Pulse Seismic Inc.
TSX : PSD

Pulse Seismic Inc.

September 30, 2010 12:00 ET

Pulse Seismic Announces Closing of Seismic Data Library Acquisition

CALGARY, ALBERTA--(Marketwire - Sept. 30, 2010) - Pulse Seismic Inc. ("Pulse" or "the Company") (TSX:PSD) is pleased to announce that it has successfully closed the previously announced acquisition of the entire 2D and 3D seismic data library from Divestco Inc. ("Divestco").

Pulse shareholders voted 98 percent in favour of the transaction at a special meeting of shareholders held on September 28, 2010. Approval by the Court of Queens Bench of Alberta of the Plan of Arrangement of Divestco, for the distribution of the Pulse common shares issued in connection with the acquisition to Divestco's shareholders, was granted on September 29, 2010. 

The acquisition has more than doubled the size of Pulse's 3D seismic data library from approximately 12,900 to 26,400 net square kilometres, and has extended 3D coverage in Pulse's seismic core area in the Edson – Grande Prairie multi-zone corridor in Alberta into the Cutbank Ridge and Montney shale gas plays in north eastern British Columbia. The acquisition also includes the addition of approximately 82,000 net kilometres of 2D seismic data for a total of 340,000 net kilometres.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data for 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, Toll-free: 1-877-460-5559
    or
    Pulse Seismic Inc.
    Pamela Wicks
    VP Finance and C.F.O.
    403-237-5559, Toll-free: 1-877-460-5559
    info@pulseseismic.com
    www.pulseseismic.com