SERVICE SECTOR / Venture Seismic Announces Form 10-KSB Filing Delay
VENTURE SEISMIC LTD.NASDAQ SYMBOL: VSEIFJANUARY 14, 1999
CALGARY, ALBERTA--VENTURE SEISMIC LTD. (NASDAQ NMS: VSEIF)
announced today a delay in the filing with the Securities and
Exchange Commission ("SEC") of its Annual Report on Form 10-KSB
for its fiscal year ended September 30, 1998. As a result of the
filing of Form 12(b)-25, the Form 10-KSB was due on January 13,
1999. The Company is engaged in ongoing discussions with Western
Geophysical, a division of Baker Hughes, regarding the previously
announced seizure of the Pacific Titan and the related litigation
with Continental Holdings Ltd., a wholly owned subsidiary of
Venture. Continental was performing the start-up of a one year 3D
seismic survey for Western Geophysical when the seizure occurred.
The delay in filing is due to the Company's inability to finalize
its consolidated financial statements, and related disclosure in
the Form 10-KSB, due to significant uncertainties regarding the
outcome of the vessel seizure and its potential impact on the
Company's material agreements. In addition to discussions with
Western Geophysical, the Company is evaluating the feasibility of
a number of potential contractual, legal, operational and
financial alternatives to address the effects of the seizure and
litigation. The Company is unable to determine whether
discussions with Western Geophysical will result in a timely or
favorable resolution of the dispute between the parties.
VENTURE SEISMIC LTD. is traded on the Nasdaq National Market and
is engaged primarily in the acquisition of land, wetlands and
marine seismic data for use in the exploration for and development
and field management of oil and gas reserves. The Company
acquires seismic data on possible oil and gas reserves for its
customers, which range from junior exploration companies to
fully-integrated multi-national corporations. Venture's
wholly-owned subsidiaries include Continental Holdings Ltd., an
Alberta based company engaged in the acquisition of marine seismic
data, Boone Geophysical, Inc., a Texas based company engaged in
the acquisition of land and wetlands seismic data in the Southern
United States, and Hydrokinetic Surveys of Canada Inc., a company
based in Western Canada which provides shallow marine airgun and
survey services. |
