Tesla Reports 2014 Annual and Fourth Quarter Results

Symbol: TXL
Stock Exchange: TSX

CALGARY, March 17, 2015 /CNW/ - Tesla Exploration Ltd. ("Tesla" or the "Company") today announces its 2014 annual and fourth quarter operating and financial results.

(000s, except per share data)

Three months ended

Year ended


December 31,

December 31,




















Revenue excluding reimbursables







Gross margin1







As a % of revenue excluding reimbursables





Net earnings (loss)







Per share - basic







Adjusted EBITDA2







Per share - basic







Cash flow from (used in) operations







Per share - basic







Weighted average shares outstanding for the period - basic







Capital expenditures







As at

December 31,

December 31,







Working capital




Total assets




Total long-term borrowings3








1. Gross margin is defined as gross profit before depreciation and amortization. Gross margin is a measure that does not have a meaning prescribed under IFRS in Canada and accordingly, may not be comparable to similar measures used by other companies.

2. Adjusted EBITDA is defined as income before interest, taxes, depreciation, amortization and impairments, gains or losses on foreign exchange, gains or losses on sales of capital assets, bad debt provisions and stock-based compensation. Adjusted EBITDA and Adjusted EBITDA per share are presented because they are frequently used by securities analysts and others for evaluating companies and their ability to service debt. Adjusted EBITDA is a measure that does not have any standardized meaning prescribed under IFRS in Canada and accordingly, may not be comparable to similar measures used by other companies. The Company is consistent with its calculation of Adjusted EBITDA year-over-year.

3. Includes capital lease obligations and long-term debt, including current portions.

2014 Highlights

  • Tesla generated $33.7 million of gross margin, $11.7 million of Adjusted EBITDA and a consolidated net loss of $(11.5) million on $132.1 million of revenues during 2014. The Company's consolidated net income declined due to the lower activity and reduced margins across Tesla Canada, Tesla USA and Tesla Offshore, as well as increased depreciation, an additional provision for bad debts and impairment of goodwill partially offset by an income tax recovery and a recovery of stock-based compensation.

  • Tesla Canada peaked at eight crews and operated over 80,000 channels during the seasonally strong first quarter of 2014 almost all of which was on three-dimensional ("3D") and three-component ("3C") programs in the oilsands region. Canadian operations utilized 23,000 stations (69,000 channels) of 3C recording equipment, including 13,000 stations (39,000 channels) owned by the Company.

  • Tesla Canada also utilized 22,000 field station units ("FSUs") of the Company's multi-component wireless acquisition system ("Hawk") on several significant programs during the first quarter of 2014. Demand for the Hawk system remains strong and it was deployed on smaller projects throughout the year, particularly in the fourth quarter.

  • To meet growing demand, Tesla Canada continued to expand the Company's wireless multi-component seismic acquisition system base with the purchase of 6,000 multi-component geophones and 6,000 Hawk FSUs in January which are currently deployed across Western Canada. These FSU's have been utilized throughout the United States as well as on two programs in the United Kingdom ("UK") during 2014. The Company now owns 22,000 Hawk FSUs (66,000 channels).

  • Tesla USA continued work under an extended seismic services agreement with a multi-client geophysical company utilizing 10,000 Hawk FSUs until June 2014. The Hawk system has since been deployed on several other two-dimensional ("2D") and 3D programs.

  • Tesla Offshore's Bluefin Autonomous Underwater Vehicle ("AUV") was delivered and field tested in February 2014 and completed numerous projects throughout the year. Despite technical challenges that should be rectified in 2015, the AUV has demonstrated considerable potential and continues to be highly demanded internationally.

  • Tesla Offshore's geophysical division supplemented the AUV operations with up to four geophysical vessels operating on lump sum and large scale day-rate exploration commitments.

  • Tesla International operated a crew in the UK and Europe throughout 2014 on hydrocarbon and mineral projects and has maintained considerable backlog of 3D programs for 2015 despite permitting challenges posed by landowners and government agencies.

  • Tesla International completed several significant acquisition programs in Kenya, the Democratic Republic of the Congo ("DRC") and Ethiopia. It also successfully mobilized a crew to Ethiopia at the end of 2014 for a large land and Transitional Zone ("TZ") program which will be in the acquisition stage from March until the third quarter.

  • Following a substantial mobilization, a Tesla International contract in DRC was suspended by the client due to security concerns prior to start-up. Under terms of the contract, the client has paid a termination fee including Tesla's committed costs and demobilization fees. The program may be reinitiated in the third quarter of 2015.

  • Tesla International is currently preparing to mobilize to a land project in Kenya that will operate late into 2015. The Company continues to receive strong demand for its services throughout the Rift Valley in Africa and is currently tendering several additional projects for 2015 and into 2016.

  • In consideration of the significant decrease in commodity prices and ongoing challenges facing the seismic industry, Tesla continues to develop a plan to prudently manage its cost structure and retain key employees to remain financially and operationally successful long term. This includes reductions in overall general and administrative costs, including a 10% reduction in the Board of Directors' compensation. In addition, the Company will continue to seek to improve margins by identifying efficiencies in direct costs associated with improved application of its Hawk and AUV technology.

  • Tesla USA, Tesla Offshore and Tesla International have completed three consecutive years without a Lost Time Injury (LTI). Globally, Tesla has a LTI frequency of 0.08 with over 7 million man hours recorded

  • Tesla incorporated Tesla Do Brasil Geotecnia Ltda. ("Tesla Brazil") as a new subsidiary in 2014 further expanding the Company's geographical footprint in South and Central America particularly offshore.

  • Tesla continues to allocate personnel and resources into the development of a microseismic business line. The Company has entered into a number of arrangements with complementary entities and in October announced a strategic alliance with Calfrac Well Services Ltd., NanoSeis LLC, Reservoir Imaging Ltd. and Silixa Ltd. The primary goal of the strategic alliance is to be able to provide customers with a more complete integrated solution in terms of geomechanics and geomodelling.

Fourth Quarter Financial Results

The Company's consolidated revenues including reimbursables decreased 45% to $27.1 million in the fourth quarter of 2014 compared to $49.2 million in 2013 due to lower activity levels for Tesla Canada and Tesla USA as many clients cut exploration budgets due to falling commodity prices. This more than offset the increase in revenue from Tesla International which received revenue from crews operating in the UK as well as Africa and from the settlement of a contract termination in Africa. Revenue excluding reimbursables also decreased 22% to $24.8 million from $31.8 million, due to the significant decrease in revenue from North American land operations. Gross margin as a percentage of total revenue (including reimbursables) increased to 36% from 19% due to a smaller proportion of revenue from reimbursables. Gross margin as a percentage of revenue excluding reimbursables also increased to 39% from 29% mainly due to the receipt of the contract termination fee in Africa.

Tesla Canada's revenues suffered from the cancellation or postponement of several programs resulting in a lower level of front end and acquisition activity compared to 2013. A later start to the winter season also negatively impacted the division's results for the quarter. Despite low levels of activity across the industry Tesla Canada had 157 operating days in the quarter compared to 172 in 2013, peaking at 4 crews in December which carried on to steady operations in the first quarter of 2015. The lower activity was somewhat offset by a greater utilization of three-component ("3C") equipment, particularly the Company's Hawk multi-component wireless system which derives higher revenues than conventional single-component cable equipment. Tesla Canada's gross margin decreased with the drop in operating revenues.

Tesla USA continued to experience a very soft seismic acquisition market with no major projects completed in the quarter resulting in a dramatic decrease in revenues and margin compared with the fourth quarter of 2013. A small crew was active for 79 operating days in the quarter compared to two Hawk crews which worked for 182 operating days throughout the fourth quarter of 2013 on large three-dimensional ("3D") programs.  In December Tesla USA's Hawk equipment was redeployed to Canada for the peak winter season. There has been significant utilization of this equipment reducing the Company's requirement for rental equipment which, in turn has resulted in better margins than otherwise would have been achieved.

Tesla International's revenues increased significantly in comparison to the fourth quarter of 2013. The increase was driven by the completion of one large program in Ethiopia, and the commencement of two additional mobilizations in Ethiopia and Kenya, as well as the completion of two large programs in the UK. 2013 saw only limited revenues for two projects in Africa and several smaller projects in the UK. A third mobilization in the Democratic Republic of Congo ("DRC") was started in the quarter for a program that was postponed by the client. This resulted in a fee being paid to the Company which was received in full prior to the end of the year. Margins for the quarter were much improved from 2013 due to the successful completion of the acquisition programs in Ethiopia and the UK as well as the postponement fee from the DRC mobilization which had limited costs associated with it. Conversely, in 2013 a much lower level of activity coupled with a contract termination in Somaliland caused negative margins in the fourth quarter.

Tesla Offshore's revenues were flat in the fourth quarter of 2014 compared with the same period in 2013 with strong geophysical revenues offsetting a decreased level of construction activity. Several day rate and lump sum geophysical projects were completed using deep tow and shallow draft vessels. The Company's owned vessel completed several geophysical projects in addition to mobilizing the Company's AUV for several projects. In all the geophysical division surveyed for 133 operating days compared to only 68 in 2013, with adverse weather and scheduled maintenance for the Company's owned vessel causing fewer opportunities in the prior year. There were only 266 days of operation for construction personnel compared to 414 in the fourth quarter of 2013 due to a continued industry-wide reduction in demand for trawling and positioning services. The AUV and other geophysical programs contributed strong margins in the quarter but these were partially offset by the reshoot of a program completed in August that did not meet the Company's data quality standards. Lower margin trawling work made up a smaller proportion of Tesla Offshore's revenue which also contributed to the increase in margin in the fourth quarter of 2014 compared to the fourth quarter of 2013.

The Company had Adjusted EBITDA of $5.1 million ($0.24 per share) in the fourth quarter of 2014 compared to $4.3 million ($0.19 per share) in the fourth quarter of 2013. The increase in overall margin was aided by lower general and administrative costs and the exclusion of bad debt provisions. General and administrative costs were lower, due to cost control initiatives effected by the Company throughout the quarter as well as a recovery of share-based compensation. The Company had consolidated net loss of $(2.4) million (($0.11) per share) in the fourth quarter of 2014, a 41% decline from the consolidated net loss of $(1.7) million (($0.08) per share) in the fourth quarter of 2013. Excluding goodwill impairment, net loss for the fourth quarter was $(0.3) million (($0.01) per share). The increase in Adjusted EBITDA as well as an increase in the recovery of income tax, and a stock-based compensation recovery all contributed to the improvement.

The Company's working capital increased $2.0 million during the quarter to $(3.4) million including net bank indebtness of $5.6 million. Operating cash flows and a $5.0 million draw on long-term debt were used to repay $0.8 million of operating lines of credit and $1.4 million of regular finance leases. Additionally, the Company funded $5.5 million of capital expenditures during the quarter.   

Total long-term borrowings increased by $4.1 million during the quarter to $36.0 million. Draws on long-term debt of $5.0 million and the weakening of the Canadian dollar against US dollar denominated long-term borrowings were partially offset by regular payments made on outstanding finance leases.

Shareholders' equity decreased $1.3 million to $56.4 million during the quarter due to the net loss incurred during the quarter. The net loss was partially offset by an increase in accumulated other comprehensive income due to the weakening of the Canadian dollar against the functional currency of the Company's US subsidiaries along with an increase in contributed surplus relating to share-based payment charges.

2014 Financial Results

Gross margin decreased 30% to $33.7 million in 2014 compared to $48.0 million as revenues including reimbursables decreased 24% to $132.1 million from $174.5 million in 2013. The Company's revenues excluding reimbursables decreased 15% to $114.6 million in 2014 from $135.4 million in 2013. Improvement in activity levels for Tesla International were more than offset by declines in activity levels for Tesla Canada, Tesla USA and Tesla Offshore. Gross margins for Tesla International improved; however, this was also more than offset by the decline in Tesla Canada, Tesla USA and Tesla Offshore. Gross margin as a percentage of total revenue (including reimbursables) decreased to 26% in 2014 from 28% in 2013. Gross margin as a percentage of revenue (excluding reimbursables) decreased to 29% from 35%. Tesla USA and to a lesser extent Tesla Canada experienced significant pricing pressure due to an oversupply of seismic services and equipment in the market. Tesla Offshore experienced many technical challenges in the first year of operation for the Company's AUV which reduced the profitability of the division. These reductions were somewhat offset by an increase in profitability for Tesla International which had more acquisition work during the year and achieved strong margins on several turnkey programs in particular.

Tesla Canada experienced reduced activity levels in 2014 compared to 2013 as many clients reallocated capital budgets from exploration activities to production activities in the first half of the year and cut capital budgets substantially in the fourth quarter. Several anticipated programs were deferred or cancelled in both the first and fourth quarters. The prices for seismic services softened compared to 2013 as well due to increased competition from an oversupply of seismic equipment. The Company continues to see growth in the preference toward its wireless Hawk system and has offset some of the pricing pressure by reducing costs through improved efficiency as personnel become more familiar with the technology and its application.

Tesla USA experienced a dramatic reduction in revenue with very little activity throughout 2014. After its return from service in Canada during the winter, the 10,000 Field Station Unit ("FSU") Hawk system was active in the second quarter, completing the term acquisition for a multi-client geophysical company. This agreement was not renewed in June 2014 due to lack of work commitments. Subsequently several smaller two dimensional ("2D") and microseismic monitoring programs were completed in the second half of the year. For much of 2013 the 10,000 FSU Hawk system was used for term work for the multi-client geophysical contract along with several other programs being completed with the 6,000 FSU Hawk system purchased in June 2013.

Tesla International's revenues and gross margin increased significantly in 2014 compared to 2013. Excluding the settlement of the DRC contract suspension, revenues from Africa for acquisition and reimbursables improved with several large programs in Africa as well as steady performance by one crew in the UK and Europe including a large three-dimensional ("3D") project in the UK that utilized 6,000 of the Company's Hawk FSUs. Reimbursable revenue in the fourth quarter was significant as Tesla International mobilized and made preparations for a large program in Ethiopia which will be in the acquisition stage during 2015 from March until approximately September. Following a significant mobilization within Kenya during the fourth quarter of 2014, security concerns within the region caused the crew to be evacuated. This has resulted in a dispute with the client over amounts invoiced at December 31, 2014. In 2013 revenues were generated on two large Transitional Zone ("TZ") projects in Tanzania and DRC as well as mobilization revenues earned late in the year in preparation for two large programs in Kenya in 2014. Fourth quarter revenues in 2013 were reduced by a provision for a large mobilization that had taken place into Somaliland which came under dispute during that period but was settled in the second quarter of 2014.

Tesla Offshore also saw a decrease in activity and revenue during the year. Geophysical revenues were much lower than expected due to unanticipated operational challenges with the Company's AUV. The AUV was able to complete a number of projects throughout the year; however, it was not as efficient as expected resulting in fewer total activity days. As many as four charter geophysical vessels operated throughout the year while Tesla Offshore's dedicated geophysical vessel supported the AUV operations for much of the year. Tesla Offshore has continued to experience a soft market for construction activity with reduced trawling, positioning and recurring special project work.  Due to the poor performance in 2014, the declining commodity price environment and outlook for offshore geophysical and positioning activity and pricing, which has resulted in reductions to the capital spending plans of many of Tesla Offshore's clients, Tesla Offshore recorded a $2.1 million goodwill impairment loss representing the full amount of the goodwill allocated to the division.

The Company had Adjusted EBITDA of $11.7 million ($0.53 per share) in 2014 compared to $27.1 million ($1.21 per share) in 2013. The decrease was due to the decreased margins reported on operations in 2014.

The Company had a consolidated loss of $(11.5) million (($0.52) per share) in 2014 compared to net income of $1.0 million ($0.05 per share) in 2013. Excluding the goodwill impairment loss the consolidated loss was $(9.4) million (($0.42) per share) The decrease is due to lower Adjusted EBITDA as well as increased depreciation expense related to the Hawk systems purchased in June 2013 and January 2014 and the AUV purchased in February 2014 and an increased provision for bad debts. This was partially offset by an income tax recovery as opposed to expense and a recovery of stock-based compensation.

The Company's working capital decreased $15.3 million during the year to $(3.4) million including net bank indebtness of $5.6 million. Operating cash flows generated during the year and net draws of $7.9 million on long-term debt were used to repay less than $0.1 million of operating lines, repay $5.3 million of regular finance leases, purchase $1.4 million of the Company's shares under its Normal Course Issuer Bid ("NCIB") and fund $29.1 million of capital expenditures net of $0.4 million lease financed expenditures. Operating lines continue to be utilized to fund ongoing operations in certain jurisdictions.

Total long-term borrowings increased $4.4 million during the year to $35.9 million. Long-term debt draws of $7.9 million were used to fund the purchase of the AUV as well as significant additions of field equipment and vehicles to Tesla International's African crews. Finance lease obligations decreased by $4.3 million during the year as regular payments on outstanding finance leases totalling $5.3 million were made. At December 31, 2014, the Company had $23.1 million of unused committed bank credit and lease facilities.

Shareholders' equity decreased to $56.4 million at December 31, 2014 from $65.2 million at December 31, 2013 due to the net loss generated during the year which was partially offset by an increase in accumulated other comprehensive income due to the weakening of the Canadian dollar against the functional currency of the Company's foreign subsidiaries as well as an increase in contributed surplus due to the revaluation of the Company's share-based compensation liability during the year.


The Company is optimistic that with the return to service of its AUV in May and successful execution of several significant programs in Africa during the year it can overcome the continued downturn in the North American land seismic market and improve on the results of 2014. The Company, through its strong customer relationships and operational performance, has managed to maintain a significant backlog, particularly in relation to the overall size of the market. The Company remains committed to seeking profitable programs in South America as a way to further diversify the business.

North America Land Operations

Tesla Canada's outlook for the first quarter of 2015 is less positive than it previously appeared. The steep decline in West Texas Intermediate and Western Canadian Select benchmark oil prices has seen many upstream producers reduce exploration budgets. With fewer programs available for bid, many competitors have resorted to aggressive bidding to secure work. Weakness in the US and the merger of key players in the North American seismic market has also led to increased focus in the Canadian market with both competitors and equipment rental companies vastly increasing the capacity of single component and 3C wireless equipment fueling the pricing pressure. Certain oil and gas companies have also challenged existing contracts and arrangements, requesting a discount in light of the current market deterioration. More and more of the work available for bid is being requested using wireless systems and as such the Company remains well positioned to service this market with its 22,000 combined FSU Hawk system in North America. Demand for this system in 2015 appears to be extending into the second and third quarter, including significant potash programs in Saskatchewan. Tesla Canada has already secured summer work expected to begin in June or July, with additional programs currently being tendered. Depending on the work secured for the traditionally slower summer months in Canada the Company also plans to reduce overhead to an appropriate level.

Tesla USA continues to face a weak seismic market with heavy competition for available projects as oil and gas companies prioritize production and development focused drilling as opposed to exploration and associated seismic activity. Client budgets have been reallocated resulting in the delay of several projects to late 2015 if they are completed at all. This may be driven by a need to assess current land positions with consideration given to moving into deeper resource horizons. Additionally, anti-hydraulic fracturing groups have been gaining momentum in their ability to delay passage of legislation acceptable to industry and stakeholders. Pricing of services continues to be the driving factor in this competitive market with requirements for higher channel counts, wireless recording systems and third-party multi-client programs driving the demand for services. In response to this, Tesla USA has continued to focus on minimizing its overhead costs. Activity levels remain focused on oil, dry gas and liquid rich shale plays such as the Bakken, Utica (eastern Ohio) Marcellus (western Pennsylvania and West Virginia) Eagleford (south Texas) and Denver-Julesburg ("DJ") Basin. Tesla USA has been successful in obtaining a significant acquisition project in Pennsylvania which should utilize 10,000 of the Company's Hawk FSU's in July and August. Once the crew is mobilized to this program, the Company continues to bid on additional follow on work in the Marcellus area.

South and Central America Operations

There were no operations in South or Central America during 2014 or 2013; however, Tesla continues to pursue opportunities to expand the Company's footprint in South and Central America. Tesla Colombia's office in Bogota continues to provide a base for marketing efforts in the region. Tesla has expanded its marketing efforts by hiring additional local personnel with experience in the relevant countries where work is being pursued. Relationships have been built with both oil and gas and mining companies operating in South and Central America. Many of these companies are Canadian-based or international operators that Tesla has done work for in other regions of the world. Management has also focused on developing relationships with local companies that can provide support to Tesla's operations in South and Central America and provide access to potential clients. While no projects have been awarded at this time, the management team has been successful in expanding the number of bid opportunities it has participated in and is optimistic regarding current and prospective bids in several countries in the region. Due to a lack of initial success and in keeping with the Company-wide effort to reduce overhead, the Bogota office was restructured during the fourth quarter of 2014 to ensure the ongoing viability of the Company's South America initiative.

International Operations

Tesla International initiated a substantial mobilization into Ethiopia during the fourth quarter of 2014. Though progress was met with some delays with respect to securing entry for the Company's equipment into the country, the mobilization was completed in February 2015 with acquisition work beginning in March. This project will carry the crew through to the third quarter of 2015 at which point the Company expects it to follow on to one of several programs currently being bid in the country. A second crew is expected to begin mobilization to a more secure region of Kenya late in the first quarter or early in the second quarter of 2015 for a program which should last well into the third quarter with potential for additional work to follow. Tesla International's African crews also have several additional prospects for late 2015-early 2016 in Tanzania, Uganda, and DRC along with Kenya and Ethiopia.

Tesla International's UK/Europe crew continues to enjoy an extremely high share of the UK/Europe seismic acquisition market. Recent growth in anti-hydraulic fracturing sentiments have caused the Company's oil and gas clients to become more sensitive in their land and lease acquisitions and increased the challenges in obtaining permits for existing plays. Despite this, the UK/Europe crew expects to be active from the middle of the second quarter of 2015 through to the end of the year. Licencing approval in the UK has been delayed until the second quarter of 2015 which could delay crew operation for the year.

Offshore Operations

Tesla Offshore's commitment to expansion remains centered around the Company's purchase of a Bluefin 21 AUV in February 2014. When operational the AUV provides much needed services to existing clients and opens new markets for Tesla Offshore related to deep water oil and gas field development across the globe. Tesla Offshore has received invitations to tender projects in Southeast Asia, Brazil, Angola, West Africa and Turkey. Despite the challenges throughout 2014, the Company remains encouraged by the support it has received from its supplier and expects that the AUV will return to operation in May 2015 at a more efficient rate than was experienced in 2014.

With the end of the seasonal winter slowdown approaching, the Company has mobilized its dedicated geophysical vessel for a combination of day rate and turnkey projects until the return of the AUV. Greater activity was expected for 2015 with lease sales in the Central and Western Gulf of Mexico returning to customary schedules. Though this has been tempered by the recent decline in commodity prices, Tesla Offshore should remain busy with the AUV and a charter geophysical vessel through much of the summer.

Construction activities remain lower than historical levels driven by a reduction in drilling activity on the shelf of the Gulf of Mexico. Despite a reduced level of trawling and positioning work, special project work relating to survey support for removal systems continues to provide opportunities for this division to generate significant revenues. Overall, the construction division will see reduced activity levels while the industry remains abnormally slow.   

Tesla Offshore continues to pursue opportunities outside the Gulf of Mexico. The multi-year project in Alaska has been placed on standby awaiting word of approved permit clarifications and a return to full operations. This may be delayed further by low commodity prices. As long-term clients continue to expand into international areas, Tesla Offshore continues configuring systems and staff to profitably provide services to support those expansions.

Forward-looking Statements

Certain information set forth in this press release, including management's assessment of the Company's future plans and operations, contains forward-looking statements, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "intends", "continues", "estimates", "objective", "ongoing", "may", "will", "should", "might", "plans" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements are based on current expectations, estimates and projections that involve a number of known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These include, but are not limited to, the risks outlined in the "Business Risks" section of the Company's MD&A for the three and twelve months ended December 31, 2014.

The information contained in this press release should not be considered all-inclusive as it excludes changes that may occur in general economic, political and environmental conditions. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Investors are cautioned against attributing undue certainty to forward-looking statements. The forward-looking information and statements contained in this press release speak only as of the date hereof and, subject to its obligations under applicable law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements if conditions or opinions should change.

About Tesla

Tesla provides seismic land data acquisition in a multitude of environments in Canada through Tesla Exploration Partnership ("Tesla Canada"), in the U.S.A. through Tesla Exploration Inc. ("Tesla USA"), in South America through Tesla Exploration Trinidad Ltd. ("Tesla Trinidad"), and Tesla Exploration Colombia S.A.S. ("Tesla Colombia") and internationally in Europe and Africa through Tesla Exploration International Limited. Tesla Offshore LLC operates geophysical hazard surveys and provides positioning services for construction and diving operations in the Gulf of Mexico and internationally using its own vessel and other chartered vessels. Tesla Do Brasil Geotecnia Ltda. was incorporated to explore offshore opportunities off the coast of Brazil. Since the Company's inception in 2000, Tesla has grown both organically and through acquisitions funded by retained earnings and prudent levels of borrowing, from a Canadian focused land seismic business to a global provider of a broad suite of geophysical and related services. Tesla trades on the TSX under the symbol "TXL".

SOURCE Tesla Exploration Ltd.

For further information: Requests for shareholder information should be directed to: Mr. Richard Habiak, President and CEO, (403) 216-0990; Mr. Graham Reid, Vice President and CFO, (403) 692-4602


Organization Profile

Tesla Exploration Ltd.

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