EXHIBIT 99.1

Global Geophysical Services Announces 3rd Quarter Earnings

HOUSTON, Nov. 8, 2011 (GLOBE NEWSWIRE) -- Global Geophysical Services, Inc. (NYSE:GGS) today announced financial results for its third quarter ended September 30, 2011.

Third Quarter Highlights

• Revenues for the third quarter were $110.1 million, compared with $60.5 million for the corresponding period of 2010. Proprietary Services revenues were $60.1 million and Multi-client revenues were $50.0 million for the third quarter.
• Multi-client late sales revenues were $16.5 million during the third quarter of 2011 and were $34.1 million on a year-to date basis. Late sale revenues for the full year 2010 were $16.4 million.
• Operating Income for the third quarter of 2011 was $10.8 million compared to an operating loss of ($3.8) million in the third quarter of 2010.
• The Company reported earnings per share of $0.02 for the third quarter of 2011 compared to a loss of ($0.52) per share for the corresponding period of 2010.
• Backlog as of September 30, 2011 was approximately $239 million, of which $ 111 million is for Proprietary Services and $128 million is for Multi-client Services. Backlog as of September 30, 2010 was $225 million. Approximately 85% of the backlog as of September 30, 2011 is expected to be recognized as revenues prior to March 31, 2012.
• During the third quarter, Multi-client revenues exceeded Multi-client cash investment by $7.3 million.
• The Company received its federal permit to commence geophysical recording operations in the Gulf of Mexico. Accordingly, previously idle Marine assets are expected to commence operations in the area during the fourth quarter of 2011.

Richard Degner, President and CEO, commented:

"The company achieved a number of notable milestones during the third quarter including a record $110 million of overall revenue and strong library late sale revenues. Through the third quarter of 2011, library late sales revenues are more than double full year 2010 levels.

Third quarter operating margins of 9.8% were tempered by ramp-up issues on programs in our Proprietary Services activities. Although these issues are largely transitory, we expect the attendant cost factors to have some impact on Proprietary Services margins in the fourth quarter.

Underpinning the third quarter performance is a robust demand environment in which overall bidding and contracting activity continues to increase. Bid activity year-to-date 2011 is approximately 50% above that of full year 2010. At the company's present backlog level and expected duration, our 170,000 channels of recording assets and nearly 6,000 square miles of data library are well positioned to take advantage of the strong fundamentals in the sector as we head into 2012."

Third Quarter Results

The following table sets forth our consolidated revenues for the three months ending September 30, 2011 and for the corresponding period in 2010.

We recorded revenues of $110.1 million for the three months ended September 30, 2011 compared to $60.5 million for the same period ended in 2010, an increase of $49.6 million, or 82%.

We recorded revenues from Proprietary Services of $60.1 million for the three months ended September 30, 2011 compared to $18.3 million for the same period in 2010, an increase of $41.8 million. Latin America represented $40.7 million of that revenue, an increase of $28.2 million from the corresponding period in 2010. This growth was driven by additional program activity in Colombia and Brazil.

Multi-client Services generated revenues of $50.0 million for the three months ended September 30, 2011 compared to $42.2 million for the same period of 2010, an increase of $7.8 million, or 18%. The $50.0 million in Multi-client Services revenues included $16.5 million of late sale revenues and $32.5 million of pre-commitment revenues. This compared to $0.9 million in late sale revenues and $36.0 million of pre-commitment revenues during the same period of 2010. Table 1 provides selected data regarding our Multi-client Services Library activities.

Operating margin for the quarter ending September 30, 2011 was 9.8%, compared to an operating loss in the same period during 2010.

Included within operating expenses is Multi-client Services amortization of $29.5 million, representing a 59% effective amortization rate. Gross depreciation expense for the quarter was $11.2 million, of which $4.2 million was capitalized in connection with our Multi-client Services Library investments resulting in net depreciation expense of $7.0 million. Table 2 provides a reconciliation of Net Income to EBITDA (as non-GAAP measure).

Nine Months Ending September 30, 2011 Results

The following table sets forth our consolidated revenues for the nine months ended September 30, 2011 and for the corresponding period in 2010.

We recorded revenues of $272.3 million for the nine months ended September 30, 2011 compared to $161.2 million for the same period ended in 2010, an increase of $111.1 million, or 69%.

We recorded revenues from Proprietary Services of $145.7 million for the nine months ended September 30, 2011 compared to $79.4 million for the same period ended in 2010, an increase of $66.3 million, or 84%. Latin America represented $108.5 million of that revenue, an increase of $69.2 million from the corresponding period in 2010. This growth was driven by additional program activity in Colombia and Brazil.

Multi-client Services generated revenues of $126.6 million for the nine months ended September 30, 2011 compared to $81.8 million for the same period of 2010, an increase of $44.8 million, or 55%. The $126.6 million in Multi-client Services revenues included $34.1 million of late sale revenues and $90.5 million of pre-commitment revenues. This compared to $5.7 million in late sale revenues and $70.5 million of pre-commitment revenues during the same period of 2010. Table 1 provides selected data regarding our Multi-client Services Library activities.

Operating margins for the nine months ended September 30, 2011 was 10.9%, compared to an operating loss in the same period during 2010.

Included within operating expenses is Multi-client Services amortization of $81.3 million, representing a 64% effective amortization rate. Gross depreciation expense for the nine months ended September 30, 2011 was $35.1 million, of which $13.4 million was capitalized in connection with our Multi-client Services Library investments resulting in net depreciation expense of $21.7 million.

Backlog

Backlog as of September 30, 2011 was approximately $239 million ($128 million Multi-client Services pre-commitments; $111 million Proprietary Services) compared to $225 million as of September 30, 2010. Backlog as of June 30, 2011 was approximately $260 million.

Conference Call and Webcast Information

Global Geophysical has scheduled a conference call for Tuesday, November 8, 2011, at 11:00 a.m. Eastern Time (10:00 a.m Central / 9:00 a.m. Mountain /8:00 a.m. Pacific). Investors and analysts are invited to participate in the call by phone or via the internet webcast at: http://ir.globalgeophysical.com/

The webcast from the call will be available for on-demand replay on our investor relations website at:

http://ir.globalgeophysical.com/results.cfm

About Global Geophysical Services, Inc.

GGS provides an integrated suite of Geoscience solutions to the global oil and gas industry including high-resolution RG-3D Reservoir Grade® seismic data acquisition, Multi-client data library products, micro seismic monitoring, seismic data processing, data analysis, and interpretation services. GGS combines experience, innovation, operational safety, and environmental responsibility with leading edge geophysical technology to facilitate successful E&P execution. GGS' combined product and service offerings provide the ability to Gain InSight™ in the exploration and production of hydrocarbons. GGS is headquartered in Houston, Texas. To learn more about GGS, visit www.GlobalGeophysical.com.

The Global Geophysical Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7300

Forward-Looking Statements

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, included in this earnings release that address activities, events or developments that Global Geophysical expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements include but are not limited to statements about business outlook for the year, backlog and bid activity, business strategy, and related financial performance and statements with respect to future events. Such forward-looking statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, industry conditions, market position, future operations, profitability, liquidity, backlog, capital resources and other information currently available to management and believed to be appropriate.

Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the volatility of oil and natural gas prices, disruptions in the global economy, dependence upon energy industry spending, delays, reductions or cancellations of service contracts, high fixed costs of operations, weather interruptions, inability to obtain land access rights of way, industry competition, limited number of customers, credit risk related to our customers, asset impairments, the availability of capital resources, and operational disruptions. Global Geophysical Services Form 10-K for the year ended December 31, 2010, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Global's business, results of operations, and financial condition. These forward-looking statements reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategies and liquidity. Although the Company believes that the expectations reflected in such statements are reasonable, the Company can give no assurance that such expectations will be correct. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. We assume no obligation to update any such forward-looking statements.

Backlog estimates are based on a number of assumptions and estimates including assumptions related to foreign exchange rates, proportionate performance of contracts and our valuation of assets, such as seismic data, to be received by us as payment under certain agreements. The realization of our backlog estimates are further affected by our performance under term rate contracts, as the early or late completion of a project under term rate contracts will generally result in decreased or increased, as the case may be, revenues derived from these projects. Contracts for services are occasionally modified by mutual consent and may be cancelable by the client under certain circumstances. Consequently, backlog as of any particular date may not be indicative of actual operating results for any future period. More information can be found set forth under "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission. 

Non-GAAP Financial Measure

EBITDA is a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company believes EBITDA is useful to an investor in evaluating our operating performance because this measure is widely used by investors in the energy industry to measure a company's operating performance without regard to items excluded from the calculation of such term, which can vary substantially from company to company depending upon, among other factors, accounting methods, book value of assets, capital structure and the method by which assets were acquired. The company further believes EBITDA helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital structure and asset base from the company's operating structure. EBITDA is also used as a supplemental financial measure by the Company's management in presentations to our board of directors, as a basis for strategic planning and forecasting, and as a component for setting incentive compensation.

EBITDA has limitations as an analytical tool and should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA excludes some, but not all, items that affect net income and operating income and these measures may vary among other companies. Limitations to using EBITDA as an analytical tool include:

• EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or capital commitments;
• EBITDA does not reflect changes in, or cash requirements necessary to service interest or principal payments on, our debt;
• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements;
• and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

CONTACT: Mathew Verghese
         Chief Financial Officer
         ir@globalgeophysical.com
         www.globalgeophysical.com
         Phone: 713-808-1750
         Fax: (713) 972-1008