Divestco Inc.

Divestco Inc.

September 30, 2010 12:14 ET

Divestco Announces Closing of Seismic Data Library Disposition

CALGARY, ALBERTA--(Marketwire - Sept. 30, 2010) - DIVESTCO INC. (TSX:DVT) ("Divestco" or the "Corporation") is pleased to announce that it has successfully closed the disposition of its entire 2D and 3D seismic data library (the "Transaction") to Pulse Seismic Inc. (TSX:PSD) ("Pulse").

Divestco shareholders voted 99.99 percent in favour of the Transaction at a Special Meeting of Shareholders and Optionholders held on September 28, 2010. Approval by the Court of Queen's Bench of Alberta of the Plan of Arrangement of Divestco was granted earlier today for the distribution of the common shares issued in connection with the Transaction to Divestco's shareholders. 

Divestco expects to delist from the TSX and commence trading on the TSX Venture Exchange ("TSXV") early in October 2010. Divestco has submitted an application to the TSXV, which has been conditionally approved.

As outlined in the Information Circular dated August 26, 2010 with respect to the Disposition and Arrangement Resolutions, the Divestco Board of Directors upon Transaction close will determine the amount to pay out as a cash dividend to the Divestco Class A Shareholders on the record date of the dividend (the "Dividend Record Date"). The Corporation expects to announce the Dividend Record Date and date of payment in October 2010.

About Divestco Inc.

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the Toronto Stock Exchange under the symbol "DVT".

Statements in this document that may be considered forward-looking are based on management's current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.

The TSX or TSX-V has not reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer