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VGS Vgs Seismic Canada Com Npv

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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 Seismic Canada Adds to Northeast B.C. 3-D Seismic Database

25/04/2008 8:00pm

Marketwired Canada


VGS Seismic Canada Inc., ("VGS" or "the Company") (TSX VENTURE:VGS) has added to
its Northeast British Columbia (NEBC) seismic library by completing a
non-monetary exchange contiguous to its existing Fireweed and Inga surveys. The
size of the newly acquired survey is 44 square kilometers, making the entire set
of contiguous data 298 square kilometers in size. This data enhances the 100%
owned VGS seismic data in an area known for its multi-zone natural gas
potential.


VGS takes the view that purchasing a license to VGS's existing data helps
clients reduce risk and lower finding costs for its oil and gas company clients,
and that the topographically rigorous areas of NEBC are likely to have a long
shelf life.


The Company's current 3-D library covers 5,045 square kilometres involving a
minimal number of partners and revenue share obligations. The accumulated
capital expenditure to March 31, 2008 for VGS data is $75 million and the VGS
component of the total historical amount spent to March 31, 2008 is $43 million.
With a disciplined approach of pursuing 100% title to the data added to its
library, the Company plans to generate a seismic annuity stream through the
sales of licenses to long-life, large-scale, 3-D seismic surveys such as the
NEBC surveys in the Fireweed/Inga area. The Company manages operating costs
effectively by not engaging directly in field operational activities and by
executing its strategy with a small staff of proven, senior-level professionals.


President and CEO Steven Vasey comments, "Our library continues to expand in
areas where we see immediate opportunity for cash license sales. The newest
additions to our library help us tighten the 3-D seismic ownership position in
our central Alberta data complex and more importantly adds to our core asset
base in Northeast British Columbia.


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: seismic surveys, data sales, revenue, cash-flow, seismic annuity
streams, 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 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 ability of VGS to secure participants to conduct seismic 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.


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