IO - ION Geophysical Corporation - Page 3

Looking for entry around 2.75 or 2.85. This thing is about to run again.

IO - I'm in

In at 2.54

Watching this one. I needs to close above $3 withing the next couple of trading sessions to be in official upward trend. The PPS is battling with the 50/200 SMA cross, reaching new HODs.

nobody watching this?

its doing great last month, $2,50 -$3,70

trading steady, up to $3.80 now.

as oil/gas prices will go up (winter, lets hope its a cold one), ION stock will go up also.

ION is trying to sell to Russia.
the Russian oilcompanys are not spending anything on finding new oilfields.
yesterday Medvedev said the economy was not hurt as bad as they thought.
Maybe this will be a sign to spend money in new fields.....

AH 14% up due to next PR:


ION and BGP Announce Joint Venture for Land Seismic Equipment

ION to Receive $175 Million Capital Infusion from BGP Majority of ION Debt
to be Repaid or Refinanced at Closing

HOUSTON and BEIJING, Oct. 23 /CNW/ -- ION Geophysical Corporation (NYSE: IO) and BGP Inc., a world-leading geophysical company, today announced that they have signed a term sheet to create a joint venture that will provide land seismic products worldwide. The joint venture will align ION's innovative land equipment business with BGP's own expertise and experience in land seismic operations to create a new enterprise with the resources, technology and experience required to provide state-of-the-art products and services on a global basis.

ION will significantly enhance its financial position through total cash proceeds of $175 million from BGP. BGP will receive a 51 percent interest in the joint venture and an approximate 16.66 percent interest in ION. Prior to the joint venture closing, ION will also receive up to $40 million of bridge financing arranged by BGP. At the transaction's closing, ION will refinance and reduce its long-term debt, and receive an expanded replacement revolving line of credit. Overall, after closing ION expects to have over $100 million in liquidity from cash and spare capacity on its revolving line of credit.

Bob Peebler, ION's CEO, commented, "Our Board of Directors and senior leadership team are delighted to be forging this transformative partnership with BGP. ION and BGP have been doing business together for more than two decades, with each company contributing to the other's growth and success. This transaction will create not only a new global leader in land seismic equipment capable of seizing high-value opportunities in the fastest-growing geophysical markets, but also a financially stronger ION through a significant de-leveraging of the company."

Mr. Wang Tiejun, President of BGP, added, "As an ION customer for many years, BGP has always been impressed with ION's vision and products, which have proven to be capable of improving the operational efficiency and the safety and environmental effectiveness of land seismic acquisition. By joining forces through our planned joint venture, we believe we can combine BGP's operational knowledge and experience, and emerging land seismic product portfolio, with ION's innovative products and culture to become the leading land seismic technology company of the 21st century. It is the intention of both ION and BGP that our joint venture will provide products and field support services to all land seismic contractors around the world, not just to BGP. The sale of products and the provision of field-support services to both in-house BGP crews and third party land seismic contractors is a proven industry model that will benefit the broader land contractor community and the hundreds of seismic crews that operate around the world."

The transaction is subject to the completion of regulatory reviews and receipt of applicable approvals in the United States and the People's Republic of China, which are expected to be completed by the first quarter of 2010. Prior to closing, ION and BGP will file a joint voluntary notice of the transaction for review by the Committee on Foreign Investment in the United States (CFIUS), a government inter-agency committee chaired by the Secretary of the Treasury.

The term sheet has been unanimously approved by BGP and by ION's Board of Directors and is not subject to approval by ION's shareholders. ION's current bank group has amended ION's credit facility to the extent necessary to allow the transactions to proceed.


complete story here:

http://www.newswire.ca/en/releases/a.../23/c2145.html

up 30% today

I'm in. This is great news!

ap
ION Geophysical soars on ION-BGP joint venture
ION Geophysical shares soar on word of ION-BGP joint venture for land seismic work

* On 12:09 pm EDT, Monday October 26, 2009

o
Buzz up! 0
o Print

NEW YORK (AP) -- Shares of ION Geophysical Corp., which generates diagrams of crude oil and natural gas deposits for exploration companies, soared Monday when it announced a global joint venture that will dramatically cut its debt.

ION and BGP Inc., the world's largest land seismic contractor, will jointly provide seismic data on land-based petroleum prospects, ION said late Friday.

BGP will contribute $175 million for a 51 percent stake in the joint venture and a 16.7 percent interest in ION. The China-based company also will provide $40 million in bridge financing for ION.

The deal means ION of Houston will cut its long-term debt, and have more than $100 million in liquidity from cash and spare capacity on its revolving line of credit.

Barclay's Capital analyst James C. West reiterated his "Overweight" rating on the shares and raised his price target to $8 from $6.

West also raised his 2010 earnings-per-share estimate to 40 cents from 15 cents. Analysts polled by Thomson Reuters expect, on average, earnings of 10 cents per share next year.

In midday trading, shares of Ion Geophysical jumped $1.17, or 33.1 percent, to $4.71.




i like Barclay atm

8$ instead of 6$.....go ION!!


link

http://finance.yahoo.com/news/ION-Ge....html?x=0&.v=2

5 Stocks Approaching Greatness

Is there a pull back in sight for IO?

might give it a positive push today


Latest Key DevelopmentsION Geophysical Corporation Announces Its Cableless Land Seismic Acquisition System, FireFly To Be Deployed By Apache Corporation In Argentina's Wine Country
7:00am EDT
ION Geophysical Corporation announced that its cableless land seismic acquisition system, FireFly, will be used by Apache Corporation to acquire data on two separate projects in the Mendoza region of Argentina. Deployment will be covered by the terms of the original launch partnership agreement signed among ION, BP, and Apache. The Apache projects in Mendoza will utilize conventional geophones, marking the first time FireFly has been deployed using analog seismic sensors. Approximately 5,500 FireFly stations will be used during this project, which is expected to start in May 2010 and finish by August 2010. Global Geophysical Services will act as the contractor for Apache, making them a second time user of FireFly acquisition technology. - - - - - (repeated)



http://www.reuters.com/finance/stock...20100317110000

Jury Rules Against ION Geophysical in Patent Case; Shares Slide
2 days 1 hours 36 minutes ago - Dow Jones News


By Anna Prior

A Texas jury found geophysical technology provider ION Geophysical Corp. (IO) infringed patents from WesternGeco LLC and awarded the company almost $106 million in damages.
The 2009 case, filed in the U.S. district court for the southern district of Texas, alleged Ion's DigiFIN lateral streamer control system infringed on several WesternGeco patents for control systems for marine seismic streamer steering devices.
Ion shares plunged 12% premarket to $6.85. The stock is up 26% over the past three months through Thursday's close.
Ion said a judgment hasn't been entered in the case and it will take immediate action to pursue all available legal options to overturn the verdict, including post-verdict motions and appeals.
The award consists of $12.5 million in reasonable royalty and $93.4 million in lost profits.
"We respect the legal process but remain convinced that WesternGeco's patents are invalid and that we do not infringe," said Chief Executive Brian Hanson, adding that the company doesn't expect the ultimate outcome of the lawsuit to impact its ability to conduct business and that the current verdict will have minimal impact on revenue in the second half, as DigiFIN sales account for about 3% of projected revenue for the year.
Both Ion and WesternGeco provide geophysical technology and services for the oil and gas industry, allowing for imaging and monitoring of the ocean floor.

nearly no vol and now at near critical support levels