
Washington, D.C. 20549</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SCHEDULE 14D-9</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
(Rule 14d-101)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Solicitation/Recommendation Statement<BR>
Under Section 14(d)(4) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Dawson Geophysical
Company</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
(Name of Subject Company)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Dawson Geophysical
Company</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
(Name of Person Filing Statement)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock, $0.01 par value per share<BR>
</B>(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>239360100<BR>
</B>(CUSIP Number of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stephen C. Jumper<BR>
Chairman of the Board, President and Chief Executive Officer<BR>
Dawson Geophysical Company<BR>
508 West Wall, Suite 800<BR>
Midland, Texas 79701<BR>
(432) 684-3000<BR>
</B>(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on<BR>
Behalf of the Person Filing Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grant Everett<BR>
Baker Botts L.L.P.<BR>
2001 Ross Avenue, Suite 900<BR>
Dallas, TX 75201<BR>
(214) 953-6500</B></FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael S. Telle<BR>
    Vinson &amp; Elkins L.L.P.<BR>
    1001 Fannin Street, Suite 2500<BR>
    Houston, TX 77002<BR>
    (713) 758-2222</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Check the box if the filing relates solely
to preliminary communications made before the commencement of a tender offer.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Amendment No.&nbsp;1 (this &ldquo;<B>Amendment
No.&nbsp;1</B>&rdquo;) amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 filed with the U.S. Securities
and Exchange Commission on November 1, 2021 (together with any amendments and supplements hereto, including this Amendment No.&nbsp;1,
the &ldquo;<B>Schedule 14D-9</B>&rdquo;) by Dawson Geophysical Company, a Texas corporation (&ldquo;<B>Dawson Geophysical</B>&rdquo; or
the &ldquo;<B>Company</B>&rdquo;). The Schedule 14D-9 relates to the tender offer by WB Acquisitions Inc. (the &ldquo;<B>Offeror</B>&rdquo;),
a Delaware corporation and a subsidiary of Wilks Brothers, LLC (&ldquo;<B>Parent</B>&rdquo;), a Texas limited liability company, on behalf
of Parent, to purchase, subject to certain conditions, all of the issued and outstanding shares (the &ldquo;<B>Shares</B>&rdquo;) of common
stock, par value $0.01 per share, of Dawson Geophysical, at a purchase price of $2.34 per Share in cash, without interest and less any
required withholding of taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 1, 2021
(the &ldquo;<B>Offer to Purchase</B>&rdquo;),&nbsp;a copy of which is attached as Exhibit&nbsp;(a)(1)&nbsp;to the Schedule 14D-9 and in
the related Letter of Transmittal (the &ldquo;<B>Letter of Transmittal</B>&rdquo;), a copy of which is attached as Exhibit&nbsp;(a)(2)&nbsp;to
the Schedule 14D-9, which, together with any other related materials, as each may be amended or supplemented from time to time, collectively
constitute the &ldquo;<B>Offer</B>,&rdquo; pursuant to the Agreement and Plan of Merger, dated as of October 25, 2021, by and among Parent,
the Offeror and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except to the extent specifically provided in this
Amendment No.&nbsp;1, the information set forth in the Schedule 14D-9 remains unchanged and is incorporated herein by reference as relevant
to the items in this Amendment No.&nbsp;1. Capitalized terms used but not defined herein have the meanings ascribed to them in the Schedule
14D-9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-indent: 35.25pt">This Amendment No.&nbsp;1 is being
filed to amend and supplement Item 9 of the Schedule 14D-9 as reflected below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-indent: 35.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9 of the Schedule 14D-9 is hereby amended and supplemented by
adding the following exhibit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><A HREF="tm2133072d1_ex99-a10.htm">(a)(10)</A></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-align: justify"><A HREF="tm2133072d1_ex99-a10.htm">Press Release and Letter to Shareholders, dated November 16, 2021</A></TD></TR>
  </TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">After due inquiry and to
the best of my knowledge and belief, I certify that the information set forth in this Schedule 14D-9 is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">DAWSON GEOPHYSICAL COMPANY</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Stephen C. Jumper&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Stephen C. Jumper</TD></TR>
  </TABLE>


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<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt"><I>Chairman, President
                                            and Chief Executive Officer</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: November 16, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(A)(10)
<SEQUENCE>2
<FILENAME>tm2133072d1_ex99-a10.htm
<DESCRIPTION>EXHIBIT 99.(A)(10)
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.(a)(10)</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEWS RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dawson Geophysical Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">508 W. Wall, Suite 800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Midland, TX 79701</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Company contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen C. Jumper, CEO and President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James K. Brata, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(800)&nbsp;332-9766</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>www.dawson3d.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAWSON GEOPHYSICAL ANNOUNCES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LETTER
TO SHAREHOLDERS REGARDING TENDER OFFER</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MIDLAND, Texas, November 16, 2021/PR Newswire/Dawson Geophysical Company
(NASDAQ: DWSN) (&ldquo;Dawson&rdquo; or the &ldquo;Company&rdquo;) today released the following letter to shareholders concerning the
pending tender offer by Wilks Brothers, LLC issued by Stephen C. Jumper, President and Chief Executive Officer on behalf of the Dawson
Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 16, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fellow Dawson Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As previously disclosed, the Company announced a transaction with
Wilks Brothers, LLC (&ldquo;Wilks&rdquo;) on October 25, 2021. The transaction involves a tender offer by a Wilks subsidiary to purchase
outstanding Dawson common shares at $2.34 per share and a follow-on merger. The tender offer commenced on November 1, 2021 and is open
until November 30, 2021 (subject to extensions under certain circumstances). The transaction is well described and documented in the
Schedule 14D-9 and Schedule TO-T filed with the SEC by Dawson Geophysical Company (&ldquo;Dawson&rdquo; or the &ldquo;Company&rdquo;)
and WB Acquisitions Inc., respectively, on November 1, 2021, which can be obtained at the website maintained by the SEC at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beginning in September of 2019, Dawson and its Board of Directors,
with the assistance of financial advisor Moelis &amp; Company LLC, commenced an on-going review and analysis of the Company&rsquo;s potential
strategic alternatives, transactions or actions in an effort to preserve and enhance shareholder value. From July 9, 2018, to September
2, 2019, the Company&rsquo;s share price declined from $8.09 to $2.11. The PHLX Oil Service Index also declined materially over the same
time frame as the energy sector fell out of favor in the public equity markets; however, the decline in the Dawson share price exceeded
the decline in the index. In response to shifting public investor sentiment, publicly traded North American based Exploration and Production
(E&amp;P) companies began to alter their capital spending plans with a focus on generating free cash flow and returning capital to shareholders.
This change in capital allocation priorities by E&amp;P companies, which accelerated further in 2020 and 2021, has resulted in less demand
for North American onshore seismic data acquisition services, thus significantly affecting Dawson&rsquo;s revenue stream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In parallel to evaluating potential strategic alternatives, we began
a process to resize the Company as our model shifted to fewer, larger channel count crews, and to reduce capital expenditures to protect
the balance sheet and cash balances. This was done with the goal of maintaining our ability to compete and execute large scale projects
as they materialized. Since early 2020, we have undergone further efforts to right-size, reduce salaries for most employees, including
all of management, and reduce fixed costs in an effort to protect the balance sheet and cash balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
this time frame, we remained optimistic about a recovery in the onshore U.S. seismic market and experienced intermittent quarters of success
with reasonable utilization of our equipment. When projects have been available, the Company has executed very efficiently and continues
to do so. Despite our optimism, improved oil and gas prices and a slight uptick in bid activity in the middle of this year, sufficient
revenue producing opportunities have yet to materialize in any meaningful way. Recent earnings reports by the E&amp;P companies continue
to project flat production levels in 2022, only slight increases in spending and continued focus on </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">returning
capital to shareholders</FONT>, debt reduction and capital discipline. Our conversations with our customers and ongoing marketing efforts
confirm this sentiment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2021, our cash burn has accelerated despite our efforts to right-size
and curtail expenses. Our accounts receivable balance became depleted as we collected cash. This action resulted in a negative net working
capital (defined as current assets less current liabilities excluding the impact of cash, restricted cash and short-term investments and
current maturities of notes payable and finance leases and operating lease liabilities) position at September 30, 2021, and opportunities
to further reduce costs or cut capital expenditures are minimal. Activity levels in 2022 are expected to be well below levels we anticipated
a few quarters ago. While other sub-sectors in the oil &amp; gas and oilfield services sectors are beginning to experience modest activity
level improvements, those improvements are focused around completion and production related services opportunities, not exploration or
seismic data related exploration-focused activities which impact Dawson. Even so, overall activity levels will likely be well below 2019
levels across the vast majority of the sub-sectors mentioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that our activity levels from February to mid-fall of 2022
will be similar to levels experienced in the second and third quarters of 2021, and then expected to only slightly improve in late 2022.
Visibility beyond 2022 is unclear, but given the expected state of capital spending on oilfield services, we do not anticipate meaningful
increases. Therefore, with reduced activity levels, we expect our cash balances to continue to decline during this period. Additionally,
our ability to fund future maintenance capital requirements will be challenging and further impact cash flow. As of November 12, 2021,
our cash, restricted cash and short term investments were approximately $36,500,000, representing an expected further decline from our
previously announced September 30, 2021 balance while our accounts receivable balance increased related to the previously disclosed recent
redeployment of a small crew.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We always strive to communicate as accurately as possible with our
shareholders based on the best available information at any given time, and to act in the best interest of all of our shareholders. We
believe we have done so to-date and are continuing to do so today with the recent unanimous decision by the Board to enter into the transaction
with Wilks. This has been a well thought out decision following an expansive strategic review and evaluation process over the last two
years that was focused on maximizing value for all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe there is an ongoing fundamental shift in how E&amp;P companies
allocate capital which, unlike previous cycles, will result in further delays in any potential recovery in the North American onshore
seismic data acquisition market, thus impacting Dawson&rsquo;s opportunities to materially increase revenue streams and maintain a cash
neutral position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is a privilege to serve and work on the behalf of all of our shareholders.
There is always the possibility we are not correct in our assumptions on timing of a recovery. However, we see no evidence to suggest
any meaningful improvement in Dawson&rsquo;s activity levels for some time to come.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the Company&rsquo;s Board and management continue to diligently
serve the interest of the shareholders, we reiterate our recommendation for Dawson shareholders to tender their shares. We believe this
transaction provides shareholders a liquidity event and compelling value for their shares in a very difficult and challenging market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are grateful for our loyal shareholders, valued customers and dedicated
employees. We wish all a healthy and prosperous Holiday Season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of the Dawson Board of Directors,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen C. Jumper</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman, Chief Executive Officer and President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Dawson</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dawson 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 multi-client data libraries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements
in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that
may materially affect the Company&rsquo;s actual results of operations. Such forward-looking statements are based on the beliefs of management
as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated
by the forward-looking statements as a result of certain factors. These risks include, but are not limited to, statements regarding the
expected consummation of the acquisition, which involve a number of risks and uncertainties, including the satisfaction of closing conditions
for the acquisition (such as the tender of at least 80% of the outstanding shares of capital stock of the Company in order to close the
tender offer, and approval of at least 80% of the outstanding shares of the capital stock of the Company in order to consummate the second
step merger); the possibility that the transaction will not be completed; the impact of general economic, industry, market or political
conditions; </FONT>dependence upon energy industry spending; changes in exploration and production spending by our customers and changes
in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers, particularly
during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices; changes in economic
conditions; the severity and duration of the COVID-19 pandemic, related economic repercussions and the resulting negative impact on demand
for oil and gas; surpluses in the supply of oil and the ability of OPEC+ to agree on and comply with supply limitations; the duration
and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors,
which is negatively impacting our business;&nbsp;the potential for contract delays; reductions or cancellations of service contracts;
limited number of customers; credit risk related to our customers; reduced utilization; high fixed costs of operations and high capital
requirements; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical
challenges, protecting the health and well-being of our employees and remote work arrangements; industry competition; external factors
affecting the Company&rsquo;s crews such as weather interruptions and inability to obtain land access rights of way; whether the Company
enters into turnkey or day rate contracts; crew productivity; the availability of capital resources; disruptions in the global economy;
and whether or not the pending transaction with Wilks will be completed. A discussion of these and other factors, including risks and
uncertainties, is set forth in the Company&rsquo;s Annual Report on Form&nbsp;10-K that was filed with the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) on March&nbsp;16, 2021 and any subsequent Quarterly Reports on Form 10-Q filed with the SEC. The Company
disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events
or otherwise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where To Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tender offer referenced in this communication commenced on November
1, 2021 pursuant to an Offer to Purchase and related tender offer materials filed on Schedule TO by Wilks and its acquisition subsidiary.&nbsp;
This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities,
nor is it a substitute for the tender offer materials that were filed with the SEC.&nbsp; The solicitation and offer to buy the Company&rsquo;s
stock is only being made pursuant to the Offer to Purchase and related tender offer materials. Also on November 1, 2021, the Company filed
a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer.&nbsp; THE TENDER OFFER MATERIALS
(INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION
STATEMENT ON SCHEDULE 14D-9 CONTAIN IMPORTANT INFORMATION.&nbsp; THE COMPANY&rsquo;S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY
BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE COMPANY&rsquo;S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING
TENDERING THEIR SECURITIES.&nbsp; The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as
well as the Solicitation/Recommendation Statement, will be made available to all holders of the Company&rsquo;s stock at no expense to
them.&nbsp; The tender offer materials and the Solicitation/Recommendation Statement are available for free at the SEC&rsquo;s website
at www.sec.gov.&nbsp; Copies of the documents filed with the SEC by the Company are available free of charge on the Company&rsquo;s internet
website at http://www.dawson3d.com or by contacting the Company&rsquo;s Investor Relations Department at (432)&nbsp;684-3000 or by email
at info@dawson3d.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the Offer to Purchase, the related Letter of Transmittal
and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and
current reports and other information with the SEC.&nbsp; You may read and copy any reports or other information filed by the Company
at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549.&nbsp; Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room.&nbsp; The Company&rsquo;s filings with the SEC are also available to the public from commercial
document-retrieval services and at the website maintained by the SEC at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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