Seitel, Inc. and 6818862 Canada Inc. announce extension of offer for Pulse Data and challenge to Pulse Data's shareholders rights plan

    TORONTO, Sept. 18 /CNW/ - Seitel, Inc., and its indirect wholly-owned
subsidiary 6818862 Canada Inc. (the "Offeror"), announced today that the
Offeror has extended its formal offer to acquire all of the outstanding common
shares, and the associated rights under the shareholders rights plan, of Pulse
Data Inc. ("Pulse Data") to September 28, 2007. The Offeror has not taken up
any common shares deposited under the offer, as it cannot do so at this time
with Pulse Data's shareholders rights plan in effect.
    The offer is now open until 5:00 p.m. (Toronto time) on September 28,
2007, unless the offer is withdrawn or further extended by the Offeror. Under
the terms of the offer, the Offeror has offered to purchase each issued and
outstanding common share, and the associated right, of Pulse Data for $3.10
per share.
    On September 28, 2007, the offer will have been open for 45 days. During
this extension period, the Offeror intends to bring an application before the
Alberta Securities Commission to challenge Pulse Data's shareholders rights

    About Seitel and the Offeror

    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 and the Notice of Extension, dated September 18, 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 or from Innisfree M&A Incorporated (Toll Free 1-888-750-5834
(English speakers) or 1-877-825-8777 (French speakers)), who is acting as the
Offeror's Information Agent in connection with the offer.
    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 the Offeror or Seitel to
differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. The Offeror 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.
    Questions may be directed to the Information Agent for the offer at the
telephone numbers provided above.

For further information:

For further information: Questions may be directed to the Information
Agent for the offer at the telephone numbers provided above.

Organization Profile


More on this organization

6818862 CANADA INC.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890