Pulse Seismic Inc. 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.