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May 19, 2010. Cyprus: SeaBird Exploration Limited ('SeaBird" or "SBX") are pleased to announce the execution of an agreement  with Chevron North Sea Limited  for the acquisition of a large scale ocean bottom node seismic survey West of Shetland at approximately 1,200m water depth. The purpose of this full azimuth 4C-3D node survey is to acquire multi-component data for improved reservoir imaging and characterization. The survey will be conducted with the survey vessel Hugin Explorer with a capacity of 750 proprietary autonomous CASE Abyss nodes onboard and  the source vessel Kondor Explorer  which is planned to cover a full azimuth dense shooting program of about 250 square km. The mobilization was commenced immediately after the recent completion of the node survey offshore ultra deep water Nigeria. The survey will start end of May 2010 with an expected duration of approximately 3 months including mobilization and demobilization.

 

Rosebank Partners:               

Chevron North Sea Limited                        40.00%

Statoil (U.K.) Limited                                  30.00%

DONG E&P (UK) Limited                            10.00%

OMV (U.K.) Limited                                    20.00%

 

For further queries contact:

 

Tim Isden

CEO SeaBird Exploration

Phone: + 971 504 539075

 

Kai Solberg-Hansen

CFO SeaBird Exploration

Phone: + 47 920 51455

 

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SeaBird Exploration Limited `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data.

 

All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.

 
This information is subject of the disclosure requirements acc. to ยง5-12 vphl (Norwegian Securities Trading Act)