Pulse Seismic Inc. — Capital/Financing Update 2007

Jul 31, 2007

MATERIAL CHANGE REPORT

ITEM 1 – NAME AND ADDRESS OF COMPANY

Pulse Data Inc. (“Pulse”) 2400, 639 - 5[th] Avenue SW Calgary, Alberta T2P 0M9

ITEM 2 – DATE OF MATERIAL CHANGE

July 27, 2007.

ITEM 3 – NEWS RELEASE

A news release dated July 27, 2007 was disseminated through Canada Newswire.

ITEM 4 – SUMMARY OF MATERIAL CHANGE

Pulse announced that it has closed the previously announced bought deal financing of 6,440,000 common shares at an issue price of $2.70 per share for total gross proceeds of $17,388,000.

ITEM 5 – FULL DESCRIPTION OF MATERIAL CHANGE

Pulse announced that it has closed the previously announced bought deal financing of 6,440,000 common shares at an issue price of $2.70 per share for total gross proceeds of $17,388,000.

This financing included a private placement of 4,500,000 common shares at $2.70 per share, an Underwriter’s option that was fully exercised for 1,100,000 common shares at $2.70 per share, and an Over-Allotment Option granted to the Underwriters that was fully exercised for an additional 840,000 common shares at $2.70 per common share. The Offering was underwritten through a syndicate of underwriters led by Dundee Securities Corporation, and including Paradigm Capital Inc., Peters & Co. Limited and Fraser Mackenzie Limited (collectively, the “Underwriters”).

Pulse intends to use the proceeds of the Offering to finance the previously announced 3D seismic data acquisition of $11.1 million from Arcis Corporation (“Arcis”) and the 3D seismic participation survey program consisting of a minimum 150 net square kilometres. Both of these projects were announced by news release on June 25, 2007.

ITEM 6 – RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102

Not applicable.

ITEM 7 – OMITTED INFORMATION Not applicable.

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ITEM 8 – EXECUTIVE OFFICER Douglas Cutts President and Chief Executive Officer Pulse Data Inc. (403) 237-5559

ITEM 9 – DATE OF REPORT July 27, 2007.

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