Pulse Seismic Inc. press release
Pulse Seismic Signs a $10.3 Million 3D Seismic Data License
TSX - Toronto Stock Exchange ยท Canada
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TSX Symbol - PSD OTCQX - PLSDF
CALGARY, Sept. 30, 2014/CNW/ - Pulse Seismic Inc. ("Pulse" or "the Company") announces it has signed a $10.3 millionseismic data licensing agreement, resulting in total seismic data library sales of $14.5 millionfor the third quarter. This sale brings year-to-date seismic data library sales to approximately $27.4 million, compared to 2013 full-year seismic data library sales of $27.1 million.
The licensed data is located in the Kakwa area in the Deep Basin of west central Alberta.
"Although the seismic data library business continues to face a challenging environment, Pulse's low fixed cost business model, results in the generation of substantial shareholder free cash flow. The significant cash margin associated with a deal of this magnitude contributes greatly to improving our financial position," stated Neal Coleman, Pulse's President and CEO. "By maintaining a strong balance sheet and prudently investing in the growth of Pulse's seismic data library, we continue to provide ongoing value to both our customers and our shareholders," he added.
The financial information contained in this news release is based on management's estimates and has not yet been approved by the Company's Audit Committee or Board of Directors or reviewed by the Company's auditors.
On November 7, 2014the Company anticipates releasing full financial statements and related information for the three and nine months ended September 30, 2014.
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 28,300 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'soil and natural gas exploration and development occurs.
SOURCE Pulse Seismic Inc.
Neal Coleman, President and CEO or Pamela Wicks, VP Finance and CFO
Tel.: 403-237-5559 Toll-free: 1-877-460-5559 E-mail:info@pulseseismic.com. Please visit our website atwww.pulseseismic.com.
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