Published:
OMNI Announces Exercise of Warrants
CARENCRO, La., Aug. 27 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES
CORP. (Nasdaq: OMNI) announced today that two of its significant shareholders
have exercised common stock purchase warrants, previously acquired, that the
shareholders had the right to exercise until 2010. The resulting capital
infusion will generate incremental cash for the company of $2.6 million and
result in the issuance of 1,150,000 shares of common stock.
The Company and its lender have agreed to use these proceeds on new
capital investment, over and above current capital spending limits and other
covenant calculations. The Company feels this use of the funds will be in the
best interest of both shareholders and lenders.
Brian J. Recatto, President and Chief Executive Officer of OMNI, stated,
"We continue to experience increased demand for our services in support of our
clients' expanding drilling activity. These funds will enhance our ability to
meet clients' equipment needs associated with the growth in their drilling and
completion operations. We are very pleased with the confidence our
shareholders have shown by exercising their warrants early and the confidence
our lenders have displayed in support of this transaction."
Headquartered inCarencro, LA, OMNI Energy Services Corp. offers a broad
range of integrated services to geophysical companies engaged in the
acquisition of on-shore seismic data and to oil and gas companies operating in
theGulf of Mexico as well as the prolific oil and gas producing regions of
the continentalUnited States of America. OMNI provides its services through
five business segments: Seismic Drilling (including drilling, survey and
permitting services), Environmental Services, Equipment Leasing, Fluid and
Transportation Services and Other Services.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that all forward-looking statements involve risks and
uncertainties associated with the timely conversion of seismic drilling
backlog into revenue, the acceptance and use of the expanded environmental
cleaning services, OMNI's dependence on activity in the oil and gas industry,
labor shortages, permit delays, dependence on significant customers,
seasonality and weather risks, competition, technological evolution, the
ultimate outcome of pending litigation, the continued growth of our
environmental services and rental equipment business units, and other risks
detailed in OMNI's filings with the Securities and Exchange Commission.
OMNI&
SOURCE OMNI Energy Services Corp.
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