Pulse Seismic Inc. Provides 2021 Sales Update and Announces Addition of Geoscience Director
CALGARY, Alberta, Dec. 13 2021 (GLOBE NEWSWIRE) – Pulse Seismic Inc. (TSX: PSD) (OTCQX: PLSDF) (âPulseâ or the âCompanyâ) is pleased to announce the completion of the 17.0 million seismic survey dollar data license agreement that was signed and previously announced in May 2021.
The permit was for 3D seismic data located in a liquid-rich channel in the western shale basin with multi-zone potential in central Alberta. As previously reported, upon signing the deal in May, the company delivered $ 7.3 million worth of seismic data, with the rest of the data agreeing to be selected by the customer anytime before April 15, 2022. Today, the remaining data has been delivered to the customer resulting in an additional $ 9.7 million in seismic data sales in 2021.
“I am pleased to announce that completion of this contract in 2021 will enable Pulse to achieve the second highest level of annual seismic data library 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 data library sales to approximately 46.6. millions of dollars.
At the same time, the Company also wishes to report the appointment of Mantu Sihota, P.Geoph as Director, Geosciences effective January 1, 2022. Mantu has been working with the Company in an advisory capacity since March 2021.
âI am extremely pleased that Mantu is joining the company as we continue to adapt to the challenges and opportunities of the energy transition,â said Neal Coleman. âMantu brings over 27 years of geoscience experience to the Western Canadian Sedimentary Basin, most recently as Chief Geophysicist for a large E&P company. He has a proven track record in technical, leadership and business development roles, which adds tremendous value to the Pulse team, âadded Coleman.
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the energy sector in Western Canada. Pulse has the largest licensed seismic data library in Canada, currently comprising approximately 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic. The library covers extensively the Western Canadian Sedimentary Basin where most of Canada’s oil and gas exploration and development activity takes place.
For more information, please contact:
Neal coleman, President and CEO
Pamela wicks, vice-president finance and chief financial officer