CALGARY, Alberta, Aug. 03, 2017 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce it has signed a $29.5 million seismic data licensing agreement. The 2D and 3D seismic data is located throughout the Deep Basin of Alberta and in northeast British Columbia.
“I am extremely pleased by this transaction,” commented Neal Coleman, President and CEO of Pulse. “This sale surpasses our previous record individual data license of $27.8 million, set in 2012, and represents more than twice the 2016 annual data library sales revenue of $14.3 million. This brings year to date data library sales revenue to $37.5 million and ensures that 2017 data library sales revenue will be greater than in any previous year since our record year in 2012, and will be highly positive for the Company’s cash EBITDA and shareholder free cash flow,” Coleman added.
This is a transaction-based sale as opposed to a traditional sale as defined, along with a seven year breakdown in our 2016 annual M D and A. Transaction-based sales are innately unpredictable and contribute to the fluctuating nature of Pulse’s quarterly and annual results. From 2010 to 2016, annual transaction-based sales have ranged from a low of $3.1 million in 2011 to a high of $44.9 million in 2012.
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 28,600 square kilometres of 3D seismic and 447,000 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.
Neal Coleman, President and CEO
Pamela Wicks, VP Finance and CFO
Please visit our website at www.pulseseismic.com.