Pulse Seismic Inc. Reports Q1 2013 Results and Declares Quarterly Dividend
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/10/13 -- Pulse Seismic Inc. (TSX: PSD) (OTCQX: PLSDF) ("Pulse" or "the Company") reports its financial and operating results for the three months ended March 31, 2013. The unaudited condensed consolidated interim financial statements and MD&A will be filed on SEDAR () and will be available on Pulse's website ().
Pulse has declared a quarterly dividend of $0.02 per common share. This dividend will be paid on June 20, 2013 to shareholders of record at the close of business on June 6, 2013.
HIGHLIGHTS FOR THE PERIOD ENDED MARCH 31, 2013
SELECTED FINANCIAL AND OPERATING INFORMATION
(thousands of dollars except per share data and number of shares)
OUTLOOK
Pulse is pleased with the overall revenues and seismic data library sales in the first quarter of 2013, and remains optimistic about the year ahead. Pulse exceeded average seismic data library sales for the first quarter, except for the first quarter of 2012 which included a single record sale of $27.8 million.
Short-term visibility for industry activity and revenue remains poor, and Pulse is fully prepared for quarterly variations in activity and data library sales. Considerably higher natural gas prices from a year ago - $3.70 per thousand cubic feet (mcf) at AECO on May 8, 2013 versus only $2.12 per mcf a year earlier - as well as a reasonable price forecast for the year ahead are positive, but have not triggered an observed increase in natural gas-related activity in western Canada.
Other near-term risks discussed in the Outlook of Pulse's MD&A for the year ended December 31, 2012 all remain. These include volatile crude oil prices, high regional oil price differentials due to crude oil export transportation constraints, uncertainty over proposed oil export pipelines, geopolitical instability in certain international regions and capital constraints on oil and natural gas producers.
Signals for 2013 oil and natural gas field activity are flat to a slight improvement. The Petroleum Services Association of Canada's April update of its 2013 drilling forecast anticipates 12,000 oil and natural gas wells to be drilled across Canada in 2013, up 5% from the original November 2012 forecast of 11,400. Of the total, approximately 68 percent are forecast to be horizontal wells and 79 percent will target crude oil. According to the Canadian Association of Oilwell Drilling Contractors, well completions in January and February 2013 were down slightly from the same months in 2012 and 2011, while the number of active drilling rigs in January, February and March 2013 was lower than in the corresponding months one year earlier.
Pulse remains hopeful of additional transaction-based sales of seismic data generated by corporate-level activity such as mergers and acquisitions, joint ventures, asset sales and farm-ins/farm-outs (in which one or more parties to the transaction requires a licensed seismic data set) in areas where it holds data. The Company cannot predict these sales. There have been few reported corporate transactions to date in 2013.
Over the longer term, Pulse is optimistic that the development of large, long-term, capital-intensive plays such as the liquids-rich and oil-prone sections of the Montney Formation, as well as the Duvernay shale, will trigger substantial sustained industry activity, including seismic data sales and new 3D participation surveys. In addition, the continued progress of proposed liquefied natural gas terminals in British Columbia is conducive to a revival of natural gas drilling, including for "dry" natural gas targets, over the medium term.
Pulse is continuing with vigorous business development activity. Following the success of its record capital program of three large 3D participation surveys, the Company anticipates opportunities for additional participation surveys in the Duvernay and Montney plays, areas that remain highly active and also contain multiple other prospective zones, creating the sought-after prospect of future re-licensing sales. The Company's solid balance sheet, working capital and recently-closed credit facility provide a solid financial base from which to operate, with decision-making flexibility.
The Company's proven approach to capital allocation - investment in capital programs (participation surveys and dataset acquisitions that meet key criteria), purchase of Pulse shares, payment of a sustainable dividend, and prudent management of the revolving credit facility, will continue to guide Pulse's business throughout 2013. Pulse can generate solid shareholder free cash flow and continue to pay its dividend under moderately low year- over-year data sales.
With a large amount of recently shot 3D seismic data, the significant dataset acquisition in 2010, wide coverage over some of western Canada's most promising unconventional oil and liquids-rich gas plays, plus the financial strength to pursue a range of opportunities, Pulse is positioned to thrive in both the short and longer terms. As industry capital spending and field activities go up and down along with business conditions and opportunities, Pulse will continue to focus on generating as much data library sales, cash EBITDA and shareholder free cash flow per share as conditions allow, while seeking opportunities to grow.
Q1 2013 CONFERENCE CALL
Pulse will host a conference call on Monday, May 13, 2013 at 1:00 pm MT (3:00 pm ET) to discuss the Company's results for the first quarter. Neal Coleman, President & CEO will chair the call with Pamela Wicks, VP Finance & CFO taking part. A question-and-answer period will follow an update on the Company's strategies and outlook.
To participate please dial 416-340-8527 or 877-240-9772 approximately 10 minutes before the commencement of the call. To listen to the audio webcast of the conference call please visit the Company's website at .
An archival recording of the conference call will be available approximately one hour after the completion of the call until May 21, 2013. To access the replay, please dial 905-694-9451 or 800-408-3053 and enter the pass code 7164722.
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 second-largest licensable seismic data library in Canada, currently consisting of approximately 28,300 net square kilometres of 3D seismic and 340,000 net 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.
Forward Looking Information
This news release contains information that constitutes "forward looking information" or "forward looking statements" (collectively, "forward looking information") within the meaning of applicable securities legislation. This forward looking information includes, among other things, statements regarding:
Undue reliance should not be placed on forward-looking information. Forward looking information is based upon current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to vary and in some instances to differ materially from those anticipated in the forward looking information.
The material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to:
The foregoing list of risks is not exhaustive. Additional information on these risks and other factors which could affect the Company's operations or financial results are included in the Risk Factors section of the Company's MD&A for the most recent calendar year and interim periods. Forward looking information is based upon the assumptions, expectations, estimates and opinions of the Company's management at the time the information is presented.
Contacts:
Pulse Seismic Inc.
Neal Coleman
President and CEO
(403) 237-5559 or Toll-free: 1-877-460-5559
Pulse Seismic Inc.
Pamela Wicks
VP Finance and CFO
(403) 237-5559 or Toll-free: 1-877-460-5559
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Datum: 10.05.2013 - 11:03 Uhr
Sprache: Deutsch
News-ID 258615
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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