Pulse Seismic Inc.

Pulse Seismic Inc.

December 03, 2010 16:16 ET

Pulse Seismic Inc. Announces Filing of Renewal Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Dec. 3, 2010) - Pulse Seismic Inc. ("Pulse" or "the Company") (TSX:PSD) announces that the Toronto Stock Exchange has accepted the Company's Notice of Intention to purchase through a normal course issuer bid up to 5,193,448 common shares (representing 10% of the public float of 51,934,486 common shares). All shares will be purchased through the facilities of the TSX and all shares purchased under the normal course issuer bid will be cancelled. The duration of the normal course issuer bid will be from December 7, 2010 through December 6, 2011. As of November 30, 2010, there were 67,201,671 common shares issued and outstanding.

The Company's purchase of shares during any trading day will not exceed 13,751 common shares (representing 25 percent of the average daily trading volume of the shares based on the number of shares traded during the most recently completed six calendar months preceding the filing of the Notice of Intention), subject to Pulse's ability to make block purchases in accordance with the TSX facilities and rules.

Pulse believes that its common shares may from time to time be undervalued.

During the period from December 1, 2009 through November 30, 2010, Pulse purchased 154,712 common shares under a normal course issuer bid at a weighted average price of $1.45 per share.

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 occur.

Contact Information

  • Pulse Seismic Inc.
    Douglas Cutts
    President & CEO
    403-237-5559 or Toll-free: 1-877-460-5559
    Pulse Seismic Inc.
    Pamela Wicks
    VP Finance & CFO
    403-237-5559 or Toll-free: 1-877-460-5559