Pulse Seismic Inc. Announces a $7.7 Million Seismic Data Licensing Agreement

Rhea-AI Summary

Pulse Seismic Inc. announces a $7.7 million seismic data licensing sales contract, bringing year-to-date sales to $30.7 million, a 328% increase over 2022. The company operates with a lean cost structure, pays regular and special dividends, and has bought back shares worth $12.0 million in 2023.

CALGARY, Alberta, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $7.7 million seismic data licensing sales contract.

The sale announced today brings 2023 year-to-date seismic data library sales to $30.7 million, a 328% increase over full year 2022 seismic data library sales.

This significant data licensing agreement builds upon the Company’s increasing year-over-year data sales, and further improves its strong financial position. Pulse operates with a very lean cost structure and has low capital requirements. Significant sales such as this, produces material incremental free cashflow to Pulse.

Currently, Pulse pays a regular quarterly dividend, representing an annualized dividend of $0.055 per share. Additionally, in the third quarter of 2023, Pulse paid a special dividend of $0.15 per share. The Company also utilizes a normal course issuer bid to purchase its shares on the TSX and has bought and cancelled 979,206 shares to date in 2023. The value of capital returned to shareholders to date in 2023 through both dividends and share buybacks approximates $12.0 million.

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/c4b41025-55d7-43b7-9cb4-2c8dd8d71944

FAQ

What is the value of the seismic data licensing sales contract announced by Pulse Seismic Inc.?

The value of the seismic data licensing sales contract announced by Pulse Seismic Inc. is $7.7 million.

What is the year-to-date seismic data library sales for Pulse Seismic Inc. in 2023?

The year-to-date seismic data library sales for Pulse Seismic Inc. in 2023 is $30.7 million, which is a 328% increase over the full year 2022 sales.

What is the annualized dividend per share paid by Pulse Seismic Inc.?

Pulse Seismic Inc. pays a regular quarterly dividend, representing an annualized dividend of $0.055 per share.

Has Pulse Seismic Inc. paid any special dividends in 2023?

Yes, Pulse Seismic Inc. paid a special dividend of $0.15 per share in the third quarter of 2023.

How much worth of shares has Pulse Seismic Inc. bought back and cancelled in 2023?

Pulse Seismic Inc. has bought back and cancelled 979,206 shares to date in 2023, amounting to approximately $12.0 million.

What is the business focus of Pulse Seismic Inc.?

Pulse Seismic Inc. is a market leader in the acquisition, marketing, and licensing of 2D and 3D seismic data to the western Canadian energy sector.

What is the size of Pulse Seismic Inc.'s seismic data library?

Pulse Seismic Inc. 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.

What areas does Pulse Seismic Inc.'s seismic data library cover?

Pulse Seismic Inc.'s seismic data library extensively covers the Western Canada Sedimentary Basin, where most of Canada's oil and natural gas exploration and development occur.