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SEITEL PRESENTS BEST AND FINAL OFFER
TO PULSE DATA (TSX: PSD) SHAREHOLDERS
HOUSTON, October 1, 2007 - Seitel, Inc. increased its offer for Pulse Data
Inc. (TSX: PSD) common shares to $3.30 in cash per share. This is Seitel’s best and final offer and it will expire at
5:00 p.m. (Toronto time) on October 12, 2007.
Seitel recommends that Pulse Data shareholders seriously consider this premium all-cash offer for a number of reasons:
• The apparent failure of Pulse Data’s auction process.
• The disappointing results of the highly-touted sale of Pulse Data’s Terrapoint businesses.
• The entrenchment of Pulse Data’s existing management demonstrated by its continued refusal
to engage in substantive negotiations with Seitel.
• The fact that, in the face of significant economic uncertainty, and the corresponding
impact on gas prices, Seitel is prepared to pay in cash a share price that exceeds any closing trading price ever achieved
for Pulse Data shares.
Seitel believes it has presented a highly attractive cash offer to Pulse Data shareholders. Seitel is no longer attempting
to join Pulse Data’s purported “sale process”, having seen no evidence that the Pulse Data board or management has any
intention to seriously consider a sale of the company. Seitel’s majority shareholder, ValueAct Capital, believes in each
and every shareholder’s fundamental right to decide for itself whether to accept a premium all-cash offer for its shares.
Since Pulse Data’s entrenched board has denied this opportunity to its shareholders, Seitel has chosen to make the offer
directly to Pulse Data shareholders and put the decision-making power where it belongs -- in the shareholders’ hands.
Where Shareholders can obtain more information
Pulse data shareholders that have any questions about how to tender their shares under the offer are asked to please contact
Seitel’s Information Agent, Innisfree M&A Incorporated at 1-888-750-5834 (English) or 1-877-825-8777 (French).
About Seitel
Seitel, Inc., a Delaware corporation, is a leading provider of seismic data to the oil and gas industry in North America.
It owns an extensive library of proprietary onshore and offshore seismic data that it has accumulated since its inception
in 1982 and that it licenses to a wide range of oil and gas companies. Seitel’s seismic data library includes both onshore
and offshore 3D and 2D data. The majority of its onshore seismic data covers sections of the U.S. Gulf Coast, including
Eastern Texas, Southern Louisiana and Mississippi, as well as Western Canada, the Rocky Mountains and Northern Louisiana.
Seitel also owns a library of offshore data covering parts of the shelf and certain deep water areas in the Western and
Central U.S. Gulf of Mexico and the waters off the coast of Eastern Canada. Seitel’s customers range from small and mid-cap
exploration and production companies and private prospecting individuals to large independent oil and gas companies and also
include global oil and gas companies.
6818862 Canada Inc. is an indirect wholly-owned subsidiary of Seitel that was incorporated for purposes of acquiring the
common shares of Pulse Data and for making the offer. The Offeror has not carried on any other business to date. The Offeror’s
registered office is located at 1900 Canada Place, 407 2nd Street SW, Calgary, Alberta T2P 2Y3.
Important Notice
This announcement does not constitute or form part of any offer to sell or invitation to purchase any securities or solicitation
of an offer to buy any securities, pursuant to the offer or otherwise. This announcement is for information purposes and is not
a substitute for the formal offer and take-over bid circular. Pulse Data shareholders are urged to read the Offer to Purchase and
Circular, dated August 10, 2007, the Notice of Variation, dated August 22, 2007, the Notice of Extension, dated September 18, 2007
and the Notice of Variation and Extension, dated September 28, 2007 and any other materials relating to the offer because they
contain important information. Copies of the circular and other materials relating to the offer can be obtained when they become
available free of charge at the SEDAR website at www.sedar.com or from Innisfree M&A Incorporated at the numbers provided above.
Certain statements contained in this press release may contain forward-looking statements and are prospective. Words such as
“anticipates”, “expects”, “intends”, “plans”, “forecasts”, “projects”, “budgets”, “believes”, “seeks”, “estimates”, “could”,
“might”, “should”, and similar expressions identify forward-looking statements. Such forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the
Offeror or Seitel to differ materially from any future results, performance or achievements expressed or implied by such
forward-looking statements. The Offeror disclaims any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by applicable law.
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