Texaco Press Release - Texaco and Magic Earth Form Alliance to Market Proprietary 3D Visualization
FOR RELEASE: TUESDAY JANUARY 4, 2000.
HOUSTON, Jan. 4 - Texaco announced today that it has signed an agreement with a newly-formed, technology company, Magic Earth, LLC, to further develop and market Texaco's proprietary 3D visualization technology, GeoProbeTM. Under the terms of the agreement, Magic Earth will provide leading-edge visualization tools and services, including GeoProbe, to the oil and gas industry. Texaco will own a 25 percent share of Magic Earth, with the remainder held by Magic Earth employees and other investors.
Commenting on the announcement, James R. Metzger, Vice President and Chief Technology Officer of Texaco Inc., said, "Texaco's agreement with Magic Earth will enable GeoProbe's significant capabilities to be further developed, while preserving our access to this powerful exploration and production tool. We believe a highly focused 'Silicon Valley'-type company, such as Magic Earth, provides the best environment to speed the development of GeoProbe and to leverage our technological edge in the global energy arena."
GeoProbe allows users to interactively interpret enormous data volumes. Since its introduction in 1997, Texaco geoscientists using the software have quickly interpreted data from over 100 projects that would have taken them up to ten times longer to analyze using conventional techniques. In addition to shortening cycle times, thereby reducing costs, GeoProbe also offers its users much higher levels of accuracy through visualization.
Michael J. Zeitlin, who led the team that developed GeoProbe, has been elected President and Chief Executive Officer of Houston-based Magic Earth. "GeoProbe is the most powerful interpretive environment currently available to the energy industry," said Zeitlin. "GeoProbe moves as fast as users do and takes full advantage of the new immersive visualization centers in use today. Magic Earth is a company that is dedicated to innovation and the rapid development of innovative products that will change the workflow for Exploration and Production professionals."
Zeitlin was named a Texaco Fellow during his assignment as Manager of Texaco's Integrated Visualization Technology.
Updated: January 2000