For the longer term, Pulse regards the planned construction of one or more export terminals for liquefied natural gas (LNG) on Canada's West Coast as a long-term strategic opportunity for the energy industry and western Canada's economy. The Government of Canada's recent approvals of major foreign investment in the energy sector, including by a major international LNG participant, are highly positive. The export volumes of even the smaller proposed LNG plants would require a considerable increase in western Canada's natural gas-related drilling. The largest of these projects would require more than 2 billion cubic feet per day or roughly 15 percent of western Canada's current production. Each quarter of progress towards construction increases the impetus for the producing sector to accelerate natural gas development. The LNG facilities depend on concluding firm long-term sales agreements with international customers, which cannot be predicted.
With a significant amount of recently shot 3D seismic data, the significant dataset acquisition in 2010, wide coverage over some of western Canada's most promising unconventional oil and liquids-rich gas plays, plus the financial strength to pursue a range of opportunities, Pulse is positioned to thrive in both the short and longer terms. As industry capital spending and field activities go up and down along with business conditions and opportunities, Pulse will continue to focus on generating as much sales revenue, cash EBITDA and shareholder free cash flow per share as conditions allow, while seeking opportunities to grow. The Company's proven four-pronged approach to capital allocation - investment in capital programs (participation surveys and dataset acquisitions that meet key criteria), repurchase of Pulse shares, payment of a sustainable dividend, and to a lesser extent this year, debt reduction - will continue to guide Pulse's business throughout 2013.
ADVANCE NOTICE REQUIREMENT FOR NOMINATING DIRECTORS
Pulse's board of directors has approved the adoption of an Advance Notice Bylaw of the Company, which requires advance notice to Pulse by shareholders who wish to nominate a person for election as a director of the Company (other than pursuant to a requisition of a meeting or a shareholder proposal made pursuant to the provisions of the Canada Business Corporations Act).
Among other things, the By-law fixes a deadline by which shareholders must submit a notice of director nominations to Pulse prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid.
In the case of an annual meeting of shareholders, notice to Pulse must be given not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that if the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (that is not also an annual meeting), notice to Pulse must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The By-law is effective immediately. At the annual and special meeting of shareholders on May 22, 2013, shareholders will be asked to confirm the By-law. A copy of the By-law is being filed and will be available under Pulse's profile at www.sedar.com.
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