Exhibit 99.1

HOUSTON, TEXAS – May 16, 2011 – Geokinetics Inc. (NYSE Amex: GOK) today announced its financial results for the quarter ended March 31, 2011.

Highlights for the three months ended March 31, 2011:

·                  Revenues increased 77% to $187.6 million from $105.7 million in the first quarter of 2010.

·                  EBITDA (a non-GAAP financial measurement, defined below) increased to $19.2 million from $1.8 million in the same period in 2010.  EBITDA includes $1.5 million of costs associated with the acquisition of PGS Onshore for the three months ended March 31, 2010.

·                  Reported a loss applicable to common stockholders of $31.0 million, or $1.74 per basic and diluted share.

·                  The Company added approximately $266 million in backlog during the quarter, which includes awards for new projects and extensions to existing projects in Latin America, Asia-Pacific and North America.

·                  Backlog increased 14% sequentially to $636 million as of March 31, 2011, of which $516 million, or 81%, is for international projects (excluding Canada) and $120 million, or 19%, is for North American projects.

Richard F. Miles, President and Chief Executive Officer, stated, “The first quarter was negatively impacted by inclement weather in the United States, Brazil, Mexico and Australia.    Results were further hindered by start-up costs and a start-up delay on the ocean-bottom-cable project in Mexico, which was caused by having to wait for the completion of the ocean-bottom-cable project in Indonesia and subsequent shipment of equipment.

“Demand is outstripping supply in the United States as many of the projects we are bidding on now can’t be started for several months.  Visibility is good and our confidence in this market is solid, which is based on the amount of bids we currently have outstanding combined with the number of inquiries we are receiving for both multi-client and proprietary work.  We continue to expect to deploy a healthy mix of proprietary and multi-client crews throughout 2011 and we are constantly evaluating exactly what that mix will look like from month to month.  Pricing started to improve late last year, but the higher margin projects are just now slowly starting to flow through the income statement.  As a caveat, minor weather delays and permitting issues have recently hindered crew utilization in the United States, which in turn has affected the timing of revenue recognition on our multi-client projects.

“The international seismic data acquisition market has been slow to recover and weather downtime has continued to impact crew utilization in Latin America and the Asia-Pacific regions thus far in the second quarter, but operators are finally starting to direct capital towards seismic exploration as many of the bids that have been outstanding for quite some time are starting to unwind.  The number of inquiries for new projects continues to trend higher in the areas where we feel we have a competitive advantage, and hence we are optimistic we will win our share of the work.  Furthermore, we have centralized our management services and bidding processes, which we believe will provide a higher level of scrutiny on the current cost structure all the way down to the project level.”

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First Quarter 2011 Results

Revenues in the first quarter of 2011 increased 77% to $187.6 million from $105.7 million in the first quarter of 2010.  The increase in revenues was attributable to higher asset utilization worldwide due to improved market fundamentals and the addition of the PGS Onshore assets.  Top line results were further bolstered by additional contribution from the multi-client business in the United States.

Direct operating expenses rose to $150.2 million in the first quarter of 2011 from $83.9 million in the same period of 2010, primarily a reflection of increased activity and the related costs associated with operating a worldwide fleet that included additional PGS Onshore assets.

G&A expenses increased to $18.2 million, or 10% of revenues, during the quarter when compared to $20.1 million, or 19% of revenues, in the same period in 2010.  The decrease was primarily the result of the absence of costs incurred during the first quarter of 2010 related to the PGS Onshore acquisition.

EBITDA (a non-GAAP financial measurement, defined below) increased to $19.2 million in the first quarter of 2011 from $1.8 million in the first quarter of 2010.  EBITDA in the first quarter of 2010 includes $1.5 million of costs associated with the acquisition of PGS Onshore.

Depreciation and amortization expense for the three months ended March 31, 2011 totaled $40.5 million as compared to $19.6 million for the same period of 2010.  The increase is mainly due to the amortization of the multi-client investment and the addition of the PGS Onshore fixed assets.  Amortization of multi-client data for the three months ended March 31, 2011 and March 31, 2010 was $21.7 million and $4.3 million, respectively.

The Company reported a loss applicable to common stockholders of $31.0 million, or $1.74 per basic and diluted share, in the first quarter of 2011 compared to a loss applicable to common stockholders of $31.2 million, or $1.84 per basic and diluted share, for the same quarter in 2010.  Despite the reported loss before taxes, the Company incurred a tax expense of $0.6 million, primarily related to the Company’s international operations.

First Quarter 2011 Operations Review and Second Quarter 2011 Operational Outlook

The Company is providing this update to assist shareholders in understanding the operations of the Company in the first quarter of 2011 and the operational expectations for the second quarter of 2011.

International

Latin America — Operated 4 to 7 crews during the first quarter, with an average of 6 crews operating in Brazil, Mexico, Peru and Trinidad.  The Company expects to operate an average of 4 crews during the second quarter in Brazil and Mexico.

EAME — Operated 3 to 4 crews during the first quarter, with an average of 3.5 crews operating in Angola, Libya, UAE and Algeria.  The Company expects to operate an average of 3 crews in Angola, UAE and Algeria during the second quarter.

Australasia / Far East — Operated 1 to 3 crews during the first quarter, with an average of 1.75 crews operating in Australia, Indonesia and Malaysia.  The Company expects to operate an average of 3 crews in Australia, Indonesia, Malaysia and Brunei during the second quarter.

North America

United States — Operated 6 to 8 crews during the first quarter for an average of 7.5 crews, of which an average of 5.25 crews worked on multi-client projects.  The Company expects to operate an average of 8.25 crews in the United States during the second quarter, of which an average of 4 crews is expected to work on multi-client projects.

Canada — Operated 3 to 4 crews during the first quarter for an average of 3.5 crews.  The Company expects to operate an average of 0.75 of a crew in Canada during the second quarter.

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Backlog

Backlog increased by 14% to $636 million as of March 31, 2011 compared to $558 million as of December 31, 2010.  Of the current backlog, approximately $516 million, or 81%, is for international business (excluding Canada) with the remaining $120 million, or 19%, for North America, of which approximately $70 million is attributable to the multi-client business in the United States.   Of the Company’s international backlog, approximately $393 million, or 76%, is with national oil companies (NOCs) or partnerships including NOCs.  Approximately $218 million of the international backlog, or 42%, is in shallow water transition zones and OBC environments.  The Company anticipates that approximately 62% of the backlog at March 31, 2011 will be completed in 2011 and 24% will be completed in 2012, with the remaining amount to be completed in 2013 and 2014.  Moreover, the Company expects to realize approximately 21% of the backlog at March 31, 2011 in the second quarter of 2011, which does not include potential revenues from unsold projects or multi-client late sales.

Capital Expenditures

Capital expenditures for 2011 are currently estimated at approximately $40 million, $8.3 million of which was spent in the first quarter.  In addition, 2011 multi-client data library investments are currently anticipated to be approximately $76 million, $18.6 million of which was spent in the first quarter.  All of the expected multi-client investments have pre-funding levels in excess of 90% of their anticipated cash costs.

Cash and Liquidity

Cash, cash equivalents and restricted cash totaled $52.5 million as of March 31, 2011, of which $1.8 million was restricted cash.  As previously disclosed on April 1, 2011, the Company entered into Waiver and Amendment No. 4 with its lenders related to its current revolving credit facility, which provided a waiver of specific events of default that would have occurred on March 31, 2011 for failure to comply with financial reporting covenant requirements.  The fourth amendment revised the monthly maximum total leverage ratio, monthly cumulative adjusted EBITDA targets, the Company’s interest cost and the final maturity date.   The permitted outstanding borrowing amount under the revolver continued to be limited to $40 million less the amount equal to the monthly reserve requirement as defined by the credit agreement, of which $32.8 million was outstanding as of March 31, 2011.  At March 31, 2011, pursuant to the terms of the credit agreement, as amended, and the interest reserve required, the Company did not have any available borrowing capacity under the revolving credit facility.

Subsequently, on May 16, 2011, the Company secured a firm commitment from a lender for a $50.0 million senior secured revolving credit facility of which the proceeds will be used to retire the outstanding amount under the existing revolving credit facility and for additional working capital.  Borrowings outstanding under the new revolving credit facility will not be subject to a borrowing base calculation and the Company expects will not contain any financial maintenance covenants.  The Company anticipates the new financing transaction to close by the end of May 2011.

Conference Call and Webcast Information

Geokinetics has scheduled a conference call for Tuesday, May 17, 2011, at 10:00 a.m. EDT (9:00 a.m. CDT).  To participate in the conference call, dial (866) 356-3377 for domestic callers, and (617) 597-5392 for international callers a few minutes before the call begins using pass code 21641633 and ask for the Geokinetics 1st Quarter 2011 Earnings Conference Call.  A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until May 23, 2011.  To access the replay, dial (888) 286-8010 for domestic callers or (617) 801-6888 for international callers, in both cases using pass code 80494801.

The webcast may be accessed online through Geokinetics’ website at http://www.geokinetics.com in the Investor Relations section.  A webcast archive will also be available at http://www.geokinetics.com shortly after the call and will be accessible for approximately 90 days.  For more information regarding the conference call, please contact Scott Zuehlke, Director of Investor Relations, by dialing 713-850-7600 or by email at scott.zuehlke@geokinetics.com.

Geokinetics Inc. is a leading provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry worldwide. Headquartered in Houston, Texas,

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Geokinetics is the largest Western contractor acquiring seismic data onshore and in transition zones in oil and gas basins around the world. Geokinetics has the crews, experience and capacity to provide cost-effective world class data to its international and North American clients. For more information on Geokinetics, visit http://www.geokinetics.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  All statements, other than statements of historical facts, included in this earnings release that address activities, events or developments that Geokinetics expects, believes or anticipates will or may occur in the future are forward-looking statements.  These statements include but are not limited to statements about the business outlook for the year, backlog and bid activity, business strategy, related financial performance and statements with respect to future events.  These statements are based on certain assumptions made by Geokinetics based on management’s experience and perception of historical trends, industry conditions, market position, future operations, profitability, liquidity, backlog, capital resources and other factors believed to be appropriate.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Geokinetics, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, job delays or cancellations, reductions in oil and gas prices, the continued disruption in worldwide financial markets, impact from severe weather conditions and other important factors that could cause actual results to differ materially from those projected, or backlog not to be completed, as described in the Company’s reports filed with the Securities and Exchange Commission. Backlog consists of written orders and estimates of Geokinetics’ services which it believes to be firm, however, in many instances, the contracts are cancelable by customers so Geokinetics may never realize some or all of its backlog which may lead to lower than expected financial performance.

Although Geokinetics believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will be correct.  All of Geokinetics’ forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements.  Any forward-looking statement speaks only as of the date on which such statement is made and Geokinetics undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Geokinetics Inc. and Subsidiaries

Consolidated Balance Sheets

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Geokinetics Inc. and Subsidiaries

Consolidated Statements of Operations

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Geokinetics Inc. and Subsidiaries

Consolidated Statements of Cash Flows

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Geokinetics Inc. and Subsidiaries

Selected Financial and Operating Data

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GAAP Reconciliation

The Company defines EBITDA as Net Income (Loss) before Taxes, Interest, Other Income (Expense) (including derivative liabilities’ fair value gains/losses, foreign exchange gains/losses, gains/losses on disposal of equipment and other income/expense), and Depreciation and Amortization.  EBITDA is not a measure of financial performance derived in accordance with Generally Accepted Accounting Principles (GAAP) and should not be considered in isolation or as an alternative to net income (or loss) as an indication of operating performance.  See below for reconciliation from Income Applicable to Common Stockholders to EBITDA amounts referred to above:

Contact:

Scott M. Zuehlke

Director of Investor Relations

Geokinetics

(713) 850-7600

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