Pulse Seismic signs $27.8 million 3D seismic data license
Pulse Seismic Inc. has signed a $27.8 million seismic data licensing agreement. The majority of the seismic data is located in the Cutbank Ridge area
Pulse Seismic Inc. has signed a $27.8 million seismic data licensing agreement. The majority of the seismic data is located in the Cutbank Ridge area of northwest British Columbia.
Seismic data sales from the Company's 2010 significant asset acquisition of the Cutbank Ridge and Montney datasets have now totalled $49.5 million in the 18-month period ended March 31, 2012. This represents an 89 percent cash recovery of the $55.6 million cash component of the purchase price for this acquisition.
"I am pleased to announce Pulse's single-largest seismic data sale," commented Doug Cutts, President and CEO of Pulse. "Pulse acquired the Cutbank Ridge and Montney datasets in 2010 for $75.6 million in cash and common shares, during the height of the global economic downturn, and it has proven to be integral in the ongoing success and growth of the Company. This is the second significant sale in the 18-month history of owning this dataset, the first being a $10 million sale in October 2010."
"With this transaction, Pulse's financial position has been solidified. We continue to focus our efforts on paying down long-term debt, purchasing our common shares, paying a quarterly dividend and acquiring high-quality seismic data. Our seismic data library continues to generate strong revenue during a period in which the industry is enduring record low natural gas prices".