Pulse Announces a $4.0 Million Seismic Data Licensing Agreement and Provides 2022 Revenue Update

Rhea-AI Summary

Pulse Seismic Inc. (OTCQX:PLSDF) announced a $4.0 million contract for 3D seismic data licensing in West Central Alberta, enhancing its data library critical for exploration and development companies. Preliminary revenue estimates for 2022 stand at approximately $9.6 million, with the company remaining debt-free and holding about $5.3 million in cash and a $25.0 million undrawn revolving credit facility. The annual financial results will be disclosed on February 16, 2023. Pulse operates the largest licensable seismic data library in Canada, covering crucial areas for oil and gas exploration.

Positive

• Secured a $4.0 million seismic data licensing contract.
• Preliminary revenue for 2022 estimated at $9.6 million.
• Company is debt-free with a $25.0 million undrawn credit facility.
• Cash balance of approximately $5.3 million.

Negative

• None.

CALGARY, Alberta, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $4.0 million seismic data licensing sales contract. The license is for 3D seismic data located in a liquids rich fairway in West Central Alberta. In this area, Pulse’s data library provides significant seismic coverage, which is critical for today’s data focused exploration and development companies.

At this time, the Company also wishes to update shareholders by providing its preliminary revenue estimate for 2022. Total revenue is expected to approximate $9.6 million for the calendar year ended December 31, 2022.

Pulse continues to be debt-free, has an undrawn revolving credit facility with $25.0 million of borrowing capacity, and currently has a cash balance of approximately $5.3 million.

These figures are preliminary and have not yet been audited or reviewed by the auditors. The Company will release its 2022 annual and fourth quarter financial results on February 16, 2023, after markets close.

Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:

Neal Coleman, President and CEO
Or
Pamela Wicks, VP Finance and CFO

Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com
Please visit our website at www.pulseseismic.com

PDF available: http://ml.globenewswire.com/Resource/Download/33e03418-aea5-4d41-b4aa-769a599af544

FAQ

What is Pulse Seismic's recent contract value?

Pulse Seismic recently signed a $4.0 million seismic data licensing contract.

What is the preliminary revenue estimate for Pulse Seismic in 2022?

Pulse Seismic's preliminary revenue estimate for 2022 is approximately $9.6 million.

When will Pulse Seismic release its annual financial results?

Pulse Seismic will release its 2022 annual financial results on February 16, 2023.

How much cash does Pulse Seismic currently have?

Pulse Seismic currently has a cash balance of approximately $5.3 million.