Pulse Seismic Signs $5.1 Million 3D Seismic Data Licence

Source: www.gulfoilandgas.com 6/10/2015, Location: North America

Pulse Seismic Inc. (Pulse) is pleased to announce it 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.

As Pulse has frequently noted in past disclosure documents, the amount and timing of seismic data sales are unpredictable, and the typically large size but unpredictable nature of transaction-based sales increases the difficulty of forecasting Company revenue.

Pulse's low cost structure enables the Company to generate shareholder free cash flow at low levels of annual data library sales revenue. The Company remains hopeful of securing additional transactional as well as traditional sales through the balance of 2015.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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