The additional data include more than 150 square kilometers of new high-fidelity 3D data acquired in VGS' core areas in Northeast British Columbia and in its expansion areas in Southeast Alberta and Southeast Saskatchewan. This expansion is the result of newly created data and has been underwritten 66% by Canadian oil and gas exploration companies. This data is expected to be available for license in the third quarter of 2007.
The remaining 450 square kilometers of data is purchased, proprietary 3D data located mainly in the deep basin area of the Western Alberta Foothills. The database is also complemented by an additional 740 linear kilometers of purchased 2D seismic data. This data is available for license immediately.
Acquisition contracts have been signed which will result in continued data creation by VGS throughout the second and third quarters of 2007.
Based in Calgary, Alberta, VGS Seismic Canada Inc. identifies, creates and markets seismic data for licensing to oil and natural gas exploration companies. To date, the Company's growing data library is concentrated in British Columbia, Southern Alberta and Eastern Saskatchewan.
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