9 unchanged sentences
Our seismic data acquisition crews supply seismic data primarily to companies engaged in the exploration and development of oil and natural gas on land and in land-to-water transition areas.
+Added: In recent years, we have provided seismic acquisition services for carbon capture and sequestration projects.
Seismic acquisition services of our wholly-owned subsidiary, Eagle Canada Seismic Services ULC (“Eagle Canada”), are also used by the potash mining industry in Canada, and Eagle Canada has particular expertise through its heliportable capabilities.
6 unchanged sentences
Subsurface requirements dictate the number of channels necessary to perform our services.
−Removed: We generally use tens of thousands of recording channels in our 3-D seismic surveys with the largest crew consisting of 50,000 recording and dozens of energy source units.
+Added: We generally use tens of thousands of recording channels in our 3-D seismic surveys with the largest project consisting in excess of 60,000 recording channels and dozens of energy source units.
We are capable of deploying multiple crews equipped with this technology on multiple projects simultaneously.
6 unchanged sentences
Multi-component data are utilized in further analysis of subsurface rock type, fabric and reservoir characterization.
−Removed: We own equipment required for onshore multi-component surveys.
+Added: We own equipment required for onshore
+Added: multi-component surveys.
The majority of the projects in Canada require multi-component recording equipment.
1 unchanged sentence
periodically over the past few years.
−Removed: multi-component seismic data could increase in North America over the next few years if industry conditions improve and potentially require capital expenditures for additional equipment.
−Removed: In recent years, we have begun providing surface recorded microseismic services utilizing equipment we own.
+Added: The use of multi-component seismic data could increase in North America over the next few years if industry conditions improve and potentially require capital expenditures for additional equipment.
+Added: In recent years, we have provided surface recorded microseismic services utilizing equipment we own.
Microseismic monitoring is used by clients who use hydraulic fracturing to extract hydrocarbon deposits to monitor their hydraulic fracturing operations.
2 unchanged sentences
In addition, we market and supplement our services in Canada from our facilities in Calgary, Alberta.
−Removed: Merger with Wilks
−Removed: On October 25, 2021, the Company entered into a definitive Agreement and Plan of Merger, dated as of October 25, 2021 (as amended from time to time, the “Merger Agreement”), by and among Dawson, Wilks Brothers, LLC, a Texas limited liability company (“Wilks”), and WB Acquisitions Inc., a Delaware corporation and a wholly-owned subsidiary of Wilks (“Merger Sub”).
−Removed: Pursuant to the terms of the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company surviving the Merger as a subsidiary of Wilks (the “Merger”).
−Removed: On November 1, 2021, Merger Sub commenced a tender offer for all of the outstanding shares of common stock of Dawson at a price of $2.34 per share (the “Offer”).
−Removed: The Offer expired at the end of the day on January 14, 2022.
−Removed: Accordingly, Wilks and its affiliates now own approximately 74.46% of our common stock.
−Removed: A special meeting of stockholders was held on March 15, 2022 to consider and vote on the proposal to approve and adopt the Merger Agreement, among other things, and the approval of only 76.71% of the outstanding shares of common stock was obtained, which is below the 80% approval required to approve the Merger.
−Removed: Accordingly, the Company will continue to be a controlled company with its shares listed on Nasdaq and will continue to be required to make filings with the SEC.
Technological advances in seismic equipment and computing allow the seismic industry to acquire and process, on an efficient basis, immense volumes of seismic data which produce precise images of the earth’s subsurface.
10 unchanged sentences
(“SAE”), Echo Seismic Ltd.
−Removed: (“ECHO”), Breckenridge Geophysical Inc.
+Added: (“ECHO”), Breckenridge Geophysical, LLC.
(“Breckenridge”), and Paragon Geophysical Services, Inc.
29 unchanged sentences
During the twelve months ended December 31, 2022, sales to three clients represented approximately 35% of our revenues.
−Removed: We anticipate that sales to these clients will represent a smaller percentage of our overall revenues during 2022.
+Added: We anticipate that sales to these clients will represent a similar percentage of our overall revenues during 2023.
The remaining balance of our revenues were derived from varied clients and none represented 10% or more of our revenues.
We historically have not acquired seismic data for our own account or for future sale, maintained multi-client seismic data libraries, or participated in oil and gas ventures;
−Removed: however Wilks, our controlling shareholder, has participated in those activities in the past, and may choose to do so with us in the future.
+Added: however Wilks Brothers, LLC, our controlling shareholder, has participated in those activities in the past, and may choose to do so with us in the future.
The results of seismic surveys conducted for a client belong to that client.
10 unchanged sentences
Turnkey agreements generally provide us more profit potential, but involve more risks because of the potential of crew downtime or operational delays.
−Removed: We attempt to negotiate on a project-by-project basis some level of weather downtime protection within the turnkey agreements.
+Added: We attempt to negotiate on a project-by-project basis some level of weather downtime protection within the turnkey
Under the term agreements, we forego an increased profit potential in exchange for a more consistent revenue stream with improved protection from crew downtime or operational delays.
−Removed: The acquisition of seismic data for the oil and natural gas industry is a highly competitive business.
+Added: The acquisition of seismic data for the oil and natural gas industry is a competitive business.
Contracts for such services generally are awarded on the basis of price quotations, crew experience, and the availability of crews to perform in a timely manner, although factors other than price, such as crew safety, performance history, and technological and operational expertise, are often determinative.
5 unchanged sentences
As of December 31, 2022, we employed 226 full-time employees, of which 47 consisted of management, sales, and administrative personnel with the remainder being crew and crew support personnel.
−Removed: Our employees are not represented by a labor union.
+Added: Our employees are not represented by a collective bargaining agreement.
We believe we have good relations with our employees.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.