VGS Seismic Canada Inc.
TSX VENTURE : VGS

VGS Seismic Canada Inc.

October 09, 2008 14:13 ET

VGS Seismic Canada Releases Current 3-D Data in Northeast B.C.

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2008) - VGS Seismic Canada Inc. ("VGS" or "the Company") (TSX VENTURE:VGS) is pleased to announce the release of a non-proprietary 3-D seismic survey to the oil and gas community. The Caribou 3-D survey located in 94-G-7 in the actively explored Northeast British Columbia region totals more than 195 sq kms and was created in early 2008.

Interim CEO Richard White comments, "The results of our efforts to acquire and create new survey data in 2008 demonstrate our commitment to provide our customers with high fidelity, cost effective 3-D seismic data in areas of active exploration. We have seen a recent increase in the number of clients seeking to create new seismic data and we expect to continue adding new, cost effective 3-D data to the VGS library in 2009."

White further states, "the specifications for the new survey are consistent with the Company's business model that focuses on pursuing state-of-the-art 3-D seismic surveys in multi-pay horizon areas where there is active competition among oil and gas exploration companies. VGS also works to maintain low fixed costs and execute its strategy with a small staff of senior-level professionals."

VGS' current data library covers 5,020 sq kms of 3-D data and more than 5,000 kms of 2-D data. With a disciplined approach of pursuing 100% title to the data added to its library, the Company's goal is to generate a seismic annuity stream through the license sales of high fidelity, large-scale 3-D seismic surveys with a long shelf life. In addition to creating new data, VGS also grows its data library through purchases and trades of datasets.

Based in Calgary, Alberta, VGS Seismic Canada Inc. identifies, creates and markets digital seismic data for licensing to oil and natural gas exploration companies. The Company's growing data library is concentrated in British Columbia, Southern Alberta and Eastern Saskatchewan. To inquire about or license data, please contact Lisa Maric or Tony Juricic at 403-263-6050.

VGS shares trade on the TSX Venture Exchange under the symbol VGS.

Forward-Looking Information

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expects", "believes", "will", "forecasts", "budget" and similar expressions and statements relating to matters that are not historical facts are forward-looking information including, but not limited to, information related to: future revenue and cash-flow, expansion and growth of VGS's business and operations, including increasing VGS's seismic library and other such matters. This forward-looking information is based on certain material factors, assumptions and analyses made by VGS in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform with VGS's conclusions, forecasts, projections, expectations and predictions expressed or implied by the forward-looking information in this press release is subject to known and unknown risks and uncertainties which could cause actual results to differ materially from VGS's conclusions, forecasts, projections, expectations and predictions expressed or implied by the forward-looking information in this press release, including: fluctuations in the price and demand for oil and gas; fluctuations in the level of oil and gas exploration and development activities; fluctuations in the demand for VGS's services; the ability of VGS to raise capital and to meet its debt service
requirements; the ability of VGS's clients to raise capital for seismic data and surveys; the existence of competitors; technological changes and developments in the oil and gas industry; the effects of weather conditions on operations and facilities; the seasonal impact on conducting seismic surveys; the ability of VGS to participate financially in large seismic surveys due to increases in costs of conducting such seismic surveys; the ability of VGS to protect its proprietary rights to the seismic data; the lack of availability of qualified personnel or management; VGS's dependence on qualified seismic acquisition contractors to conduct seismic surveys; general economic, market or business conditions, including stock market volatility; changes in laws or regulations, including taxation and environmental regulations; other unforeseen conditions which could impact the use of services supplied by VGS and those risks and uncertainties described in VGS's continuous disclosure filings, including those referred to in the Corporation's Management's Discussion and Analysis for the most recently completed financial year end, which may be found on SEDAR at www.sedar.com. If any of the above risks or uncertainties materialize, or if the material factors, assumptions and analyses applied by VGS are incorrect, actual results may vary materially from those expected in the forward looking information in this press release.

Consequently, all of the forward-looking information contained in this press release is qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by VGS, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that actual results or developments will have the expected consequences to, or effects on, VGS or its business operations. Except as required by law, VGS assumes no obligation to update publicly any such forward-looking information, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • VGS Seismic Canada Inc.
    Lorraine Myers
    Chief Financial Officer
    (403) 263-6050