Pulse Seismic Inc. press release
Pulse Data Inc. reports successful closing of significant seismic data acquisition; increases 3D data base by 40%
TSX - Toronto Stock Exchange ยท Canada
TSX Symbol - PSD Cusip No. 7458Q 10 9
CALGARY, June 15 /CNW/ - Mr. Ken MacDonald, President and Chief Executive Officer of Pulse Data Inc. ("Pulse" or "the Company") is pleased to announce that Pulse has successfully completed the purchase of a significant seismic database from Prime Surveys Ltd., effective May 2, 2005. The acquired data base consists of approximately 2,500 net square kilometres of 3D data and 500 net kilometres of 2D data, and is located in the south-central area of Alberta. This valuable addition to Pulse's existing data base will add high-quality seismic data in an area that has recently experienced significant increases in exploration activity by oil and gas companies. The new seismic data is complementary to the Company's existing library and increases its 3D data library by 40%. The purchase price of $15.2 million was financed principally by term debt though Pulse's existing debt provider. Pulse is a Calgary-based international company specializing in data ownership through acquisition, marketing and information management, with current focus on the energy sector. Through its three operating segments, Pulse Seismic, Terrapoint and Trango, the Company has evolved into an industry leader in providing better information faster. Pulse Seismic is at the forefront with regard to acquiring, marketing and licensing seismic data in Western Canada. Pulse Seismic's library consists of approximately 240,500 net kilometres of 2D seismic data and more than 9,200 net square kilometres of 3D seismic data. Revenue is generated through licensing of the data library and through the licensing of participation surveys.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the "Risk Factors" section of the Management's Discussion and Analysis in the Company's Annual Report for 2004 and 2005 Interim Reports for a discussion of risks that could affect the Company's operations and financial results. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. Pulse does not update forward-looking statements should circumstances change or management's assumptions, expectations or expectations change.