January 16, 2019

Sale of Canadian Seismic Data Library

On January 15, 2019, Seitel entered into a definitive agreement to sell its 100% ownership in Seitel Canada Ltd., the primary asset of which is our 2D and 3D seismic data library in Canada, to Pulse Seismic Inc. for a purchase price of approximately CDN $53 million (approximately $40 million USD at current FX rates), plus an earn out equal to 50% of the cash resales generated from the assets acquired by Pulse over the two years following closing, up to a maximum of CDN $5 million. The transaction closed the same day. The Canadian library consists of approximately14,100 square miles of 3D seismic data and approximately 400,000 linear miles of 2D seismic data in Canada. “Although it is difficult to exit a business that has been part of our history for so many years, we are pleased to have gained financial flexibility, which will allow us to …READ MORE