TSX Symbol - PSD
OTCQX - PLSDF
CALGARY, Sept. 30, 2014 /CNW/ - Pulse Seismic Inc. ("Pulse" or "the
Company") announces it has signed a $10.3 million seismic data
licensing agreement, resulting in total seismic data library sales of
$14.5 million for 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
"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
On November 7, 2014 the Company anticipates releasing full financial
statements and related information for the three and nine months ended
September 30, 2014.
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's oil and natural gas exploration and development occurs.
SOURCE: Pulse Seismic Inc.
For further information:
Neal Coleman, President and CEO
Pamela Wicks, VP Finance and CFO
Please visit our website at www.pulseseismic.com.