UPDATE 1-Divestco to sell seismic data library to Pulse Seismic

* Deal for C$50 mln cash and about 14.3 mln Pulse shares

* Divestco says deal clears its debt

* Says deal to close in September

* Divestco shares soar as much as 38 percent

July 5 (BestGrowthStock) – Divestco Inc (DVT.TO: ), which provides
geological services and data to the oil and gas industry, said
it would sell its two-dimensional and three-dimensional seismic
data library to Pulse Seismic Inc (PSD.TO: ) in a cash and stock
deal, sending its shares up as much as 38 percent.

The deal, which comprises C$50 million in cash and about
14.3 million of Pulse Seismic’s shares, is valued at about
C$68.3 million ($64.31 million) at Pulse’s Friday closing price
of C$1.28.

Divestco said the deal, which is expected to close in
September, clears its debt and enables it to focus on software
and services divisions.

The seismic library consists of about 80,000 net kilometers
of 2D data and about 15,000 net square kilometers of 3D data,
including on the Montney shale gas play in Northeast British
Columbia, Divestco said in a statement.

Shares of Divestco were trading up 30 percent at 90
Canadian cents in early trade Monday on the Toronto Stock
Exchange. They touched a high of 95 Canadian cents earlier in
the session.

Pulse Seismic shares were down nearly 5 percent at C$1.22.
($1=1.062 Canadian Dollar)
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju
Samuel)

UPDATE 1-Divestco to sell seismic data library to Pulse Seismic