VGS Vgs Seismic Canada Com Npv

VGS Seismic Canada Inc. ("VGS") (TSX VENTURE:VGS) has been made aware that the
Alberta Securities Commission ("ASC") issued a Notice of Hearing to the
management team and directors of High Plains Energy Inc. (now Action Energy Inc.
pursuant to a plan of arrangement). One of the directors of High Plains Energy
Inc., Mr. Dawson, is a director of VGS. The Notice of Hearing and the ASC
allegations contained therein are not in respect of the actions of Mr. Dawson
while a director of VGS and they have no bearing on VGS or its business. The ASC
alleges that during the period from July 2005 to January 2006 management of High
Plains Energy Inc. participated in the issuance of press releases which
materially overstated High Plains Energy Inc.'s oil production rates.
Additionally, the ASC alleges that on becoming aware of the overstatement in
February 2006 the directors of High Plains Energy Inc. participated in the
issuance of further press releases in February and March of 2006 which were
misleading in that they did not adequately disclose the material overstatements.
If these allegations are proven, one of the possible sanctions that may be
imposed by the ASC is the requirement that Mr. Dawson resign as a director of
corporations of which he serves on the board, including VGS. On June 13, 2008
the ASC set February 17, 2009 to commence the hearing of the allegations. As of
the date hereof the allegations are unproven. Mr. Dawson is disputing and
defending the ASC allegations.


Based in Calgary, Alberta, VGS Seismic Canada Inc. identifies, creates and
markets digital seismic data for licensing to oil and natural gas exploration
companies. To date, the Corporation's growing data library is concentrated in
British Columbia, Southern Alberta and Eastern Saskatchewan. VGS shares trade on
the TSX Venture Exchange under the symbol VGS.

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