Pulse Seismic Inc.
TSX : PSD

Pulse Seismic Inc.

October 13, 2010 05:00 ET

Pulse Seismic Announces $10 Million Seismic Data Library Sale

CALGARY, ALBERTA--(Marketwire - Oct. 13, 2010) - Pulse Seismic Inc. ("Pulse" or "the Company") (TSX:PSD) is pleased to announce it has signed a $10 million seismic data library licence agreement with a major oil and natural gas company. This brings year-to-date seismic data library sales to approximately $23.5 million, compared to 2009 full-year seismic data library sales of $23.4 million.

The licensed data is located in the Cutbank Ridge and Montney shale gas plays of northeast British Columbia.

"We are very encouraged by the level of interest that our seismic data library is generating as a result of Pulse's focused efforts in strengthening its core areas," commented Doug Cutts, Pulse's President and CEO. "This includes participation surveys and most recently the seismic asset purchase of approximately 13,500 net square kilometres of 3D seismic and 82,000 net kilometres of 2D seismic."

Cutts added: "Growing Pulse's seismic data library and maintaining a strong balance sheet have been our key priorities. The $10 million sale announced today reaffirms our belief that Pulse's seismic data library provides ongoing value to our customers and shareholders. We are highly encouraged that we have surpassed full-year 2009 seismic data library sales with nearly three months remaining before the 2010 year-end."

The financial information contained in this news release is based on management's estimates and has not yet been approved by the Company's Audit Committee or Board of Directors.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 26,400 net square kilometres of 3D seismic and 340,000 net kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occurs.

Contact Information

  • Pulse Seismic Inc.
    Douglas Cutts
    President and C.E.O.
    403-237-5559 or Toll-free: 1-877-460-5559
    or
    Pulse Seismic Inc.
    Pamela Wicks
    VP Finance and C.F.O.
    403-237-5559 or Toll-free: 1-877-460-5559
    info@pulseseismic.com
    www.pulseseismic.com