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Pulse Seismic Announces Acquisition of a 2D Seismic Data Library
Pulse Seismic Announces Acquisition of a 2D Seismic Data Library Pulse Seismic Ann...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nPulse Seismic Announces Acquisition of a 2D Seismic Data Library\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPulse Seismic Announces Acquisition of a 2D Seismic Data Library\nCanada NewsWire\nCALGARY, Jan. 26, 2016\n\n\n\n\n\nTSX: PSD OTCQX: PLSDF                        \n\n\n\nCALGARY, Jan. 26, 2016 /CNW/ - Pulse Seismic Inc. (\"Pulse\" or \"the Company\") is pleased to announce the acquisition of a 2D seismic data library at an attractive valuation.\n\nThe acquisition closed on January 26, 2016 adding approximately 107,000 net kilometres of 2D seismic data and 58 net square kilometres of 3D seismic data, increasing Pulse's 2D seismic data library by over 30 percent from approximately 340,000 net kilometres to approximately 447,000 net kilometres. The acquisition includes data spread throughout the Western Canada Sedimentary Basin and is complementary to Pulse's existing data.\n\nThe purchase price of $3.65 million has been funded through the issuance of 669,643 Pulse common shares valued at approximately $2.24 per share, based on the 10 day volume weighted average price of the shares on the Toronto Stock Exchange following close of trading on January 21, 2016, plus $2.15 million in cash. The cash portion was provided from Pulse's cash flow and will not require incurring debt. Following the acquisition, Pulse remains debt-free and has access to a three year, $30 million revolving credit facility with a banking syndicate led by TD Bank and including ATB Financial.\n\n\"The acquisition advances Pulse's strategy of growth through the addition of high-quality seismic data at valuations that meet our criteria,\" commented Neal Coleman, Pulse's President and CEO. \"We are pleased that Pulse's financial discipline and strong balance sheet enables the Company to conduct acquisitions in the current economic climate.\"\n\nThe data was originally shot in the 1970s through 1990s and fits the oil and natural gas industry's continuing need for 2D data fo...