Pulse Seismic Inc.
TSX : PSD

Pulse Seismic Inc.

March 13, 2012 09:48 ET

Pulse Seismic Inc. Signs $27.8 Million 3D Seismic Data License

CALGARY, ALBERTA--(Marketwire - March 13, 2012) - Pulse Seismic Inc. (TSX:PSD) ("Pulse" or "the Company") announces it has signed a $27.8 million seismic data licensing agreement. The majority of the seismic data is located in the Cutbank Ridge area of northwest British Columbia.

Seismic data sales from the Company's 2010 significant asset acquisition of the Cutbank Ridge and Montney datasets have now totalled $49.5 million in the 18-month period ended March 31, 2012. This represents an 89 percent cash recovery of the $55.6 million cash component of the purchase price for this acquisition.

"I am pleased to announce Pulse's single-largest seismic data sale," commented Doug Cutts, President and CEO of Pulse. "Pulse acquired the Cutbank Ridge and Montney datasets in 2010 for $75.6 million in cash and common shares, during the height of the global economic downturn, and it has proven to be integral in the ongoing success and growth of the Company. This is the second significant sale in the 18-month history of owning this dataset, the first being a $10 million sale in October 2010."

"With this transaction, Pulse's financial position has been solidified. We continue to focus our efforts on paying down long-term debt, purchasing our common shares, paying a quarterly dividend and acquiring high-quality seismic data. Our seismic data library continues to generate strong revenue during a period in which the industry is enduring record low natural gas prices".

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 27,100 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

    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