Mr. Neal Coleman reports

PULSE SEISMIC INC. ANNOUNCES A $7.7 MILLION SEISMIC DATA LICENSING AGREEMENT

Pulse Seismic Inc. has signed a $7.7-million seismic data licensing sales contract.

The sale announced today brings year-to-date 2023 seismic data library sales to $30.7-million, a 328-per-cent increase over full-year 2022 seismic data library sales.

This significant data licensing agreement builds upon the company's increasing year-over-year data sales and further improves its strong financial position. Pulse Seismic operates with a very lean cost structure and has low capital requirements. Significant sales such as this produce material incremental free cash flow to Pulse Seismic.

Currently, Pulse Seismic pays a regular quarterly dividend, representing an annualized dividend of 5.5 cents per share. Additionally, in the third quarter of 2023, Pulse Seismic paid a special dividend of 15 cents per share. The company also utilizes a normal course issuer bid to purchase its shares on the Toronto Stock Exchange, and has bought and cancelled 979,206 shares to date in 2023. The value of capital returned to shareholders to date in 2023 through both dividends and share buybacks approximates $12.0-million.

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.

About Pulse Seismic Inc.

Pulse Seismic is a market leader in the acquisition, marketing and licensing of 2-D and 3-D seismic data to the Western Canadian energy sector. Pulse Seismic owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3-D seismic and 829,207 kilometres of 2-D seismic. The library extensively covers the Western Canada sedimentary basin, where most of Canada's oil and natural gas exploration and development occur.