The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

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

Tuesday, March 13, 2012

Pulse Seismic Inc. Signs $27.8 Million 3D Seismic Data License09:48 EDT Tuesday, March 13, 2012CALGARY, 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 PROFILEPulse 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. FOR FURTHER INFORMATION PLEASE CONTACT: Douglas CuttsPulse Seismic Inc.President and C.E.O.403-237-5559 or Toll-free: 1-877-460-5559ORPamela WicksPulse Seismic Inc.VP Finance and C.F.O.403-237-5559 or Toll-free: 1-877-460-5559info@pulseseismic.comwww.pulseseismic.com