Pulse Seismic Inc. — Capital/Financing Update 2007

Jul 24, 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 12, 2007.

ITEM 3 – NEWS RELEASE

A news release dated July 12, 2007 was disseminated through Canada Newswire.

ITEM 4 – SUMMARY OF MATERIAL CHANGE

Pulse announced that it has entered into an agreement to complete a private placement offering of 4,500,000 common shares of Pulse on a bought deal basis at a price of $2.70 per common share for total gross proceeds of $12,150,000.00.

ITEM 5 – FULL DESCRIPTION OF MATERIAL CHANGE

Pulse announced that it has entered into an agreement to complete a private placement offering of 4,500,000 common shares of Pulse on a bought deal basis at a price of $2.70 per common share for total gross proceeds of $12,150,000 (the “Offering”). The Private Placement is being underwritten by 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 has also granted the Underwriters an option, to be exercised prior to closing of this financing, to purchase up to an additional 1,100,000 Common Shares at a price of $2.70 representing additional gross proceeds of $2,970,000 (CDN). In addition, an Over-Allotment Option has been granted to the Underwriters to purchase up to an additional 10% of the Offering at $2.70 per Common Share, exercisable at any time prior to 30 days after the closing of the Offering.

This Offering is subject to customary conditions, including due diligence and regulatory approvals, and is expected to close on or before July 31, 2007.

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 and the 3D seismic participation survey program consisting of a minimum 150 net square kilometres.

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

Not applicable.

ITEM 7 – OMITTED INFORMATION Not applicable.

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

ITEM 9 – DATE OF REPORT July 13, 2007.

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