Seitel Extends Offer and Addresses Pulse Data's Misleading Shareholder Communications



    TORONTO, October 9 /CNW/ - Seitel, Inc.'s $3.30 per share cash offer for
Pulse Data Inc.'s (TSX: PSD, PSD.TO) common shares has been extended until
midnight (Vancouver time) on October 19, 2007 in order to address Pulse Data's
misleading shareholder communications. Seitel's offer materials also have been
revised to reflect Seitel's intention to deliver $3.30 per share in cash to
all tendering shareholders and to exclude only extraordinary dividends that
Pulse Data might declare in an attempt to disrupt the take-over bid process.

    As stressed in previous press releases, $3.30 in cash per share is
Seitel's best and final offer. Pulse Data shareholders should not expect any
further increase in the offer or extension of the take-over bid time period.
If Seitel's $3.30 per share cash offer is not accepted by shareholders on
October 19, Seitel's controlling shareholder, ValueAct Capital, has advised
that it intends to sell its entire 7.4 million share (13.5%) ownership
position in Pulse Data on the open market.

    Seitel recommends that Pulse Data shareholders seriously consider this
premium all-cash offer and wishes to address several misleading communications
from Pulse Data's management to its shareholder base:

    --  On September 25, in an attempt to persuade its shareholders not to
accept Seitel's premium all-cash offer, Pulse Data issued a press release in
which it claimed it possessed "preliminary indications of interest" from other
interested acquirers. In fact, only one day later, Pulse Data's counsel, in
front of the Alberta Securities Commission ("ASC"), stated that "there is no
auction" for Pulse Data at this time. During the hearing, the Chair of the ASC
panel noted "there doesn't appear to be any other white knights out there or
bidders out there" and recorded in the panel's decision that "No alternative
bid or transaction has emerged since the offer was made some 45 days ago."

    --  As noted in Pulse Data's Directors' Circular dated August 24, 2007,
Seitel first privately approached the Pulse Data board of directors over three
months ago with an interest in negotiating a change-of-control transaction and
was summarily rejected without any negotiations occurring. Seitel subsequently
presented its offer directly to shareholders and, by extending its take-over
bid several times, has allowed Pulse Data to complete an auction process which
has resulted in no alternative transaction proposals. Seitel attempted to sign
a confidentiality agreement and join the auction process but Pulse Data
refused to allow Seitel to participate unless Seitel was willing to enter into
a standstill arrangement that would surrender its right to complete its
current offer to shareholders on the terms and conditions set out in its
take-over bid circular.

    --  Pulse Data's statement that Seitel's offer does not offer a
significant premium to current share prices is disingenuous in that it fails
to acknowledge the obvious impact on Pulse Data's current share price of
Seitel's offer and the very near-term potential take-over bid completion. In
an efficient market, the trading price of a security should be within a small
discount of an all-cash offer price that is less than 2 weeks from potential
completion. Since Quantum Yield's June 19 offer, Pulse Data's share price has
reflected a potential change-of-control transaction. Therefore, an examination
of a change-of-control premium versus an unaffected going-concern share price
has to be done over the pre-June 19 period. Seitel's $3.30 per share offer
price is a 27.5% premium to the 30-day average of closing prices for Pulse
Data shares prior to June 19.

    Where Shareholders can obtain more information

    Pulse data shareholders that have any questions about how to tender their
shares under the offer are asked to please contact Seitel's Information Agent,
Innisfree M&A Incorporated at 1-888-750-5834 (English) or 1-877-825-8777
(French).

    About Seitel

    Seitel, Inc., a Delaware corporation, is a leading provider of seismic
data to the oil and gas industry in North America. It owns an extensive
library of proprietary onshore and offshore seismic data that it has
accumulated since its inception in 1982 and that it licenses to a wide range
of oil and gas companies. Seitel's seismic data library includes both onshore
and offshore 3D and 2D data. The majority of its onshore seismic data covers
sections of the U.S. Gulf Coast, including Eastern Texas, Southern Louisiana
and Mississippi, as well as Western Canada, the Rocky Mountains and Northern
Louisiana. Seitel also owns a library of offshore data covering parts of the
shelf and certain deep-water areas in the Western and Central U.S. Gulf of
Mexico and the waters off the coast of Eastern Canada. Seitel's customers
range from small and mid-cap exploration and production companies and private
prospecting individuals to large independent oil and gas companies and also
include global oil and gas companies.

    6818862 Canada Inc. is an indirect wholly-owned subsidiary of Seitel that
was incorporated for purposes of acquiring the common shares of Pulse Data and
for making the offer. The Offeror has not carried on any other business to
date. The Offeror's registered office is located at 1900 Canada Place, 407 2nd
Street SW, Calgary, Alberta T2P 2Y3.

    Important Notice

    This announcement does not constitute or form part of any offer to sell
or invitation to purchase any securities or solicitation of an offer to buy
any securities, pursuant to the offer or otherwise. This announcement is for
information purposes and is not a substitute for the formal offer and
take-over bid circular. Pulse Data shareholders are urged to read the Offer to
Purchase and Circular, dated August 10, 2007, the Notice of Variation, dated
August 22, 2007, the Notice of Extension, dated September 18, 2007, the Notice
of Variation and Extension, dated September 28, 2007 and the Notice of
Variation and Extension, dated October 9, 2007, and any other materials
relating to the offer because they contain important information. Copies of
the circular and other materials relating to the offer can be obtained when
they become available free of charge at the SEDAR website at www.sedar.com or
from Innisfree M&A Incorporated at the numbers provided above.

    Certain statements contained in this press release may contain
forward-looking statements and are prospective. Words such as "anticipates",
"expects", "intends", "plans", "forecasts", "projects", "budgets", "believes",
"seeks", "estimates", "could", "might", "should", and similar expressions
identify forward-looking statements. Such forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that could
cause actual results, performance or achievements of Seitel to differ
materially from any future results, performance or achievements expressed or
implied by such forward-looking statements. Seitel disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by
applicable law.

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For further information:

For further information: Innisfree M&A Incorporated 1-888-750-5834
(English) or 1-877-825-8777 (French)

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SEITEL, INC.

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