CALGARY, Alberta, December 21, 2021 (GLOBE NEWSWIRE) – Pulse Seismic Inc. (TSX: PSD) (OTCQX: PLSDF) (âPulseâ or the âCompanyâ) is pleased to announce that it has renewed its facility revolving credit facility and extended the maturity date by two years to January 15, 2025.
The facility’s available borrowing amount remains at $ 25.0 million and all other material conditions, including financial covenants, are unaffected by the renewal. To date, the balance drawn on the revolving credit facility is $ 1.4 million, leaving $ 23.6 million available.
At the end of 2020, Pulse had a total of $ 28.0 million in long-term debt, comprising $ 18.0 million owed on the senior revolving credit facility and $ 10.0 million in subordinated debt. to a third party. In June 2021, the subordinated debt was repaid in full, and by October 2021 the balance owed on the gun had been repaid. Since then, the Company has paid $ 2.8 million in dividend payments, including a special dividend of $ 0.04 per share and the first of a reinstated regular quarterly dividend of $ 0.0125.
Pulse has had a strong year, largely driven by E&P sector consolidation transaction-based sales, as reported in the 2021 sales update last week. The significant amount of cash receivable in January, including $ 9.7 million related to the significant transaction that was finalized on December 13, 2021, will allow repayment of the balance of the revolving credit facility.
The revolving credit facility provides the Company with flexibility and liquidity for future strategic growth. As the owner of the largest seismic data set in Western Canada, Pulse is pleased to have the continued support of its long-term lender as it strives to be the leading provider of seismic data easily. accessible to traditional E&P customers as well as to customers in energy transition. .
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
Phone. : 403-237-5559
Toll free: 1-877-460-5559
Email: [email protected].
Please visit our website at www.pulseseismic.com
This document contains information that constitutes âforward-looking informationâ or âforward-looking statementsâ (collectively, âforward-looking informationâ) within the meaning of applicable securities laws, including, but not limited to, statements regarding :
Recent events on the political, economic, regulatory, public health and legal fronts affecting the medium and long term prospects of the industry;
The Company’s capital resources and their sufficiency to finance future operations, meet its obligations related to financial liabilities and make the necessary capital expenditures until 2022;
Oil and natural gas prices and forecast trends;
Investment budgets of oil and gas companies;
Future demand for seismic data;
Future sales of seismic data; and
Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements regarding possible future events, conditions, results and performance, with respect to the Company or the oil and gas industry as a whole.
By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements, as a number of important factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations and expectations, estimates and intentions expressed in such forward-looking information. . These factors include, but are not limited to: volatility in oil and natural gas prices; risks associated with the oil and gas industry in general; the Company’s ability to access external sources of debt and equity; credit, liquidity and commodity price risks; risks to the environment, health and safety, including those related to the COVID-19 pandemic; federal and provincial government laws and regulations, including those relating to taxation, royalty rates, environmental protection, public health and safety; competetion; loss of seismic data; the introduction of new products; and climate change.
Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional risks and factors and related information that could affect the operations and financial results of the Company are included under âRisk Factorsâ in the most recent annual information form of the Company, and in the most recent audited annual financial statements. of the Company, the most recent MD&A, management information circular, quarterly reports, material change reports and press releases. Copies of the public documents filed by the Company are available on SEDAR at www.sedar.com.
The forward-looking information contained in this document is provided as of the date of this document and the Company assumes no obligation to publicly update or revise the forward-looking information included, except as required by law. The forward-looking information contained in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. This forward-looking information may not be appropriate and should not be used for any other purpose.
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