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SEITEL EXTENDS OFFER AND ADDRESSES PULSE DATA'S MISLEADING SHAREHOLDER COMMUNICATIONS
TORONTO, October 9, 2007 - Seitel, Inc.'s $3.30 per share cash offer
for Pulse Data Inc.'s (TSX: PSD, PSD.TO) common shares has been extended until midnight (Vancouver time) on October
19, 2007 in order to address Pulse Data's misleading shareholder communications. Seitel's offer materials also have
been revised to reflect Seitel's intention to deliver $3.30 per share in cash to all tendering shareholders and to
exclude only extraordinary dividends that Pulse Data might declare in an attempt to disrupt the take-over bid process.
As stressed in previous press releases, $3.30 in cash per share is Seitel's best and final offer. Pulse Data shareholders
should not expect any further increase in the offer or extension of the take-over bid time period. If Seitel's $3.30 per
share cash offer is not accepted by shareholders on October 19, Seitel's controlling shareholder, ValueAct Capital, has
advised that it intends to sell its entire 7.4 million share (13.5%) ownership position in Pulse Data on the open market.
Seitel recommends that Pulse Data shareholders seriously consider this premium all-cash offer and wishes to address several
misleading communications from Pulse Data's management to its shareholder base:
• On September 25, in an attempt to persuade its shareholders not to accept Seitel's premium all-cash offer, Pulse
Data issued a press release in which it claimed it possessed "preliminary indications of interest" from other interested
acquirers. In fact, only one day later, Pulse Data's counsel, in front of the Alberta Securities Commission ("ASC"), stated
that "there is no auction" for Pulse Data at this time. During the hearing, the Chair of the ASC panel noted "there doesn't
appear to be any other white knights out there or bidders out there" and recorded in the panel's decision that "No alternative
bid or transaction has emerged since the offer was made some 45 days ago."
• As noted in Pulse Data's Directors' Circular dated August 24, 2007, Seitel first privately approached the Pulse Data
board of directors over three months ago with an interest in negotiating a change-of- control transaction and was summarily
rejected without any negotiations occurring. Seitel subsequently presented its offer directly to shareholders and, by extending
its take-over bid several times, has allowed Pulse Data to complete an auction process which has resulted in no alternative
transaction proposals. Seitel attempted to sign a confidentiality agreement and join the auction process but Pulse Data refused
to allow Seitel to participate unless Seitel was willing to enter into a standstill arrangement that would surrender its right
to complete its current offer to shareholders on the terms and conditions set out in its take-over bid circular.
• Pulse Data's statement that Seitel's offer does not offer a significant premium to current share prices is disingenuous
in that it fails to acknowledge the obvious impact on Pulse Data's current share price of Seitel's offer and the very near-term
potential take-over bid completion. In an efficient market, the trading price of a security should be within a small discount of
an all-cash offer price that is less than 2 weeks from potential completion. Since Quantum Yield's June 19 offer, Pulse Data's share
price has reflected a potential change-of-control transaction. Therefore, an examination of a change- of-control premium versus an
unaffected going-concern share price has to be done over the pre-June 19 period. Seitel's $3.30 per share offer price is a 27.5%
premium to the 30-day average of closing prices for Pulse Data shares prior to June 19.
Where Shareholders can obtain more information
Pulse data shareholders that have any questions about how to tender their shares under the offer are asked to please contact Seitel's
Information Agent, Innisfree M&A Incorporated at 1-888-750-5834 (English) or 1-877-825-8777 (French).
About Seitel
Seitel, Inc., a Delaware corporation, is a leading provider of seismic data to the oil and gas industry in North America.
It owns an extensive library of proprietary onshore and offshore seismic data that it has accumulated since its inception
in 1982 and that it licenses to a wide range of oil and gas companies. Seitel’s seismic data library includes both onshore
and offshore 3D and 2D data. The majority of its onshore seismic data covers sections of the U.S. Gulf Coast, including
Eastern Texas, Southern Louisiana and Mississippi, as well as Western Canada, the Rocky Mountains and Northern Louisiana.
Seitel also owns a library of offshore data covering parts of the shelf and certain deep water areas in the Western and
Central U.S. Gulf of Mexico and the waters off the coast of Eastern Canada. Seitel’s customers range from small and mid-cap
exploration and production companies and private prospecting individuals to large independent oil and gas companies and also
include global oil and gas companies.
6818862 Canada Inc. is an indirect wholly-owned subsidiary of Seitel that was incorporated for purposes of acquiring the
common shares of Pulse Data and for making the offer. The Offeror has not carried on any other business to date. The Offeror’s
registered office is located at 1900 Canada Place, 407 2nd Street SW, Calgary, Alberta T2P 2Y3.
Important Notice
This announcement does not constitute or form part of any offer to sell or invitation to purchase any securities or solicitation
of an offer to buy any securities, pursuant to the offer or otherwise. This announcement is for information purposes and is not
a substitute for the formal offer and take-over bid circular. Pulse Data shareholders are urged to read the Offer to Purchase and
Circular, dated August 10, 2007, the Notice of Variation, dated August 22, 2007, the Notice of Extension, dated September 18, 2007
and the Notice of Variation and Extension, dated September 28, 2007 and any other materials relating to the offer because they
contain important information. Copies of the circular and other materials relating to the offer can be obtained when they become
available free of charge at the SEDAR website at www.sedar.com or from Innisfree M&A Incorporated at the numbers provided above.
Certain statements contained in this press release may contain forward-looking statements and are prospective. Words such as
“anticipates”, “expects”, “intends”, “plans”, “forecasts”, “projects”, “budgets”, “believes”, “seeks”, “estimates”, “could”,
“might”, “should”, and similar expressions identify forward-looking statements. Such forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the
Offeror or Seitel to differ materially from any future results, performance or achievements expressed or implied by such
forward-looking statements. The Offeror disclaims any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by applicable law.
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