SMT HOTs up! (July 2003)

Seismic Micro Technology is moving into reservoir simulation with the acquisition of Veritas software HOT and (RC)2. Veritas retains a service offering.

Seismic Micro Technology (SMT) is to acquire Veritas reservoir engineering software (RC)2 and HOT fmillion of or an undisclosed cash amount and a percentage of future revenues over a four year period. SMT will acquire the software developed and marketed by Veritas units (RC)2 and Heinemann Oil Technology along with related trademarks.

Support

SMT will assume maintenance and support obligations for the software and grant Veritas and its subsidiaries a royalty-free license to continue use of all SMT software including the software being sold.

Significant addition

SMT was founded in 1984 and provides PC-based interpretation and analysis tools. Veritas reservoir modeling will make a significant addition to SMTs software line-up which currently has a geology and geophysics focus.

Exploration Services

Likewise, Veritas continued leverage of (RC)2 softwareand the addition of a service offering built around the SMT suitemake for a credible extension of the companys exploration services offering.

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