VGS Seismic Canada Inc.
TSX VENTURE : VGS

VGS Seismic Canada Inc.

January 03, 2007 09:15 ET

VGS Seismic Completes Vertical Amalgamation and Provides Operational Update

CALGARY, ALBERTA--(CCNMatthews - Jan. 3, 2007) -

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VGS Seismic Canada Inc. (the "Corporation") (TSX VENTURE:VGS) announced today that its completed its vertical amalgamation with VGS Database International Inc. on December 27, 2006. This was the final step in a series of transactions previously announced on November 24, 2006. Joint management information circulars (the "Circular") were mailed to the shareholders of each of VGS Database International Inc. and VGS Capital Ltd. and the Circular was filed as the filing statement of the Corporation on SEDAR on December 4, 2006. A further news release was issued on December 20, 2006 and the Corporation resumed trading on December 20, 2006.

About the Corporation

The Corporation carries on the business of pursuing opportunities in the creation, acquisition and marketing of seismic data for use in the oil and natural gas industry.

VGS has recently signed its first winter 2007 3D seismic data creation project in its core area of North East British Columbia (NEBC) with a major Canadian oil and gas company.

VGS sold two licenses to data from its library for a total of CAD$800,000 on December 28, 2006.

VGS currently has a seismic data library that includes over 3,000 square kilometers of recently created or purchased 3-D seismic data and 5,470 linear kilometers of 2-D seismic data all of which has been acquired at a gross cost of $49.1 Million. All data currently owned by VGS is in the Western Canadian Sedimentary Basin (WCSB) which includes data in NEBC, a natural gas prone area. VGS has recently diversified its portfolio by acquiring data in the eastern part of the WCSB, where exploration companies also drill for oil.

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

Contact Information

  • VGS Seismic Canada Inc.
    Scott Milroy
    Chief Financial Officer
    (403) 263-6050