Skip to main content

Pulse Seismic Inc. Provides 2021 Sales Update and Announces Addition of Director of Geoscience

Written by Customer Service on . Posted in Public Companies.

CALGARY, Alberta, Dec. 13, 2021 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report the completion of the $17.0 million seismic data licensing contract that was signed and previously announced in May 2021.

The licence was for 3D seismic data located in a liquids rich fairway in the west shale basin with multi-zone potential in Central Alberta. As previously disclosed, on signing the deal in May, the Company delivered $7.3 million of seismic data, with the remainder of the data agreed to be selected by the customer at any time before April 15, 2022. Today the remaining data was delivered to the customer resulting in the recognition of an additional $9.7 million of seismic data sales revenue in 2021.

“I am pleased to announce that the fulfillment of this contract in 2021 will result in Pulse achieving the second highest level of annual seismic data library sales revenue in the Company’s history,” commented Neal Coleman, President and CEO of Pulse. “Including this $9.7 million, data library sales to date in the fourth quarter of 2021 are approximately $14.1 million, bringing our year-to-date data library sales to approximately $46.6 million.”

Concurrently, the Company also would like to report the appointment of Mantu Sihota, P.Geoph to the position of Director, Geoscience effective January 1, 2022. Mantu has been working with the Company in an advisory capacity since March 2021.

“I am extremely pleased to have Mantu join the Company as we continue to adapt to the challenges and opportunities of energy transition,” stated Neal Coleman. “Mantu brings over 27 years of experience in geoscience in the Western Canadian Sedimentary Basin, most recently as Chief Geophysicist for a large E&P company. He has a proven track record of success in technical, leadership and business development roles, which adds tremendous value to the Pulse team,” Coleman added.

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 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
Or
Pamela Wicks, VP Finance and CFO

Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com
Please visit our website at www.pulseseismic.com

PDF available: http://ml.globenewswire.com/Resource/Download/b25681c2-00b4-4871-9a18-5349addd3262

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.