Pulse Seismic Inc. has signed a $5.1 million seismic data licensing agreement, resulting in total seismic data library sales of $6.2 million so far for the second quarter of 2015. The sale brings year-to-date seismic data library sales to $7.5 million.
'This significant sale makes Pulse's year-to-date data library sales revenue sufficient to cover the Company's cash operating and interest costs for the full year,' stated Neal Coleman, Pulse's President and CEO. 'Although low commodity prices have reduced traditional seismic data library sales, we are pleased to see corporate transactions in the oil and gas producing sector which are leading to significant transactional data library sales revenue.'
The agreement announced today is a transactional seismic data licensing sale. The licensed data is spread throughout the Deep Basin region of the Western Canada Sedimentary Basin. As discussed in Pulse's annual report for the year ended December 31, 2014, transactional sales are forming an increasing proportion of the Company's overall revenue, with traditional sales having declined due to reduced field capital spending by oil and natural gas producers.