In May 2001, First Seismic Corp. executed a letter of intent with Global Geo Services ASA, a Norwegian company (GGS), pursuant to which GGS proposed to acquire First Seismic. As of December 31, 1999, First Seismic Corp. provided various geo-scientific and complementary services that were used to develop opportunities in the oil and gas business worldwide. It owned and brokered seismic data and a range of geo-scientific information primarily used by its customers in upstream oil and gas exploration and production efforts. The company used portions of this geological and seismic information to geo-technically identify and promote exploration projects to oil company investors. In addition, through its wholly owned subsidiary, the company also took an ownership position in some of the upstream oil and natural gas production opportunities. The company was incorporated in 1990 and is based in Houston, Texas.