TSX Symbol - PSD
CALGARY, June 4 /CNW/ - Pulse Seismic Inc. ("Pulse" or the "Company")
announces that with the signing of a significant data library licensing
contract yesterday, second quarter data library sales have reached $7.9
million, bringing 2009 year to date seismic data library sales to $10.0
million. Total seismic revenue for the year to date (which includes $4.9
million of participation survey revenue) has now reached $14.9 million.
"Our second quarter sales have been primarily of seismic data located in
Pulse's current core area of focus in the west-central area of Alberta and
cover both conventional and non-conventional resource plays. We are very
pleased with the efforts of our marketing team in dealing with these
challenging market conditions. The quality of Pulse's extensive seismic data
library continues to demonstrate its value during a time when very low levels
of seismic data sales are being achieved in the industry," stated Doug Cutts,
President & CEO.
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.
Pulse is a market leader in the acquisition, marketing and licensing of
2D and 3D seismic data for the western Canadian energy sector. Pulse owns the
second-largest licensable seismic data library in Canada, currently consisting
of approximately 257,300 net kilometres of 2D seismic and 12,800 net square
kilometres of 3D seismic. The library extensively covers the Western Canada
Sedimentary Basin where most of Canada's oil and natural gas exploration and
development occurs. The replacement value of Pulse's library is currently
estimated at over $1 billion based on current field replacement costs.
Forward Looking Information
This document contains information that constitutes "forward looking
information" or "forward looking statements" (collectively, "forward looking
information") within the meaning of applicable securities legislation. This
forward looking information includes, among other things, statements
- estimated future demand for seismic data;
- estimated future seismic data sales;
- estimated future demand for participation surveys;
- estimated costs, funding, size, commencement dates and delivery dates
of participation surveys;
- planned future participation surveys;
- planned growth of the seismic data library;
- planned future normal course issuer bid purchases;
- Pulse's business strategy; and
- Other expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events, conditions,
results and performance.
Often, but not always, forward looking information uses words or phrases
such as: "expects", "does not expect" or "is expected", "anticipates" or "does
not anticipate", "plans" or "does not plan", "estimates" or "estimated",
"projects" or "projected", "forecasts" or "forecasted", "believes" or "does
not believe", "intends" or "does not intend", "likely" or "unlikely",
"possible", "probable", "scheduled", "positioned", "goal", "objective",
"hopes", "optimistic" or states that certain actions, events or results
"should", "may", "could", "would", "might" or "will" be taken, occur or be
Undue reliance should not be placed on forward-looking information.
Forward looking information is based upon current expectations, estimates and
projections that involve a number of risks and uncertainties which could cause
actual results to vary and in some instances to differ materially from those
anticipated in the forward looking information.
The material risk factors include, but are not limited to:
- the demand for seismic data and participation surveys;
- the pricing of data library license sales;
- the level of pre-funding of participation surveys, and the ability of
the Company to make subsequent data library sales from such
- the ability of the Company to complete participation surveys on time
and within budget;
- the price and demand for oil and natural gas;
- the level of oil and natural gas exploration and development
- the ability of the Company's customers to raise capital;
- environment, health and safety risks;
- the effect of seasonality and weather conditions on participation
- federal and provincial government laws and regulation, including
taxation, royalty rates, environment and safety;
- competition from other seismic data library companies;
- dependence upon qualified seismic field contractors;
- dependence upon key management, operations and marketing personnel;
- protection of Intellectual Property
The foregoing list of risks is not exhaustive. Additional information on
these risks and other factors which could affect the Company's operations or
financial results are included in the Risk Factors section of the Company's
MD&A for the most recent calendar year and interim periods. Forward looking
information is based upon the assumptions, expectations, estimates and
opinions of the Company's management at the time the information is presented.
The Company does not update forward looking information should circumstances
change or management's assumptions, expectations, estimates or opinions
change, except as required by securities laws.
For further information:
For further information: Douglas Cutts, President and C.E.O., Tel.:
(403) 237-5559, Toll-free: 1-877-460-5559, E-mail: email@example.com.
Please visit our website at www.pulseseismic.com.