| DELAWARE                                                      |   | 05-0574281                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| Large accelerated filer o | Accelerated filer o | Non-accelerated filer T | Smaller reporting company o |
|---------------------------|---------------------|-------------------------|-----------------------------|

----

| PART I.  FINANCIAL INFORMATION                                                                       |   |
|----------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                           |   |
| Item 1.  Financial Statements                                                                        |   |
|                                                                                                           |   |
| Consolidated Balance Sheets as of  March 31, 2011 and  December 31, 2010                   | 1      |
|                                                                                                           |   |
| Consolidated Statements of Operations for the Three Months Ended March 31, 2011 and 2010                       | 3      |
|                                                                                                           |   |
| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010                       | 4      |
|                                                                                                           |   |
| Consolidated Statements of Stockholders’ Equity                                                          | 5      |
|                                                                                                           |   |
| Notes to Consolidated Financial Statements                                                                     | 6      |
|                                                                                                           |   |
| Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22     |
|                                                                                                           |   |
| Item 3.  Quantitative and Qualitative Disclosure About Market Risk                                   | 30     |
|                                                                                                           |   |
| Item 4.  Controls and Procedures                                                                     | 31     |
|                                                                                                           |   |
| PART II.  OTHER INFORMATION                                                                          |   |
|                                                                                                           |   |
| Item 1.  Legal Proceedings                                                                           | 31     |
|                                                                                                           |   |
| Item 1A.  Risk Factors                                                                               | 31     |
|                                                                                                           |   |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                 | 31     |
|                                                                                                           |   |
| Item 3.  Defaults Upon Senior Securities                                                             | 31     |
|                                                                                                           |   |
| Item 4.  Removed and Reserved                                                                        | 31     |
|                                                                                                           |   |
| Item 5.  Other Information                                                                           | 31     |
|                                                                                                           |   |
| Item 6.  Exhibits                                                                                    | 32     |

----

GLOBAL 

|                                      |   | March 31,   |        |   | December 31, |   |
|-------------------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                                      |   | 2011        |        |   | 2010         |   |
|                                      |   | (unaudited) |        |   |         |   |
| ASSETS                                    |   |        |        |   |         |   |
|                                      |   |        |        |   |         |   |
| CURRENT ASSETS                            |   |        |        |   |         |   |
| Cash and cash equivalents                 |   | $           | 20,861,303  |   |         | $      | 28,237,302 |   |
| Restricted cash investments               |   |        | 5,105,476   |   |         |   | 2,443,857 |   |
| Accounts receivable, net                  |   |        | 73,786,666  |   |         |   | 69,509,391 |   |
| Income and other taxes receivable         |   |        | 6,954,864   |   |         |   | 6,954,864 |   |
| Prepaid expenses and other current assets |   |        | 4,048,013   |   |         |   | 4,842,496 |   |
| TOTAL CURRENT ASSETS                      |   |        | 110,756,322 |   |         |   | 111,987,910 |   |
|                                      |   |        |        |   |         |   |   |   |
| MULTI-CLIENT LIBRARY, net                 |   |        | 178,816,035 |   |         |   | 145,896,355 |   |
|                                      |   |        |        |   |         |   |   |   |
| PROPERTY AND EQUIPMENT, net               |   |        | 122,562,192 |   |         |   | 126,963,953 |   |
|                                      |   |        |        |   |         |   |   |   |
| GOODWILL AND OTHER INTANGIBLES, net       |   |        | 21,806,811  |   |         |   | 20,251,775 |   |
|                                      |   |        |        |   |         |   |   |   |
| DEFERRED TAX ASSET                        |   |        | 934,235     |   |         |   | 2,031,048 |   |
|                                      |   |        |        |   |         |   |   |   |
| OTHER                                     |   |        | 5,668,856   |   |         |   | 6,135,459 |   |
|                                      |   |        |        |   |         |   |   |   |
| TOTAL ASSETS                              |   | $           | 440,544,451 |   |         | $      | 413,266,500 |   |

----

|                                                                       |   | March 31,   |        |   | December 31, |   |
|----------------------------------------------------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                                                                       |   | 2011        |        |   | 2010         |   |
|                                                                       |   | (unaudited) |        |   |         |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                 |   |        |        |   |         |   |
|                                                                       |   |        |        |   |         |   |
| CURRENT LIABILITIES                                                        |   |        |        |   |         |   |
| Accounts payable and accrued expenses                                      |   | $           | 50,251,945  |   |         | $      | 44,058,306 |   |
| Current portion of long-term debt                                          |   |        | 947,000     |   |         |   | 3,344,261 |   |
| Income and other taxes payable                                             |   |        | 4,233,794   |   |         |   | 5,601,356 |   |
| Deferred revenue                                                           |   |        | 62,317,633  |   |         |   | 47,496,895 |   |
| TOTAL CURRENT LIABILITIES                                                  |   |        | 117,750,372 |   |         |   | 100,500,818 |   |
|                                                                       |   |        |        |   |         |   |   |   |
| LONG-TERM DEBT, net of current portion and                                 |   |        |        |   |         |   |   |   |
| unamortized discount                                                       |   |        | 215,375,672 |   |         |   | 209,418,242 |   |
|                                                                       |   |        |        |   |         |   |   |   |
| NONCONTROLLING INTERESTS                                                   |   |        | 1,447,228   |   |         |   | 1,490,745 |   |
|                                                                       |   |        |        |   |         |   |   |   |
| TOTAL LIABILITIES                                                          |   |        | 334,573,272 |   |         |   | 311,409,805 |   |
|                                                                       |   |        |        |   |         |   |   |   |
|                                                                       |   |        |        |   |         |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                              |   |        |        |   |         |   |   |   |
|                                                                       |   |        |        |   |         |   |   |   |
| STOCKHOLDERS’ EQUITY                                                 |   |        |        |   |         |   |   |   |
| Common Stock, $.01 par value, authorized 100,000,000 shares,               |   |        |        |   |         |   |   |   |
| 45,941,215 and 45,586,215 issued and 36,432,934 and 36,142,985 outstanding |   |        |        |   |         |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively                      |   |        | 459,412     |   |         |   | 455,862 |   |
| Additional paid-in capital                                                 |   |        | 240,571,037 |   |         |   | 239,248,935 |   |
| Accumulated deficit                                                        |   |        | (39,356,273 | )      |         |   | (42,145,755 | ) |
|                                                                       |   |        | 201,674,176 |   |         |   | 197,559,042 |   |
| Less: treasury stock, at cost, 9,508,281 and 9,443,230 shares              |   |        |        |   |         |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively                      |   |        | 95,702,997  |   |         |   | 95,702,347 |   |
| TOTAL STOCKHOLDERS’ EQUITY                                           |   |        | 105,971,179 |   |         |   | 101,856,695 |   |
|                                                                       |   |        |        |   |         |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY                           |   | $           | 440,544,451 |   |         | $      | 413,266,500 |   |

----

GLOBAL 

|                                                   |   | Three Month Period Ended |       |
|--------------------------------------------------------|--------|--------------------------|------------|
|                                                   |   | March 31,                |       |
|                                                   |   | 2011                     |       |   | 2010 |   |
|                                                   |   | (unaudited)              |       |
|                                                   |   |                     |       |   |   |   |
| REVENUES                                               |   | $                        | 76,835,094 |   |   | $ | 60,661,196 |   |
|                                                   |   |                     |       |   |   |   |   |   |
| OPERATING EXPENSES                                     |   |                     | 55,075,372 |   |   |   | 58,860,382 |   |
|                                                   |   |                     |       |   |   |   |   |   |
| GROSS PROFIT                                           |   |                     | 21,759,722 |   |   |   | 1,800,814 |   |
|                                                   |   |                     |       |   |   |   |   |   |
| SELLING, GENERAL, AND                                  |   |                     |       |   |   |   |   |   |
| ADMINISTRATIVE EXPENSES                                |   |                     | 11,011,818 |   |   |   | 8,249,284 |   |
|                                                   |   |                     |       |   |   |   |   |   |
| INCOME (LOSS) FROM OPERATIONS                          |   |                     | 10,747,904 |   |   |   | (6,448,470 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                 |   |                     |       |   |   |   |   |   |
| Interest expense, net                                  |   |                     | (5,807,120 | ) |   |   | (4,584,118 | ) |
| Unrealized gain on derivative instruments              |   |                     | -          |   |   |   | 331,163 |   |
| Foreign exchange gain (loss)                           |   |                     | 817,546    |   |   |   | (216,234 | ) |
| Other income (expense)                                 |   |                     | (103       | ) |   |   | 78,873 |   |
| TOTAL OTHER EXPENSE                                    |   |                     | (4,989,677 | ) |   |   | (4,390,316 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| INCOME (LOSS) BEFORE INCOME TAXES                      |   |                     | 5,758,227  |   |   |   | (10,838,786 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| INCOME TAX EXPENSE (BENEFIT)                           |   |                     | 3,012,262  |   |   |   | (3,601,268 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| INCOME (LOSS) AFTER INCOME TAXES                       |   |                     | 2,745,965  |   |   |   | (7,237,518 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| NET LOSS, attributable to noncontrolling interests     |   |                     | (43,517    | ) |   |   | - |   |
|                                                   |   |                     |       |   |   |   |   |   |
| NET INCOME (LOSS), attributable to common shareholders |   | $                        | 2,789,482  |   |   | $ | (7,237,518 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| INCOME (LOSS) PER COMMON SHARE                         |   |                     |       |   |   |   |   |   |
| Basic                                                  |   | $                        | .08        |   |   | $ | (.88 | ) |
| Diluted                                                |   | $                        | .08        |   |   | $ | (.88 | ) |
|                                                   |   |                     |       |   |   |   |   |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING                    |   |                     |       |   |   |   |   |   |
| Basic                                                  |   |                     | 36,406,830 |   |   |   | 8,243,748 |   |
| Diluted                                                |   |                     | 36,668,242 |   |   |   | 8,243,748 |   |

----

GLOBAL 

|                                                           |   | Three Month Period Ended |        |
|----------------------------------------------------------------|--------|--------------------------|-------------|
|                                                           |   | March 31,                |        |
|                                                           |   | 2011                     |        |   | 2010 |   |
|                                                           |   | (unaudited)              |        |
| CASH FLOWS FROM OPERATING ACTIVITIES                           |   |                     |        |   |   |   |
| Net income (loss), attributable to common shareholders         |   | $                        | 2,789,482   |   |   | $ | (7,237,518 | ) |
| Adjustments to reconcile net income (loss) to net cash         |   |                     |        |   |   |   |   |   |
|  provided by operating activities:                        |   |                     |        |   |   |   |   |   |
| Depreciation and amortization expense                          |   |                     | 38,577,203  |   |   |   | 23,765,728 |   |
| Capitalized depreciation for Multi-client library              |   |                     | (4,666,714  | ) |   |   | (5,471,817 | ) |
| Amortization of debt issuance costs                            |   |                     | 313,289     |   |   |   | 244,328 |   |
| Noncontrolling interests                                       |   |                     | (43,517     | ) |   |   | - |   |
| Stock-based compensation                                       |   |                     | 1,270,507   |   |   |   | 693,801 |   |
| Non-cash charitable contribution                               |   |                     | 51,595      |   |   |   | - |   |
| Non-cash revenue from Multi-client data exchange               |   |                     | (973,298    | ) |   |   | - |   |
| Deferred tax expense (benefit)                                 |   |                     | 1,096,813   |   |   |   | (3,085,501 | ) |
| Unrealized gain on derivative instrument                       |   |                     | -           |   |   |   | (331,163 | ) |
| Gain on disposal of property and equipment                     |   |                     | (65,385     | ) |   |   | (98,991 | ) |
| Effects of changes in operating assets and liabilities:        |   |                     |        |   |   |   |   |   |
| Accounts receivable, net                                       |   |                     | (4,277,275  | ) |   |   | 11,140,144 |   |
| Prepaid expenses and other current assets                      |   |                     | 794,483     |   |   |   | 8,382,671 |   |
| Other assets                                                   |   |                     | 310,744     |   |   |   | (772,449 | ) |
| Accounts payable and accrued expenses                          |   |                     | 2,831,197   |   |   |   | (2,051,570 | ) |
| Deferred revenue                                               |   |                     | 14,105,377  |   |   |   | (2,714,419 | ) |
| Income and other taxes receivable                              |   |                     | -           |   |   |   | (1,077,712 | ) |
| Income and other taxes payable                                 |   |                     | (1,367,562  | ) |   |   | (429,798 | ) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES                      |   |                     | 50,746,939  |   |   |   | 20,955,734 |   |
|                                                           |   |                     |        |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                           |   |                     |        |   |   |   |   |   |
| Purchase of property and equipment                             |   |                     | (5,559,370  | ) |   |   | (1,378,824 | ) |
| Investment in Multi-client library                             |   |                     | (52,074,883 | ) |   |   | (25,329,533 | ) |
| Change in restricted cash investments                          |   |                     | (2,661,619  | ) |   |   | (331,705 | ) |
| Purchase of business                                           |   |                     | (1,000,000  | ) |   |   | - |   |
| Proceeds from the sale of property and equipment               |   |                     | 65,385      |   |   |   | 152,398 |   |
| NET CASH USED IN INVESTING ACTIVITIES                          |   |                     | (61,230,487 | ) |   |   | (26,887,664 | ) |
|                                                           |   |                     |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                           |   |                     |        |   |   |   |   |   |
| Principal payments on long-term debt                           |   |                     | (2,597,261  | ) |   |   | - |   |
| Net proceeds (payments) on revolving credit facility           |   |                     | 5,000,000   |   |   |   | (589,426 | ) |
| Principal payments on capital lease obligations                |   |                     | -           |   |   |   | (984,303 | ) |
| Purchase of treasury stock                                     |   |                     | (650        | ) |   |   | (225 | ) |
| Issuances of stock, net                                        |   |                     | 705,460     |   |   |   | 1,023 |   |
| NET CASH PROVIDED BY (USED IN)  FINANCING ACTIVITIES |   |                     | 3,107,549   |   |   |   | (1,572,931 | ) |
|                                                           |   |                     |        |   |   |   |   |   |
| NET DECREASE IN CASH AND CASH EQUIVALENTS                      |   |                     | (7,375,999  | ) |   |   | (7,504,861 | ) |
|                                                           |   |                     |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, beginning of period                 |   |                     | 28,237,302  |   |   |   | 17,026,865 |   |
|                                                           |   |                     |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                       |   | $                        | 20,861,303  |   |   | $ | 9,522,004 |   |

----

GLOBAL 

|                            |   |   |    |   | Additional |   |        |     |   |   |        |   |   | Total         |        |
|---------------------------------|--------|--------|---------|--------|------------|--------|-------------|----------|--------|--------|-------------|--------|--------|---------------|-------------|
|                            |   | Common |    |   | Paid-in    |   |        | Treasury |   |   | Accumulated |   |   | Stockholders' |        |
|                            |   | Stock  |    |   | Capital    |   |        | Stock    |   |   | Deficit     |   |   | Equity        |        |
|                            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |
| Balances at December 31, 2010   |   | $      | 455,862 |   |       | $      | 239,248,935 |     |   | $      | (95,702,347 | )      |   | $             | (42,145,755 | ) |   | $ | 101,856,695 |   |
|                            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| Issuance of common stock        |   |   | 3,550   |   |       |   | -           |     |   |   | -           |   |   |          | -           |   |   |   | 3,550 |   |
|                            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| Compensation expense            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| associated with stock grants    |   |   | -       |   |       |   | 1,270,507   |     |   |   | -           |   |   |          | -           |   |   |   | 1,270,507 |   |
|                            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| Charitable contribution expense |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| associated with stock grant     |   |   | -       |   |       |   | 51,595      |     |   |   | -           |   |   |          | -           |   |   |   | 51,595 |   |
|                            |   |   |    |   |       |   | .           |     |   |   |        |   |   |          |        |   |   |   |   |   |
| Purchase of treasury stock      |   |   | -       |   |       |   | -           |     |   |   | (650        | )      |   |          | -           |   |   |   | (650 | ) |
|                            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| Net income                      |   |   | -       |   |       |   | -           |     |   |   | -           |   |   |          | 2,789,482   |   |   |   | 2,789,482 |   |
|                            |   |   |    |   |       |   |        |     |   |   |        |   |   |          |        |   |   |   |   |   |
| Balances at March 31, 2011      |   | $      | 459,412 |   |       | $      | 240,571,037 |     |   | $      | (95,702,997 | )      |   | $             | (39,356,273 | ) |   | $ | 105,971,179 |   |

----

GLOBAL 

|                          |   | March 31,   |      |   | December 31, |   |
|-------------------------------|--------|-------------|-----------|--------|--------------|--------|
|                          |   | 2011        |      |   | 2010         |   |
|                          |   | (unaudited) |      |   |         |   |
|                          |   |        |      |   |         |   |
| Pledged for letters of credit |   | $           | 5,105,476 |   |         | $      | 2,443,857 |   |
|                          |   |        |      |   |         |   |   |   |
|                          |   |        |      |   |         |   |   |   |
|                          |   | $           | 5,105,476 |   |         | $      | 2,443,857 |   |

|                                      |   | March 31,   |      |   | December 31, |   |
|-------------------------------------------|--------|-------------|-----------|--------|--------------|--------|
|                                      |   | 2011        |      |   | 2010         |   |
|                                      |   | (unaudited) |      |   |         |   |
|                                      |   |        |      |   |         |   |
| Mobilization costs, net                   |   | $           | 3,811,966 |   |         | $      | 1,368,858 |   |
|                                      |   |        |      |   |         |   |   |   |
| Prepaid expenses and other current assets |   |        | 236,047   |   |         |   | 923,638 |   |
|                                      |   |        |      |   |         |   |   |   |
| Note receivable, current portion          |   |        | -         |   |         |   | 2,550,000 |   |
|                                      |   |        |      |   |         |   |   |   |
|                                      |   | $           | 4,048,013 |   |         | $      | 4,842,496 |   |

----

|                            |   | March 31,   |       |   | December 31, |   |
|---------------------------------|--------|-------------|------------|--------|--------------|--------|
|                            |   | 2011        |       |   | 2010         |   |
|                            |   | (unaudited) |       |   |         |   |
|                            |   |        |       |   |         |   |
| Accounts receivable, trade      |   | $           | 51,658,114 |   |         | $      | 47,775,478 |   |
|                            |   |        |       |   |         |   |   |   |
| Unbilled                        |   |        | 25,613,164 |   |         |   | 25,218,525 |   |
|                            |   |        |       |   |         |   |   |   |
| Allowance for doubtful accounts |   |        | (3,484,612 | )      |         |   | (3,484,612 | ) |
|                            |   |        |       |   |         |   |   |   |
|                            |   | $           | 73,786,666 |   |         | $      | 69,509,391 |   |

|                     |   | March 31,   |      |   | December 31, |   |
|--------------------------|--------|-------------|-----------|--------|--------------|--------|
|                     |   | 2011        |      |   | 2010         |   |
|                     |   | (unaudited) |      |   |         |   |
|                     |   |        |      |   |         |   |
|                     |   |        |      |   |         |   |
| Debt issuance costs, net |   | $           | 5,370,201 |   |         | $      | 5,526,060 |   |
|                     |   |        |      |   |         |   |   |   |
| Other                    |   |        | 298,655   |   |         |   | 609,399 |   |
|                     |   |        |      |   |         |   |   |   |
|                     |   | $           | 5,668,856 |   |         | $      | 6,135,459 |   |

----

|                           |   | March 31,   |        |   | December 31, |   |
|--------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                           |   | 2011        |        |   | 2010         |   |
|                           |   | (unaudited) |        |   |         |   |
|                           |   |        |        |   |         |   |
|                           |   |        |        |   |         |   |
| Multi-client library, at cost  |   | $           | 334,802,842 |   |         | $      | 276,372,586 |   |
|                           |   |        |        |   |         |   |   |   |
| Less: accumulated amortization |   |        | 155,986,807 |   |         |   | 130,476,231 |   |
|                           |   |        |        |   |         |   |   |   |
| Multi-client library, net      |   | $           | 178,816,035 |   |         | $      | 145,896,355 |   |

|                           |   | March 31,   |        |   | December 31, |   |
|--------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                           |   | 2011        |        |   | 2010         |   |
|                           |   | (unaudited) |        |   |         |   |
|                           |   |        |        |   |         |   |
|                           |   |        |        |   |         |   |
| Furniture and fixtures         |   | $           | 215,853     |   |         | $      | 138,976 |   |
| Boats                          |   |        | 7,174,287   |   |         |   | 7,174,287 |   |
| Machinery and equipment        |   |        | 303,464,853 |   |         |   | 300,785,427 |   |
| Computers and software         |   |        | 12,475,080  |   |         |   | 10,134,094 |   |
| Land                           |   |        | 2,035,153   |   |         |   | 2,035,153 |   |
| Buildings                      |   |        | 11,721,548  |   |         |   | 11,721,548 |   |
|                           |   |        | 337,086,774 |   |         |   | 331,989,485 |   |
| Less: accumulated depreciation |   |        | 226,230,157 |   |         |   | 214,156,447 |   |
|                           |   |        | 110,856,617 |   |         |   | 117,833,038 |   |
| Construction in process        |   |        | 11,705,575  |   |         |   | 9,130,915 |   |
|                           |   |        |        |   |         |   |   |   |
| Net property and equipment     |   | $           | 122,562,192 |   |         | $      | 126,963,953 |   |

----

|                                                    |   | Three Month Period Ended |       |
|---------------------------------------------------------|--------|--------------------------|------------|
|                                                    |   | March 31,                |       |
|                                                    |   | 2011                     |       |   | 2010 |   |
|                                                    |   | (unaudited)              |       |
|                                                    |   |                     |       |   |   |   |
| Gross depreciation expense                              |   | $                        | 12,621,664 |   |   | $ | 14,927,245 |   |
| Less: capitalized depreciation for Multi-client library |   |                     | 4,666,714  |   |   |   | 5,471,817 |   |
|                                                    |   |                     |       |   |   |   |   |   |
| Net depreciation expense                                |   | $                        | 7,954,950  |   |   | $ | 9,455,428 |   |

|                                 |   | March 31,   |       |   | December 31, |   |
|--------------------------------------|--------|-------------|------------|--------|--------------|--------|
|                                 |   | 2011        |       |   | 2010         |   |
|                                 |   | (unaudited) |       |   |         |   |
|                                 |   |        |       |   |         |   |
|                                 |   |        |       |   |         |   |
| Customer list                        |   | $           | 3,959,000  |   |         | $      | 3,934,000 |   |
| Trademark                            |   |        | 1,435,000  |   |         |   | 1,191,000 |   |
| Patents                              |   |        | 2,181,853  |   |         |   | 450,853 |   |
| Non-compete agreements               |   |        | 865,539    |   |         |   | 865,539 |   |
| Intellectual property                |   |        | 2,901,163  |   |         |   | 2,901,163 |   |
|                                 |   |        | 11,342,555 |   |         |   | 9,342,555 |   |
| Less: accumulated amortization       |   |        | 1,916,708  |   |         |   | 1,471,744 |   |
|                                 |   |        | 9,425,847  |   |         |   | 7,870,811 |   |
| Goodwill                             |   |        | 12,380,964 |   |         |   | 12,380,964 |   |
|                                 |   |        |       |   |         |   |   |   |
| Total goodwill and other intangibles |   | $           | 21,806,811 |   |         | $      | 20,251,775 |   |

----

----

----

|                                            |   | March 31,   |        |   | December 31, |   |
|-------------------------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                                            |   | 2011        |        |   | 2010         |   |
|                                            |   | (unaudited) |        |   |         |   |
|                                            |   |        |        |   |         |   |
| Senior notes                                    |   | $           | 200,000,000 |   |         | $      | 200,000,000 |   |
| Revolving credit facility                       |   |        | 20,000,000  |   |         |   | 15,000,000 |   |
| Promissory notes                                |   |        | 1,747,000   |   |         |   | 3,344,261 |   |
|                                            |   |        | 221,747,000 |   |         |   | 218,344,261 |   |
| Less:  unamortized discount           |   |        | 5,424,328   |   |         |   | 5,581,758 |   |
|                                            |   |        | 216,322,672 |   |         |   | 212,762,503 |   |
| Less:  current portion                |   |        | 947,000     |   |         |   | 3,344,261 |   |
|                                            |   |        |        |   |         |   |   |   |
| Long-term debt,                                 |   |        |        |   |         |   |   |   |
| net of current portion and unamortized discount |   | $           | 215,375,672 |   |         | $      | 209,418,242 |   |

----

|           |   |   |                                       |   |                                       |   |                                       |   | March 31, 2011                             |   | December 31, 2010 |
|----------------|--------|--------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------|--------|-------------------|
|           |   |   |                                       |   |                                       |   |                                       |   | (unaudited)                                |   |              |   |   |
|           |   |   |                                       |   |                                       |   |                                       |   | Carrying                                   |   | Fair              |   | Carrying |   | Fair |
|           |   |   |                                       |   |                                       |   |                                       |   | Amount                                     |   | Value             |   | Amount |   | Value |
|           |   |   |                                       |   |                                       |   |                                       |   |                                       |   |              |   |   |   |   |
| Long-term debt |   |   | $     194,575,672 |   | $     215,000,000 |   | $     194,418,242 |   | $     198,250,000 |

----

|                      |   | Three Months Ended |   |
|---------------------------|--------|--------------------|--------|
|                      |   | March 31,          |   |
|                      |   | 2011               |   |   | 2010 |   |
|                      |   |               |   |   |   |   |
| Risk-free interest rates  |   |               | 2.82   | % |   |   | 3.16 | % |
| Expected lives (in years) |   |               | 7.00   |   |   |   | 7.00 |   |
| Expected dividend yield   |   |               | 0.00   | % |   |   | 0.00 | % |
| Expected volatility       |   |               | 59.72  | % |   |   | 56.90 | % |

|                             |   |     |   |   |      |   |      | Weighted      |   |   | Weighted   |   |
|----------------------------------|--------|----------|--------|--------|-----------|--------|-----------|---------------|--------|--------|------------|--------|
|                             |   | Weighted |   |   |      |   |      | Average       |   |   | Average    |   |
|                             |   | Average  |   |   | Number of |   |      | Remaining     |   |   | Optioned   |   |
|                             |   | Exercise |   |   | Optioned  |   |      | Contractual   |   |   | Grant Date |   |
|                             |   | Price    |   |   | Shares    |   |      | Term in Years |   |   | Fair Value |   |
|                             |   |     |   |   |      |   |      |          |   |   |       |   |
| Balance as of December 31, 2010  |   | $        | 22.93  |   |      |   | 2,884,100 |          |   |   | -          |   |   | $ | 6.04 |   |
| Expired                          |   |     | -      |   |      |   | -         |          |   |   | -          |   |   |   | - |   |
| Granted                          |   |     | 20.00  |   |      |   | 30,000    |          |   |   | -          |   |   |   | 11.22 |   |
| Exercised                        |   |     | -      |   |      |   | -         |          |   |   | -          |   |   |   | - |   |
| Forfeited                        |   |     | 22.50  |   |      |   | (78,400   | )             |   |   | -          |   |   |   | 9.97 |   |
|                             |   |     |   |   |      |   |      |          |   |   |       |   |   |   |   |   |
| Balance as of March 31, 2011     |   | $        | 22.91  |   |      |   | 2,835,700 |          |   |   | -          |   |   | $ | 5.99 |   |
|                             |   |     |   |   |      |   |      |          |   |   |       |   |   |   |   |   |
| Exercisable as of March 31, 2011 |   | $        | 23.02  |   |      |   | 1,459,625 |          |   |   | -          |   |   | $ | 4.51 |   |

----

|                                    |   | Number of    |    |   | Weighted   |   |
|-----------------------------------------|--------|--------------|---------|--------|------------|--------|
|                                    |   | Nonvested    |    |   | Average    |   |
|                                    |   | Restricted   |    |   | Grant Date |   |
|                                    |   | Share Awards |    |   | Fair Value |   |
| Nonvested restricted shares outstanding |   |         |    |   |       |   |
| January 1, 2011                         |   |         | 595,053 |   |       | $      | 9.90 |   |
| Granted                                 |   |         | 352,250 |   |       |   | 11.13 |   |
| Vested                                  |   |         | (48,540 | )      |       |   | 9.25 |   |
| Forfeited                               |   |         | (65,051 | )      |       |   | 11.64 |   |
|                                    |   |         |    |   |       |   |   |   |
| Nonvested restricted shares outstanding |   |         |    |   |       |   |   |   |
| March 31, 2011                          |   |         | 833,712 |   |       | $      | 10.32 |   |

----

|                                        |   | Three Month Period Ended |       |
|---------------------------------------------|--------|--------------------------|------------|
|                                        |   | March 31,                |       |
|                                        |   | 2011                     |       |   | 2010 |   |
|                                        |   | (unaudited)              |       |
| Net income (loss), attributable to          |   |                     |       |   |   |   |
| common shareholders                         |   | $                        | 2,789,482  |   |   | $ | (7,237,518 | ) |
|                                        |   |                     |       |   |   |   |   |   |
| Basic                                       |   |                     |       |   |   |   |   |   |
| Weighted average shares outstanding:        |   |                     | 36,406,830 |   |   |   | 8,243,748 |   |
|                                        |   |                     |       |   |   |   |   |   |
| Diluted                                     |   |                     |       |   |   |   |   |   |
| Shares issuable from the assumed conversion |   |                     |       |   |   |   |   |   |
| of stock warrants                           |   |                     | 261,012    |   |   |   | - |   |
| Shares issuable from the assumed conversion |   |                     |       |   |   |   |   |   |
| of stock options                            |   |                     | 400        |   |   |   | - |   |
|                                        |   |                     |       |   |   |   |   |   |
| Total                                       |   |                     | 36,668,242 |   |   |   | 8,243,748 |   |
|                                        |   |                     |       |   |   |   |   |   |
| Basic income (loss) per share               |   | $                        | .08        |   |   | $ | (.88 | ) |
|                                        |   |                     |       |   |   |   |   |   |
| Diluted income (loss) per share             |   | $                        | .08        |   |   | $ | (.88 | ) |

----

|              |   | Three Month Period Ended |      |
|-------------------|--------|--------------------------|-----------|
|              |   | March 31,                |      |
|              |   | 2011                     |      |   | 2010 |   |
|              |   | (unaudited)              |      |
|              |   |                     |      |   |   |   |
| Interest paid     |   | $                        | 324,613   |   |   | $ | 4,342,194 |   |
|              |   |                     |      |   |   |   |   |   |
| Income taxes paid |   | $                        | 1,915,449 |   |   | $ | 1,613,838 |   |

|                                          |   | Three Month Period Ended |      |
|-----------------------------------------------|--------|--------------------------|-----------|
|                                          |   | March 31,                |      |
|                                          |   | 2011                     |      |   | 2010 |   |
|                                          |   | (unaudited)              |      |
| Property and equipment additions financed     |   |                     |      |   |   |   |
| through accounts payable and accrued expenses |   | $                        | 2,660,532 |   |   | $ | 107,640 |   |
|                                          |   |                     |      |   |   |   |   |   |
| Option payable recorded against               |   |                     |      |   |   |   |   |   |
| additional paid in capital                    |   | $                        | 701,910   |   |   | $ | 2,499,990 |   |
|                                          |   |                     |      |   |   |   |   |   |
| Non-cash Multi-client asset recorded          |   |                     |      |   |   |   |   |   |
| as deferred revenue                           |   | $                        | 715,361   |   |   | $ | - |   |
|                                          |   |                     |      |   |   |   |   |   |
| Note payable related to purchase of business  |   | $                        | 1,000,000 |   |   | $ | - |   |

----

|                  |   | As of and for the Three Month Period Ended March 31, 2011 (unaudited) |       |
|-----------------------|--------|-----------------------------------------------------------------------|------------|
|                  |   | Proprietary Services                                                  |       |   | Multi-Client Services |   |   | Corporate |   |   | Total |   |
| Revenue               |   | $                                                                     | 39,040,502 |   |   | $ | 37,794,592 |   |   | $ | - |   |   | $ | 76,835,094 |   |
| Segment income (loss) |   | $                                                                     | 4,808,988  |   |   | $ | 7,893,642 |   |   | $ | (9,913,148 | ) |   | $ | 2,789,482 |   |
| Segment assets        |   | $                                                                     | 49,745,080 |   |   | $ | 213,860,498 |   |   | $ | 176,938,873 |   |   | $ | 440,544,451 |   |

|                  |   | As of and for the Three Month Period Ended March 31, 2011 (unaudited) |        |
|-----------------------|--------|-----------------------------------------------------------------------|-------------|
|                  |   | Proprietary Services                                                  |        |   | Multi-Client Services |   |   | Corporate |   |   | Total |   |
| Revenue               |   | $                                                                     | 44,754,732  |   |   | $ | 15,906,464 |   |   | $ | - |   |   | $ | 60,661,196 |   |
| Segment income (loss) |   | $                                                                     | (10,963,341 | ) |   | $ | 4,657,855 |   |   | $ | (932,032 | ) |   | $ | (7,237,518 | ) |
| Segment assets        |   | $                                                                     | 63,108,132  |   |   | $ | 72,305,850 |   |   | $ | 164,666,329 |   |   | $ | 300,080,311 |   |

----

|                                       |   | As of March 31, 2011 (Unaudited) |        |
|--------------------------------------------|--------|----------------------------------|-------------|
|                                       |   | Guarantors                       |        |   | Non-guarantors |   |   | Eliminations |   |   | Consolidated |   |
| BALANCE SHEET                              |   |                             |        |   |   |   |   |   |   |   |   |   |
| ASSETS                                     |   |                             |        |   |   |   |   |   |   |   |   |   |
| Current assets                             |   | $                                | 116,056,399 |   |   | $ | 28,799,177 |   |   | $ | (34,099,254 | ) |   | $ | 110,756,322 |   |
| Multi-client library, net                  |   |                             | 178,816,035 |   |   |   | - |   |   |   | - |   |   |   | 178,816,035 |   |
| Property and equipment, net                |   |                             | 119,876,713 |   |   |   | 2,685,479 |   |   |   | - |   |   |   | 122,562,192 |   |
| Investment in subsidiaries                 |   |                             | 1,099       |   |   |   | - |   |   |   | (1,099 | ) |   |   | - |   |
| Intercompany accounts                      |   |                             | 20,389,956  |   |   |   | (20,389,956 | ) |   |   | - |   |   |   | - |   |
| Other non-current assets                   |   |                             | 28,361,958  |   |   |   | 47,944 |   |   |   | - |   |   |   | 28,409,902 |   |
| TOTAL ASSETS                               |   | $                                | 463,502,160 |   |   | $ | 11,142,644 |   |   | $ | (34,100,353 | ) |   | $ | 440,544,451 |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                        |   | $                                | 116,245,040 |   |   | $ | 35,604,586 |   |   | $ | (34,099,254 | ) |   | $ | 117,750,372 |   |
| Long-term debt and capital lease           |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| obligations, net of current portion and    |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| unamortized discount                       |   |                             | 215,375,672 |   |   |   | - |   |   |   | - |   |   |   | 215,375,672 |   |
| Deferred income tax and other              |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| non-current liabilities                    |   |                             | 1,447,228   |   |   |   | - |   |   |   | - |   |   |   | 1,447,228 |   |
| TOTAL LIABILITIES                          |   |                             | 333,067,940 |   |   |   | 35,604,586 |   |   |   | (34,099,254 | ) |   |   | 334,573,272 |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                       |   |                             | 130,434,220 |   |   |   | (24,461,942 | ) |   |   | (1,099 | ) |   |   | 105,971,179 |   |
| TOTAL LIABILITIES AND                      |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS’ EQUITY                 |   | $                                | 463,502,160 |   |   | $ | 11,142,644 |   |   | $ | (34,100,353 | ) |   | $ | 440,544,451 |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | As of December 31, 2010          |        |
|                                       |   | Guarantors                       |        |   | Non-guarantors |   |   | Eliminations |   |   | Consolidated |   |
| BALANCE SHEET                              |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ASSETS                                     |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current assets                             |   | $                                | 116,600,714 |   |   | $ | 26,123,142 |   |   | $ | (30,735,946 | ) |   | $ | 111,987,910 |   |
| Multi-client library, net                  |   |                             | 145,896,355 |   |   |   | - |   |   |   | - |   |   |   | 145,896,355 |   |
| Property and equipment, net                |   |                             | 125,342,454 |   |   |   | 1,621,499 |   |   |   | - |   |   |   | 126,963,953 |   |
| Investment in subsidiaries                 |   |                             | 1,099       |   |   |   | - |   |   |   | (1,099 | ) |   |   | - |   |
| Intercompany accounts                      |   |                             | 17,325,928  |   |   |   | (17,325,928 | ) |   |   | - |   |   |   | - |   |
| Other non-current assets                   |   |                             | 28,403,426  |   |   |   | 14,856 |   |   |   | - |   |   |   | 28,418,282 |   |
| TOTAL ASSETS                               |   | $                                | 433,569,976 |   |   | $ | 10,433,569 |   |   | $ | (30,737,045 | ) |   | $ | 413,266,500 |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                        |   | $                                | 98,383,785  |   |   | $ | 32,852,979 |   |   | $ | (30,735,946 | ) |   | $ | 100,500,818 |   |
| Long-term debt and capital lease           |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| obligations, net of current portion and    |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| unamortized discount                       |   |                             | 209,418,242 |   |   |   | - |   |   |   | - |   |   |   | 209,418,242 |   |
| Deferred income tax and other              |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| non-current liabilities                    |   |                             | 1,490,745   |   |   |   | - |   |   |   | - |   |   |   | 1,490,745 |   |
| TOTAL LIABILITIES                          |   |                             | 309,292,772 |   |   |   | 32,852,979 |   |   |   | (30,735,946 | ) |   |   | 311,409,805 |   |
|                                       |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                       |   |                             | 124,277,204 |   |   |   | (22,419,410 | ) |   |   | (1,099 | ) |   |   | 101,856,695 |   |
| TOTAL LIABILITIES AND                      |   |                             |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS’ EQUITY                 |   | $                                | 433,569,976 |   |   | $ | 10,433,569 |   |   | $ | (30,737,045 | ) |   | $ | 413,266,500 |   |

----

|                                                   |   | Three Month Period Ended March 31, 2011 (Unaudited) |       |
|--------------------------------------------------------|--------|-----------------------------------------------------|------------|
|                                                   |   | Guarantors                                          |       |   | Non-guarantors |   |   | Eliminations |   |   | Consolidated |   |
| STATEMENTS OF OPERATIONS                               |   |                                                |       |   |   |   |   |   |   |   |   |   |
| Revenues                                               |   | $                                                   | 70,045,232 |   |   | $ | 8,342,442 |   |   | $ | (1,552,580 | ) |   | $ | 76,835,094 |   |
|                                                   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                              |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                     |   |                                                | 48,009,539 |   |   |   | 8,327,142 |   |   |   | (1,261,309 | ) |   |   | 55,075,372 |   |
| Selling, general and administrative expenses           |   |                                                | 9,362,151  |   |   |   | 1,940,938 |   |   |   | (291,271 | ) |   |   | 11,011,818 |   |
| Total expenses                                         |   |                                                | 57,371,690 |   |   |   | 10,268,080 |   |   |   | (1,552,580 | ) |   |   | 66,087,190 |   |
| Income (loss) from operations                          |   |                                                | 12,673,542 |   |   |   | (1,925,638 | ) |   |   | - |   |   |   | 10,747,904 |   |
| Interest income (expense), net                         |   |                                                | (5,819,338 | ) |   |   | 12,218 |   |   |   | - |   |   |   | (5,807,120 | ) |
| Other income (expenses), net                           |   |                                                | 834,195    |   |   |   | (16,752 | ) |   |   | - |   |   |   | 817,443 |   |
| Income (loss) before income taxes                      |   |                                                | 7,688,399  |   |   |   | (1,930,172 | ) |   |   | - |   |   |   | 5,758,227 |   |
| Income tax expense                                     |   |                                                | 2,899,902  |   |   |   | 112,360 |   |   |   | - |   |   |   | 3,012,262 |   |
| Income (loss) after income taxes                       |   |                                                | 4,788,497  |   |   |   | (2,042,532 | ) |   |   | - |   |   |   | 2,745,965 |   |
| Net loss, attributable to noncontrolling interests     |   |                                                | (43,517    | ) |   |   | - |   |   |   | - |   |   |   | (43,517 | ) |
| Net income (loss), attributable to common shareholders |   | $                                                   | 4,832,014  |   |   | $ | (2,042,532 | ) |   | $ | - |   |   | $ | 2,789,482 |   |
|                                                   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   |   | Three Month Period Ended March 31, 2011 (Unaudited) |       |
|                                                   |   | Guarantors                                          |       |   | Non-guarantors |   |   | Eliminations |   |   | Consolidated |   |
| STATEMENTS OF OPERATIONS                               |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                               |   | $                                                   | 43,388,785 |   |   | $ | 23,884,500 |   |   | $ | (6,612,089 | ) |   | $ | 60,661,196 |   |
|                                                   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                              |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                     |   |                                                | 41,269,942 |   |   |   | 23,911,480 |   |   |   | (6,321,040 | ) |   |   | 58,860,382 |   |
| Selling, general and administrative expenses           |   |                                                | 5,046,515  |   |   |   | 3,493,818 |   |   |   | (291,049 | ) |   |   | 8,249,284 |   |
| Total expenses                                         |   |                                                | 46,316,457 |   |   |   | 27,405,298 |   |   |   | (6,612,089 | ) |   |   | 67,109,666 |   |
| Loss from operations                                   |   |                                                | (2,927,672 | ) |   |   | (3,520,798 | ) |   |   | - |   |   |   | (6,448,470 | ) |
| Interest expense, net                                  |   |                                                | (4,584,118 | ) |   |   | - |   |   |   | - |   |   |   | (4,584,118 | ) |
| Other income (expenses), net                           |   |                                                | 359,186    |   |   |   | (165,384 | ) |   |   | - |   |   |   | 193,802 |   |
| Loss before income taxes                               |   |                                                | (7,152,604 | ) |   |   | (3,686,182 | ) |   |   | - |   |   |   | (10,838,786 | ) |
| Income tax expense (benefit)                           |   |                                                | (3,632,872 | ) |   |   | 31,604 |   |   |   | - |   |   |   | (3,601,268 | ) |
| Net loss, attributable to common shareholders          |   | $                                                   | (3,519,732 | ) |   | $ | (3,717,786 | ) |   | $ | - |   |   | $ | (7,237,518 | ) |

----

|                                                |   | Three Month Period Ended March 31, 2011 (Unaudited) |        |
|-----------------------------------------------------|--------|-----------------------------------------------------|-------------|
|                                                |   | Guarantors                                          |        |   | Non-guarantors |   |   | Eliminations |   |   | Consolidated |   |
| STATEMENTS OF CASH FLOWS                            |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities |   | $                                                   | 52,603,258  |   |   | $ | (1,856,319 | ) |   | $ | - |   |   | $ | 50,746,939 |   |
| Net cash used in investing activities               |   |                                                | (59,999,986 | ) |   |   | (1,230,501 | ) |   |   | - |   |   |   | (61,230,487 | ) |
| Net cash provided by financing activities           |   |                                                | 3,107,549   |   |   |   | - |   |   |   | - |   |   |   | 3,107,549 |   |
| Net decrease in cash and cash equivalents           |   | $                                                   | (4,289,179  | ) |   | $ | (3,086,820 | ) |   | $ | - |   |   | $ | (7,375,999 | ) |

|                                                 |   | Three Month Period Ended March 31, 2011 (Unaudited) |        |
|------------------------------------------------------|--------|-----------------------------------------------------|-------------|
|                                                 |   | Guarantors                                          |        |   | Non-guarantors |   |   | Eliminations |   |   | Consolidated |   |
| STATEMENTS OF CASH FLOWS                             |   |                                                |        |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities  |   | $                                                   | 22,806,945  |   |   | $ | (1,851,211 | ) |   | $ | - |   |   | $ | 20,955,734 |   |
| Net cash provided by (used in) investing activities  |   |                                                | (28,910,007 | ) |   |   | 2,022,343 |   |   |   | - |   |   |   | (26,887,664 | ) |
| Net cash used in financing activities                |   |                                                | (1,572,931  | ) |   |   | - |   |   |   | - |   |   |   | (1,572,931 | ) |
| Net increase (decrease) in cash and cash equivalents |   | $                                                   | (7,675,993  | ) |   | $ | 171,132 |   |   | $ | - |   |   | $ | (7,504,861 | ) |

----

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|                                                              |   | Three Month Period Ended |   |
|-------------------------------------------------------------------|--------|--------------------------|--------|
|                                                              |   | March 31,                |   |
|                                                              |   | (unaudited)              |   |
|                                                              |   | 2011                     |   |   | 2010 |   |
| (Amounts in millions)                                             |   | Amount                   |   |   | % |   |   | Amount |   |   | % |   |
| Proprietary Services                                              |   | $                        | 39.0   |   |   |   | 51 | % |   | $ | 44.8 |   |   |   | 74 | % |
| Multi-client Services                                             |   |                     | 37.8   |   |   |   | 49 | % |   |   | 15.9 |   |   |   | 26 | % |
|           Total |   | $                        | 76.8   |   |   |   | 100 | % |   | $ | 60.7 |   |   |   | 100 | % |

| Revenues by US vs. International                                  |   | Three Month Period Ended |   |
|-------------------------------------------------------------------|--------|--------------------------|--------|
|                                                              |   | March 31,                |   |
|                                                              |   | (unaudited)              |   |
|                                                              |   | 2011                     |   |   | 2010 |   |
|                                                              |   | Amount                   |   |   | % |   |   | Amount |   |   | % |   |
| United States                                                     |   | $                        | 41.2   |   |   |   | 54 | % |   | $ | 19.4 |   |   |   | 32 | % |
| International                                                     |   |                     | 35.6   |   |   |   | 46 | % |   |   | 41.3 |   |   |   | 68 | % |
|           Total |   | $                        | 76.8   |   |   |   | 100 | % |   | $ | 60.7 |   |   |   | 100 | % |

----

|                  |   | Three Month Period Ended |   |
|-----------------------|--------|--------------------------|--------|
|                  |   | March 31,                |   |
|                  |   | 2011                     |   |   | 2010 |   |
| Multi-client revenues |   | (unaudited)              |   |
|                  |   |                     |   |   |   |   |
| Pre-commitments       |   | $                        | 26.4   |   |   | $ | 11.6 |   |
| Late sales            |   |                     | 10.4   |   |   |   | 4.3 |   |
| Subtotal              |   |                     | 36.8   |   |   |   | 15.9 |   |
| Non-cash data swaps   |   |                     | 1.0    |   |   |   | - |   |
| Total revenue         |   | $                        | 37.8   |   |   | $ | 15.9 |   |

----

|                                                    |   | March 31,   |   |
|---------------------------------------------------------|--------|-------------|--------|
|                                                    |   | 2011        |   |   | 2010 |   |
|                                                    |   | (unaudited) |   |
|                                                    |   |        |   |   |   |   |
| Gross depreciation expense                              |   | $           | 12.6   |   |   | $ | 14.9 |   |
| Less: capitalized depreciation for Multi-client library |   |        | 4.7    |   |   |   | 5.5 |   |
|                                                    |   |        |   |   |   |   |   |   |
| Net depreciation expense                                |   | $           | 7.9    |   |   | $ | 9.4 |   |
|                                                    |   |        |   |   |   |   |   |   |
| Amortization of intangibles expense                     |   |        | 0.4    |   |   |   | 0.1 |   |
| Multi-client amortization expense                       |   |        | 25.5   |   |   |   | 8.7 |   |
|                                                    |   |        |   |   |   |   |   |   |
| Total net depreciation & amortization expense       |   | $           | 33.8   |   |   | $ | 18.2 |   |
|                                                    |   |        |   |   |   |   |   |   |
| Average Multi-client amortization rate                  |   |        |   |   |   |   |   |   |
| for the period                                          |   |        | 68     | % |   |   | 55 | % |

----

|                                                |   | Three Month Period Ended |   |
|-----------------------------------------------------|--------|--------------------------|--------|
|                                                |   | March 31,                |   |
| EBITDA                                              |   | 2011                     |   |   | 2010 |   |
|                                                |   | (unaudited)              |   |
| Net income (loss)                                   |   | $                        | 2.8    |   |   | $ | (7.2 | ) |
|    Add: depreciation (gross) (1)     |   |                     | 12.6   |   |   |   | 14.8 |   |
|    Less: capitalized depreciation    |   |                     | 4.7    |   |   |   | 5.5 |   |
|    Add: amortization of intangibles  |   |                     | .4     |   |   |   | .1 |   |
|    Add: Multi-client amortization    |   |                     | 25.5   |   |   |   | 8.7 |   |
|    Add: interest income expense, net |   |                     | 5.8    |   |   |   | 4.6 |   |
|    Add: income tax expense (benefit) |   |                     | 3.0    |   |   |   | (3.6 | ) |
| EBITDA                                              |   | $                        | 45.4   |   |   | $ | 11.9 |   |
|                                                |   |                     |   |   |   |   |   |   |
| (1) Includes gain or loss from sale of fixed assets |   |

----

|                                                                                                              |   | Three Month Period Ended |   |
|-------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|
|  (Amounts in millions)                                                                                       |   | March 31,                |   |
|                                                                                                              |   | (unaudited)              |   |
|  Available cash                                                                                              |   | $                        | 20.9   |   |
|  Undrawn borrowing capacity under Revolving Credit Facility                                                  |   |                     | 30.0   |   |
|                Net available liquidity |   | $                        | 50.9   |   |

|                  |   | Three Month Period Ended |   |
|-----------------------|--------|--------------------------|--------|
|                  |   | March 31,                |   |
| (Amounts in millions) |   | 2011                     |   |   | 2010 |   |
|                  |   | (unaudited)              |   |
| Operating activities  |   | $                        | 50.7   |   |   | $ | 21.0 |   |
| Investing activities  |   |                     | (61.2  | ) |   |   | (26.9 | ) |
| Financing activities  |   |                     | 3.1    |   |   |   | (1.6 | ) |

----

|                             |   | Three Month Period Ended |   |
|----------------------------------|--------|--------------------------|--------|
|                             |   | March 31,                |   |
| Multi-client investment (period) |   | 2011                     |   |   | 2010 |   |
|                             |   | (unaudited)              |   |
| Cash                             |   | $                        | 52.8   |   |   | $ | 25.3 |   |
| Capitalized depreciation (1)     |   |                     | 4.7    |   |   |   | 5.5 |   |
| Non-cash data swaps              |   |                     | 1.0    |   |   |   | - |   |
| Total                            |   |                     | 58.5   |   |   |   | 30.8 |   |
|                             |   |                     |   |   |   |   |   |   |
| Investment (cumulative)          |   |                     |   |   |   |   |   |   |
| Cash                             |   | $                        | 283.0  |   |   | $ | 84.9 |   |
| Capitalized depreciation (1)     |   |                     | 31.8   |   |   |   | 12.2 |   |
| Non-cash data swaps              |   |                     | 20.0   |   |   |   | 8.9 |   |
| Total                            |   | $                        | 334.8  |   |   | $ | 106.0 |   |
|                             |   |                     |   |   |   |   |   |   |
| Cumulative amortization          |   |                     | 156.0  |   |   |   | 46.5 |   |
| Multi-client net book value      |   | $                        | 178.8  |   |   | $ | 59.5 |   |

| (1)   | Represents capitalized cost of the equipment, owned or leased, and utilized in connection with Multi-client Services. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                            |   | Total  |   |   | Within 1 Year |   |   | 1-3 Years |   |   | 3-5 Years |   |   | After 5 Years |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------|--------|--------|-----------|--------|--------|-----------|--------|--------|---------------|--------|
| (Amounts in millions)                                                                                           |   |   |   |   |          |   |   |      |   |   |      |   |   |          |   |
| Debt obligations                                                                                                |   | $      | 221.7  |   |          | $      | 0.9    |      |   | $      | 20.4      |   |   | $             | 0.4    |   |   | $ | 200.0 |   |
| Operating lease obligations                                                                                     |   |   | 1.8    |   |          |   | 1.0    |      |   |   | 0.6       |   |   |          | 0.2    |   |   |   | 0.0 |   |
| Option payable (1)                                                                                              |   |   | 0.7    |   |          |   | 0.7    |      |   |   | 0.0       |   |   |          | 0.0    |   |   |   | 0.0 |   |
|                                                                                                            |   | $      | 224.2  |   |          | $      | 2.6    |      |   | $      | 21.0      |   |   | $             | 0.6    |   |   | $ | 200.0 |   |
|                                                                                                            |   |   |   |   |          |   |   |      |   |   |      |   |   |          |   |   |   |   |   |   |
| (1) Represents an option to purchase from a former employee 46,794 shares of common stock at $15 per share |

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| Exhibit No. |   | Description                                                                                                                                                                                        |
|-------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                               |
| 31.1*       |   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.                                                          |
|        |   |                                                                                                                                                                                               |
| 31.2*       |   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.                                                          |
|        |   |                                                                                                                                                                                               |
| 32.1*       |   | Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|        |   |                                                                                                                                                                                               |
| 32.2*       |   | Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

----

|                   |   | GLOBAL GEOPHYSICAL SERVICES, INC.                 |
|------------------------|--------|---------------------------------------------------|
|                   |   |                                              |
|                   |   |                                              |
| Date: May 6, 2011 |   | /s/ Richard A. Degner                             |
|                   |   | Richard A. Degner                                 |
|                   |   | President and Chief Executive Officer             |
|                   |   | (Authorized Officer)                              |
|                   |   |                                              |
|                   |   |                                              |
|                   |   |                                              |
| Date: May 6, 2011 |   | /s/ P. Mathew Verghese                            |
|                   |   | P. Mathew Verghese                                |
|                   |   | Senior Vice President and Chief Financial Officer |
|                   |   | (Principal Financial and Accounting Officer)      |

----