Exhibit 99.1

HOUSTON, TEXAS — August 15, 2011 — Geokinetics Inc. (NYSE Amex: GOK) today announced its financial results for the quarter ended June 30, 2011.

Highlights for the three months ended June 30, 2011:

·                  Revenues increased 22% to $145.5 million from $119.5 million in the second quarter of 2010.

·                  EBITDA (a non-GAAP financial measurement, defined below) increased to $9.2 million from ($3.8) million in the same period in 2010.  EBITDA includes $3.5 million of costs associated with the acquisition of PGS Onshore for the three months ended June 30, 2010.

·                  Reported a loss applicable to common stockholders of $41.7 million, or $2.34 per basic and diluted share.

·                  The Company added approximately $251 million in backlog during the quarter, which includes awards for new projects and extensions to existing projects in the Latin America (including Mexico), Asia-Pacific, EAME and North America regions.

·                  Backlog increased 16% sequentially to $741 million as of June 30, 2011, of which $607 million, or 82%, is for international projects (including Mexico) and $134 million, or 18%, is for North American projects.

Richard F. Miles, President and Chief Executive Officer, commented, “The second quarter was a transitory period in which we prepared and positioned crews for the second half of this year; still, second quarter results were softer than anticipated due to weather downtime in the United States, Mexico and Brazil combined with land access and environmental permitting delays in the United States and Australia.  However, we expect results in the second half of the year will improve primarily due to the expected increase in asset utilization internationally and additional contribution from the multi-client business.

“North America, specifically the United States, continues to be a supply constrained market and pricing has responded accordingly.  We have relocated idle equipment from various places around the world to the United States and moved a crew down from Canada, which has since merged with an existing crew, to help us execute on the current backlog.  We will continue to deploy a mix of proprietary and multi-client crews as we are constantly adjusting the crew schedule to maximize utilization and minimize downtime.  In addition, bidding activity remains solid and visibility in this market is enhanced by an average backlog that extends into 2012 for all of our crews in the United States.

“Market dynamics have started to improve internationally and we expect to be able to realize improved margins in the second half of this year as utilization increases and idle time is minimized by longer term contracts and continuous work.  We also expect to have a larger percentage of our shallow water transition zone and ocean-bottom-cable equipment utilized for the remainder of 2011, which should positively impact margins.  Furthermore, we continue to focus on the overall cost structure and we remain steadfast in our quest to improve contract terms in a way that reduces our exposure to risk and improves our liquidity.”

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Second Quarter 2011 Results

Consolidated revenues for the three months ended June 30, 2011 totaled $145.5 million compared to $119.5 million for the same period of 2010, an increase of 22%.  The increase was primarily attributable to increased activity driven by improved market fundamentals in the United States and in certain international regions.

Consolidated direct operating costs totaled $120.8 million for the three months ended June 30, 2011 compared to $102.4 million for the same period in 2010, an increase of 18%.  The increase in costs was primarily a reflection of increased activity.

General and administrative expenses decreased to $15.6 million, or 11% of revenues, during the quarter when compared to $20.9 million, or 17% of revenues, in the same period in 2010.  The decrease was primarily the result of the absence of integration costs incurred during the second quarter of 2010 related to the PGS Onshore acquisition, which amounted to $3.5 million.

EBITDA (a non-GAAP financial measurement, defined below) increased to $9.2 million in the second quarter of 2011 from ($3.8) million in the second quarter of 2010.  EBITDA in the second quarter of 2010 includes $3.5 million of costs associated with the acquisition of PGS Onshore.

Depreciation and amortization expense for the three months ended June 30, 2011 totaled $36.8 million as compared to $24.6 million for the same period of 2010.  The increase was primarily the result of the expansion of the multi-client data library.  Amortization of multi-client data for the three months ended June 30, 2011 and June 30, 2010 was $17.7 million and $6.1 million, respectively.

The Company reported a loss applicable to common stockholders of $41.7 million, or $2.34 per basic and diluted share, in the second quarter of 2011 compared to a loss applicable to common stockholders of $39.6 million, or $2.24 per basic and diluted share, for the same quarter in 2010.  Despite the reported loss before taxes, the Company incurred a tax expense of $2.2 million, primarily related to the Company’s international operations.

Second Quarter 2011 Operations Review and Third Quarter 2011 Operational Outlook

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

International

Latin America — Operated an average of 4 crews in Brazil and Mexico during the second quarter.  The Company expects to operate an average of 5.75 crews during the third quarter in Brazil, Mexico, Peru and Bolivia.

Australasia / Far East — Operated an average of 1.75 crews in Australia, Malaysia and Brunei during the second quarter.  The Company expects to operate an average of 4.25 crews in Australia, Malaysia and Brunei during the third quarter.

EAME — Operated an average of 2.75 crews in Angola, UAE and Algeria during the second quarter.  The Company expects to operate an average of 1 crew in Angola during the third quarter.

North America

United States — Operated an average of 7.75 crews during the second quarter, of which an average of 3.75 crews worked on multi-client projects.  The Company expects to operate an average of 7.75 crews in the United States during the third quarter, of which an average of 4.5 crews is expected to work on multi-client projects.

Canada — Operated an average of 0.75 crews during the second quarter.  The Company expects to operate an average of 1.25 crews in Canada during the third quarter.

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Backlog

Backlog increased by 16% to $741 million as of June 30, 2011 compared to $636 million as of March 31, 2011.  Of the current backlog, approximately $607 million, or 82%, is for international business (including Mexico) with the remaining $134 million, or 18%, for North America, of which approximately $57 million is attributable to the multi-client business in the United States.   Of the Company’s international backlog, approximately $421 million, or 69%, is with national oil companies (NOCs) or partnerships including NOCs.  Approximately $270 million of the international backlog, or 45%, is in shallow water transition zones and OBC environments.  The Company anticipates that approximately 58% of the backlog at June 30, 2011 will be completed in 2011 and 29% will be completed in 2012, with the remaining amount to be completed in 2013 and 2014.  Moreover, the Company expects to realize approximately 30% of the backlog at June 30, 2011 in the third quarter of 2011, which includes an estimated 67% of the multi-client backlog.

Capital Expenditures

Capital expenditures for 2011 are currently estimated at approximately $40 million, $13.2 million of which was spent in the first half, which includes $3.8 million for capital leases.  In addition, 2011 multi-client data library investments are currently anticipated to be approximately $79 million, $40.3 million of which was spent in the first half.  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 $65.8 million as of June 30, 2011, of which $4.0 million was restricted cash and approximately $24.1 million is designated for multi-client purposes.  As previously disclosed on May 16, 2011, the Company received a commitment from lenders (“New Lenders”) for a $50.0 million senior secured revolving credit facility.  On May 24, 2011, the Company consented to the assignment of the rights and obligations under the RBC Revolving Credit Facility to the New Lenders and contemporaneously entered into a Forbearance Agreement and Amendment No. 5 with the New Lenders.  An amended and restated credit agreement was executed among the Company and the New Lenders on August 12, 2011.

Conference Call and Webcast Information

Geokinetics has scheduled a conference call for Tuesday, August 16, 2011, at 10:00 a.m. EDT (9:00 a.m. CDT).  To participate in the conference call, dial (866) 711-8198 for domestic callers, and (617) 597-5327 for international callers a few minutes before the call begins using pass code 36405341 and ask for the Geokinetics 2nd 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 August 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 78735010.

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, 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

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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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(Unaudited)

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Geokinetics Inc. and Subsidiaries

Consolidated Statements of Cash Flows

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(Unaudited)

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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 Interest, Taxes, Other Income (Expense) (including foreign exchange gains/losses, net gains/losses on disposal of property and equipment, loss on early redemption of debt, gains/losses from changes in fair value of derivative liabilities and other income/expense), and Depreciation and Amortization.  “EBITDA”, as used and defined by the Company, may not be comparable to similarly titled measures employed by other companies and is not a measure of financial performance calculated in accordance with Generally Accepted Accounting Principles (GAAP).  EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by or used in operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.  See below for reconciliation from Income Applicable to Common Stockholders to EBITDA amounts referred to above:

(1)          Includes $17.7 million, $6.1 million, $39.4 million and $10.4 million, respectively, in amortization expense related to multi-client data library.

Contact:

Scott M. Zuehlke

Director of Investor Relations

Geokinetics

(713) 850-7600

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