Technology Development Company Announces US$11 Million Dollar Investment

ST JOHN'S, Canada, July 31 (ots/PRNewswire) - PanGeo Subsea
announced today they have secured a multi-million dollar investment
to support ongoing commercialization of its innovative acoustic
imaging technology and to increase its product offerings. The
investment is led by Lime Rock Partners and CTTV Investments LLC, the
venture capital arm of Chevron Technology Ventures.

PanGeo Subsea has developed leading edge scientific concepts in
the areas of 3D and 4D acoustic imaging technologies into products
and services for applications predominantly in the oil and gas
industry and other energy sectors. These products are used to
interrogate the seabed from the seafloor to the reservoir. Its suite
of technologies includes the Acoustic Corer(TM), Sub-Bottom
Imager(TM) and Acoustic Zoom(R). The Acoustic Corer is now available
to the market. The Sub-Bottom Imager will be commercially introduced
in the fall of this year. The Acoustic Zoom is the most recent of the
company's innovations and is the next generation of geophysical
technologies. The deep earth telescope will be capable of generating
high resolution acoustic images 6000m into the seabed, five to ten
times greater than conventional 3D and 4D seismic.

Moya Cahill, President of PanGeo Subsea, says the demand in the
industry for more confidence in the geotechnical parameters of the
seabed is increasing. "We are extremely excited with this new
investment and will use the funds to drive the commercialization of
our products, extend our service offerings and accelerate our global
expansion."

The company is advancing the use of acoustics as a successful
scientific method for interrogating the sub-seabed. With
ground-breaking visualization methods to uniquely capture 3D
volumetric data in real time, PanGeo Subsea will be a leading
supplier of innovative technologies to the oil and gas industry. The
company is broadening its markets to include support for the
installation of foundations for offshore wind farms as well as
capturing opportunities in the offshore mining and military sectors.

Trevor Burgess, a Managing Director of Lime Rock Partners in its
Aberdeen, Scotland, office, said, "PanGeo Subsea is introducing a
number of leading-edge acoustic products to provide detailed images
under the seabed. We at Lime Rock like the growth potential for
breakthrough technology in the subsea market, and we have been very
impressed by the technical leadership of PanGeo Subsea. PanGeo Subsea
products will lower risk when installing and surveying foundations,
pipelines, and other infrastructure in the offshore oil, gas, and
wind sectors."

PanGeo Subsea's corporate headquarters are located in St. John's,
Newfoundland and Labrador with an operational office in Stavanger to
service its initial market in Norway. PanGeo Subsea will be
establishing sales and operation offices in key energy centers in
Aberdeen, Denmark, Houston, Brazil, and South East Asia to meet the
anticipated demand. The company was formed in 2006 by Guigné
International Limited and Pan Maritime Energy Services Inc., with
initial venture capital investment by Energy Ventures AS. For more
information visit http://www.pangeosubsea.com.

About Lime Rock Partners

Established in 1998, Lime Rock manages $3.8 billion of private
capital for investment in the energy industry through Lime Rock
Partners, investors of growth capital in energy companies worldwide,
and Lime Rock Resources, acquirers and operators of oil and gas
properties in the United States. With $3.0 billion under management,
Lime Rock Partners is a creative, value-adding, and long-term
investor of growth capital in exploration and production, energy
service, and oil service technology companies worldwide. From
locations in Aberdeen, Scotland, Dubai, Houston, Texas, and Westport,
Connecticut, the Lime Rock Partners team brings together a global
network of relationships, deep interdisciplinary expertise in finance
and energy company operations, and a strong track record of value
creation. For more information, please visit
http://www.lrpartners.com.

About CTTV Investments LLC

CTTV Investments LLC, the venture capital arm of Chevron
Technology Ventures, identifies and invests in new technologies and
business opportunities that can create value, clear competitive
advantage and superior financial returns for Chevron.

Chevron Corporation is one of the world's leading integrated
energy companies, with subsidiaries that conduct business worldwide.
The company's success is driven by the ingenuity and commitment of
approximately 62,000 employees who operate across the energy
spectrum. Chevron explores for, produces and transports crude oil and
natural gas; refines, markets and distributes transportation fuels
and other energy products; manufactures and sells petrochemical
products; generates power and produces geothermal energy; provides
energy efficiency solutions; and develops the energy resources of the
future, including biofuels and other renewables. Chevron is based in
San Ramon, California. More information about Chevron is available at
http://www.chevron.com and http://www.chevron.ca.

For further information: Media contacts: PanGeo Subsea: Catherina
Kennedy, Manager of Corporate Affairs and Human Resources,
+1-709-739-8032 x 226, +1-709-749-1419; Lime Rock Partners: Gary
Sernovitz, Director, Investor Relations and Business Developments,
+1-203-293-2765; Chevron Technology Ventures: Kim Copelin, Business
Communications Coordinator, +1-713-954-6803

ots Originaltext: PanGeo Subsea
Im Internet recherchierbar: http://www.presseportal.de

Contact:
For further information: Media contacts: PanGeo Subsea: Catherina
Kennedy, Manager of Corporate Affairs and Human Resources,
+1-709-739-8032 x 226, +1-709-749-1419; Lime Rock Partners: Gary
Sernovitz, Director, Investor Relations and Business Developments,
+1-203-293-2765; Chevron Technology Ventures: Kim Copelin, Business
Communications Coordinator, +1-713-954-6803