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 central Alberta.
"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 auditors.
On November 7,
2014 the Company anticipates releasing full financial
statements and related information for the three and nine months
ended September 30, 2014.
CORPORATE PROFILE
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.