VGS Seismic Canada Inc., (TSX VENTURE:VGS) ("VGS" or "the Company") is
announcing it has issued three million dollars in convertible notes to its
lender under its amended and restated credit agreement. The Company will use
proceeds from this issue to partially fund previously reported ongoing
commitments to create and purchase seismic data in Canada.


The convertible notes will bear interest at 9.5% per annum and are convertible
to Class A common shares of the Company at the option of the lender at any time
prior to the maturity date of February 16, 2010. Should the lender choose to
convert the notes, the conversion price will include a 25% premium over the
previous twenty trading day volume weighted average price ("VWAP) of VGS Class A
common shares as determined at the drawdown notice date of September 26, 2008.
After the close of markets on September 25, 2008, the twenty day VWAP was $0.15
per Class A common share, therefore conversion would be at a price of $0.19 per
Class A common share. Conversion of the entire $3,000,000 note would cause VGS
to issue 15,789,474 Class A common shares.


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.