CALGARY, Alberta, June 27, 2019 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce it has completed a $7.0 million sale of 3D seismic data. The sale consists of both a transaction-based obligation along with a new licence for additional 3D data.
“We are extremely pleased by this transaction, which clearly supports the business case for Pulse’s January 2019 purchase of Seitel Canada Ltd.,” commented Neal Coleman, President and CEO of Pulse. “Transaction-based sales have become a significant component of our data library licensing business in recent years, and we continue to believe that our acquisition will help grow and potentially smooth Pulse’s annual revenues over time.”
The corporate acquisition of Seitel Canada Ltd. on January 15, 2019 more than doubled the Company’s seismic coverage, increasing Pulse’s revenue-generating potential by adding unique, complementary, high-quality data over areas that Pulse’s library did not previously cover.
Year-to-date, Pulse has licensed approximately $16.1 million of seismic data, including $10.8 million in the second quarter. Year-to-date sales are 111 percent of the full-year 2018 sales generated by the combined data libraries. These sales figures are preliminary and have not been audited or subject to review. As of July 5, 2019, Pulse will have repaid 100 percent of the $5.0 million deferred payment obligation related to the Seitel acquisition.
Pulse is a market leader in the acquisition, marketing and licensing of 3D and 2D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 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 occur.
For further information, please contact:
Neal Coleman, President and CEO
Pamela Wicks, VP Finance and CFO