ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

VGS Vgs Seismic Canada Com Npv

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Vgs Seismic Canada Com Npv TSXV:VGS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

VGS Expands 3-D Seismic Database by More Than 30%

04/02/2008 6:32pm

Marketwired Canada


VGS Seismic Canada Inc. ("VGS" or "the Company") (TSX VENTURE:VGS) is pleased to
report significant progress in its data library growth program with the addition
of 1,243 square kilometres of seismic data to date in Q1 2008. The total capital
expenditure for both data creation and secondary purchase is approximately $14.8
million, of which VGS is contributing $8.3 million. This addition will increase
the total size of VGS' data library to 5,017 square kilometres of high fidelity,
recent-vintage, 3-D seismic data in the Western Canadian Sedimentary Basin. The
Company also owns a 2-D seismic database consisting of 5,002 linear kilometres
to complement its core 3-D assets.


VGS currently has available for sale seismic data representing a total cost of
$60.0 million, of which $34.0 million is VGS' share of the capital expenditure.
Based on completed contracts and work in progress, VGS will own seismic data
having a total cost of $74.8 million at the completion of field operations for
the 2007/2008 winter campaign. The Company will have funded $42.3 million, while
the remaining $32.5 million represents initial license sales from its oil and
gas company clients.


In building its library, VGS continues to focus on its strategic goal of
acquiring 100% ownership of seismic data that will be licensed for cash,
creating an annuity stream for the Company. The Company has been able to achieve
its significant growth without increasing the number of employees, having
entered and exited 2007 with the same employee count.


President and Chief Executive Officer Steven Vasey comments, "With its current
seismic database, VGS is well positioned for continued growth through future
license sales. Considering current economic challenges, we are pleased at the
rate of data license sales. I am proud to report we own more than 5,000 square
kilometres of 3-D seismic data after two and half years of operation."


Based in Calgary, Alberta, VGS Seismic Canada Inc. identifies, creates and
markets digital seismic data for licensing to oil and natural gas exploration
companies. To date, the Corporation's growing data library is concentrated in
British Columbia, Southern Alberta and Eastern Saskatchewan. VGS shares trade on
the TSX Venture Exchange under the symbol VGS.


Forward-Looking Information

Certain information contained in this press release, including information and
statements which may contain words such as "could", "plans", "should",
"anticipates", "expects", "believes", "will", "forecasts", "budget" and similar
expressions and statements relating to matters that are not historical facts are
forward-looking information including, but not limited to, information related
to: future data sales, revenue, cash-flow, expenditures, drilling activity
levels, oil and gas prices and demand, expansion and other development trends of
the oil and gas industry; business strategy, expansion and growth of VGS's
business, data and operations, including VGS's market share and other such
matters. This forward-looking information is based on certain material factors,
assumptions and analyses made by VGS in light of its experience and its
perception of historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate in the
circumstances.

However, whether actual results, performance or achievements will conform with
VGS's conclusions, forecasts, projections, expectations and predictions
expressed or implied by the forward-looking information in this press release is
subject to known and unknown risks and uncertainties which could cause actual
results to differ materially from VGS's conclusions, forecasts, projections,
expectations and predictions expressed or implied by the forward-looking
information in this press release, including: fluctuations in the price and
demand for oil and gas; fluctuations in the level of oil and gas exploration and
development activities; fluctuations in the demand for VGS's services; the
ability of VGS to raise capital and to meet its debt service requirements; the
ability of VGS's clients to raise capital for seismic data and surveys; the
existence of competitors; technological changes and developments in the oil and
gas industry; the effects of weather conditions on operations and facilities;
the seasonal impact on conducting seismic surveys; the ability of VGS to
participate financially in large seismic surveys due to increases in costs of
conducting such seismic surveys; the ability of VGS to protect its proprietary
rights to the seismic data; the existence of operating risks inherent in VGS's
services; the lack of availability of qualified personnel or management; VGS's
dependence on qualified seismic acquisition contractors to conduct seismic
surveys; general economic, market or business conditions, including stock market
volatility; changes in laws or regulations, including taxation and environmental
regulations; other unforeseen conditions which could impact the use of services
supplied by VGS and those risks and uncertainties described in VGS's continuous
disclosure filings, including those referred to in the Corporation's
Management's Discussion and Analysis for the most recently completed financial
year end, which may be found on SEDAR at www.sedar.com. If any of the above
risks or uncertainties materialize, or if the material factors, assumptions and
analyses applied by VGS are incorrect, actual results may vary materially from
those expected in the forward looking information in this press release.


Consequently, all of the forward-looking information contained in this press
release is qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by VGS, as
expressed or implied by the forward-looking information, will be realized or,
even if substantially realized, that actual results or developments will have
the expected consequences to, or effects on, VGS or its business operations.
Except as required by law, VGS assumes no obligation to update publicly any such
forward-looking information, whether as a result of new information, future
events or otherwise. Readers should not place undue reliance on forward-looking
information.


1 Year Vgs Seismic Canada Com Npv Chart

1 Year Vgs Seismic Canada Com Npv Chart

1 Month Vgs Seismic Canada Com Npv Chart

1 Month Vgs Seismic Canada Com Npv Chart

Your Recent History

Delayed Upgrade Clock