<PAGE>   1
 
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
 
                      ------------------------------------
 
                                  FORM 10-QSB
 
(Mark One)
            [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
 
                  For the quarterly period ended June 30, 1997
 
           [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
                            THE EXCHANGE ACT OF 1934
 
                         Commission file number 0-27070
 
                      ------------------------------------
 
                              VENTURE SEISMIC LTD.
       (Exact name of small business issuer as specified in its charter)
 
<TABLE>
<S>                                             <C>
              ALBERTA, CANADA                                       N/A
      (State or other jurisdiction of               (I.R.S. Employer Identification No.)
        incorporation of organization)
</TABLE>
 
                            3110 - 80TH AVENUE S.E.
                            CALGARY, ALBERTA T2C 1J3
                    (Address of principal executive offices)
                                 (403) 777-9070
                          (Issuer's telephone number)
 
                      ------------------------------------
 
     Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes [X]
No [ ]
 
     State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 3,120,894 Common Shares, no
par value, were outstanding as of August 7, 1997.
 
Transitional Small Business Disclosure Format (Check one):
Yes [ ] No [X]
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<PAGE>   2
 
                              VENTURE SEISMIC LTD.
 
                              INDEX TO FORM 10-QSB
                      FOR THE QUARTER ENDED JUNE 30, 1997
 
<TABLE>
<CAPTION>
                                                                                        PAGE
                                                                                        ----
<S>                                                                                     <C>
PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
  Consolidated Balance Sheets
     June 30, 1997 and September 30, 1996.............................................    3
  Consolidated Statements of Income
     Three and nine months ended June 30, 1997 and 1996...............................    4
  Consolidated Statements of Cash Flows
     Nine months ended June 30, 1997 and 1996.........................................    5
  Notes to Consolidated Financial Statements..........................................    6
Item 2.  Management's Discussion and Analysis of Financial Condition and Results of
         Operations...................................................................    8
</TABLE>
 
PART II.  OTHER INFORMATION
 
<TABLE>
<S>                                                                                     <C>
Item 2.  Changes in Securities........................................................   11
Item 6.  Exhibits and Reports on Form 8-K.............................................   11
Signatures............................................................................   12
</TABLE>
 
                                        2
<PAGE>   3
 
PART 1. FINANCIAL INFORMATION
 
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 
                              VENTURE SEISMIC LTD.
                          CONSOLIDATED BALANCE SHEETS
                               (IN U.S. DOLLARS)
 
<TABLE>
<CAPTION>
                                                                     JUNE 30,      SEPTEMBER 30,
                                                                       1997            1996
                                                                    ----------     -------------
<S>                                                                 <C>            <C>
                                             ASSETS
Current
  Cash..........................................................   $   844,253       $        --
  Accounts receivable...........................................     3,367,562         2,644,659
  Work-in-progress..............................................     1,175,829           381,273
  Income taxes recoverable......................................            --           430,975
  Other receivables.............................................        98,553           135,048
  Prepaid expenses and deposits.................................       241,609           156,678
                                                                   -----------       -----------
                                                                     5,727,806         3,748,633
Advances to shareholders........................................        14,684            14,684
Deferred income taxes...........................................            --            63,875
Capital assets..................................................    11,170,225         9,614,265
Intangible assets...............................................     1,600,043         1,491,783
                                                                   -----------       -----------
                                                                   $18,512,758       $14,933,240
                                                                   ===========       ===========
                             LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Bank indebtedness.............................................    $  506,879       $   164,630
  Accounts payable and accrued liabilities......................     2,572,055         2,764,723
  Income taxes payable..........................................       634,958                --
  Current portion of long term debt (note 4)....................     1,372,918         1,520,000
                                                                   -----------       -----------
                                                                     5,086,810         4,449,353
                                                                   -----------       -----------
Long term debt (note 4).........................................     3,713,251         2,356,060
                                                                   -----------       -----------
Deferred income taxes...........................................       251,991                --
                                                                   -----------       -----------
Shareholders' equity
  Share capital (note 5)........................................     7,594,773         7,539,902
  Retained earnings.............................................     1,799,019           494,843
  Cumulative translation adjustment.............................        66,914            93,082
                                                                   -----------       -----------
                                                                     9,460,706         8,127,827
                                                                   -----------       -----------
                                                                   $18,512,758       $14,933,240
                                                                   ===========       ===========
</TABLE>
 
                                        3
<PAGE>   4
 
                              VENTURE SEISMIC LTD.
                       CONSOLIDATED STATEMENTS OF INCOME
                               (IN U.S. DOLLARS)
 
<TABLE>
<CAPTION>
                                              THREE MONTHS ENDED          NINE MONTHS ENDED
                                                   JUNE 30,                    JUNE 30,
                                           ------------------------    ------------------------
                                              1997          1996          1997          1996
                                           ----------    ----------    ----------    ----------
<S>                                        <C>           <C>           <C>           <C>
Revenue.................................   $5,623,773    $2,370,983    $21,306,774    $9,835,269
Direct expenses.........................    4,330,862     2,016,155     15,481,083     7,532,388
                                           ----------    ----------    -----------    ----------
Gross margin............................    1,292,911       354,828      5,825,691     2,302,881
                                           ----------    ----------    -----------    ----------
Expenses
  General and administrative............      479,652       340,299      1,365,942       971,965
  Depreciation and amortization.........      602,838       385,300      1,765,947       962,915
                                           ----------    ----------    -----------    ----------
                                            1,082,490       725,599      3,131,889     1,934,880
                                           ----------    ----------    -----------    ----------
Income from operations..................      210,421      (370,771)     2,693,802       368,001
Other income (expense)
  Interest and other income.............       13,952        23,963         20,502       105,228
  Interest expense......................     (104,112)      (61,670)      (377,450)     (218,925)
                                           ----------    ----------    -----------    ----------
                                              (90,160)      (37,707)      (356,948)     (113,697)
                                           ----------    ----------    -----------    ----------
Income before income taxes..............      120,261      (408,478)     2,336,854       254,304
Income taxes
  Current...............................      (99,736)     (274,900)       603,878      (130,920)
  Deferred..............................      161,636        95,355        428,800       242,345
                                           ----------    ----------    -----------    ----------
                                               61,900      (179,545)     1,032,678       111,425
                                           ----------    ----------    -----------    ----------
Net income..............................   $   58,361    $ (228,933)   $ 1,304,176    $  142,879
                                           ==========    ==========    ===========    ==========
Earnings per common share (note 3)
  Basic.................................   $     0.02    $    (0.08)   $      0.42    $     0.05
  Fully diluted.........................   $     0.02    $    (0.08)   $      0.33    $     0.05
Weighted average number of common shares
  outstanding (note 3)
  Basic.................................    3,114,000     3,023,000      3,108,000     2,771,000
  Fully diluted.........................    5,354,000     3,023,000      5,348,000     2,771,000
</TABLE>
 
                                        4
<PAGE>   5
 
                              VENTURE SEISMIC LTD.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (IN U.S. DOLLARS)
 
<TABLE>
<CAPTION>
                                                                        NINE MONTHS ENDED
                                                                            JUNE 30,
                                                                    -------------------------
                                                                       1997           1996
                                                                    ----------     ----------
<S>                                                                 <C>            <C>
Operating activities:
  Net income                                                        $1,304,176     $  142,879
  Items not involving cash:
     Depreciation and amortization..............................     1,765,947        962,915
     Deferred income taxes......................................       428,800        227,756
  Cumulative translation adjustment.............................       (84,231)        82,723
  Net change in non-cash working capital........................      (692,630)    (1,839,684)
                                                                    ----------    -----------
                                                                     2,722,062       (423,411)
                                                                    ----------     ----------
Financing activities:
  Proceeds on issuance of shares................................       100,000      6,889,332
  Increase (decrease) in bank indebtedness......................       342,249       (263,251)
  Proceeds from long term debt..................................     4,472,041      1,049,964
  Principal payments on long term debt..........................    (3,261,932)      (668,906)
  Net change in non-cash working capital........................      (100,000)            --
                                                                    ----------     ----------
                                                                     1,552,358      7,007,139
                                                                    ----------     ----------
Investment activities:
  Purchase of capital assets....................................    (3,118,167)    (4,837,936)
  Acquisitions..................................................      (312,000)    (1,740,000)
  Net change in non-cash working capital........................            --        200,000
                                                                    ----------     ----------
                                                                    (3,430,167)    (6,377,936)
                                                                    ----------     ----------
Increase in cash for the period.................................       844,253        205,792
Cash, beginning of period.......................................            --             --
                                                                    ----------     ----------
Cash, end of period.............................................    $  844,253     $  205,792
                                                                    ==========     ==========
</TABLE>
 
                                        5
<PAGE>   6
 
                              VENTURE SEISMIC LTD.
 
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 JUNE 30, 1997
 
1.   BASIS OF FINANCIAL STATEMENT PRESENTATION
 
     The consolidated financial statements of Venture Seismic Ltd. (the
"Company") are unaudited and reflect all adjustments (consisting only of normal
recurring adjustments) which are, in the opinion of management, necessary for a
fair presentation of the financial position as of June 30, 1997, operating
results for the three months and nine months ended June 30, 1997 and June 30,
1996 and statements of cash flows for the nine months ended June 30, 1997 and
June 30, 1996. The consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto,
together with management's discussion and analysis of financial condition and
results of operations, contained in the Company's Annual Report on Form 10-KSB
for the fiscal year ended September 30, 1996. The foregoing interim results for
the three months and nine months ended June 30, 1997 are not necessarily
indicative of the results for the entire fiscal year ending September 30, 1997.
 
     The consolidated financial statements are prepared in accordance with
Canadian generally accepted accounting principles ("Canadian GAAP"). Certain of
these principles differ from those applicable in the United States ("U.S.
GAAP"). Differences, if material, are disclosed in note 3 -- United States
Accounting Principles and Earnings per Share.
 
2.   CURRENCY PRESENTATION AND EXCHANGE RATES
 
     All dollar amounts, unless otherwise stated, are expressed in United States
dollars. Since the completion of its initial public offering the Company has
selected U.S. dollars as its currency for financial reporting and display
purposes on the basis that the securities of the Company are currently only
listed for trading on the Nasdaq Stock Market and the primary users of the
financial statements are U.S. residents. Accordingly, the Company applies the
current rate method to translate its accounts measured in Canadian dollars to
U.S. dollars. Under this method, average exchange rates are used for items
included in the consolidated income statement and period end exchange rates for
the assets and liabilities. Any significant gains or losses are included as a
separate component of shareholders' equity.
 
     For translation purposes the exchange rates of the Canadian dollar in
exchange for U.S. dollars, is calculated from the exchange rates reported by the
Federal Reserve Bank of New York as the noon buying rate in New York for cable
transfers in Canadian dollars as certified for custom purposes. The average
exchange rates for the three months ended June 30, 1997 and June 30, 1996 are US
$0.7214 = $1.00 Canadian and US $0.7327 = $1.00 Canadian, respectively. The
average exchange rates for the nine months ended June 30, 1997 and June 30, 1996
are US $0.7326 = $1.00 Canadian and US $0.7335 = $1.00 Canadian, respectively.
The period end exchange rates at June 30, 1997 and September 30, 1996 are US
$0.7241 = $1.00 Canadian and US $0.7342 = $1.00 Canadian, respectively.
 
3.   UNITED STATES ACCOUNTING PRINCIPLES AND EARNINGS PER SHARE
 
     For the periods ended June 30, 1997 and June 30, 1996 there were no
material differences in net income using Canadian and U.S. GAAP. For U.S. GAAP
purposes earnings per share is based on the weighted average number of common
shares and dilutive common equivalent shares outstanding during the period.
Earnings per share assuming full dilution was determined in the same manner as
earnings per common share and common equivalent shares. For the three and nine
month periods ended June 30, 1997 and 1996 the outstanding common stock options
and warrants were not included in the calculation of weighted average number of
common shares since they were antidilutive.
 
                                        6
<PAGE>   7
 
<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED      NINE MONTHS ENDED
                                                         JUNE 30,                JUNE 30,
                                                   --------------------    --------------------
                                                     1997        1996        1997        1996
                                                   --------    --------    --------    --------
<S>                                                <C>         <C>         <C>         <C>
Primary earnings per share......................     $0.02      $(0.08)      $0.42       $0.05
Weighted average number of common shares
  outstanding...................................   3,114,000   3,023,000   3,108,000   2,771,000
</TABLE>
 
4.   LONG TERM DEBT
 
<TABLE>
<CAPTION>
                                                                     JUNE 30,      SEPTEMBER 30,
                                                                       1997            1996
                                                                    ----------     -------------
<S>                                                                 <C>            <C>
Capital loan, bearing interest at the lender's cost of funds plus
  3.0% and repayable in monthly installments of $102,000
  ($140,000 Canadian), due February 15, 2001.....................   $4,460,456                --
Capital loan, bearing interest at the lender's cost of funds plus
  2.75% and repayable in monthly installments of $13,000 ($18,000
  Canadian), due June 15, 2001...................................      625,713                --
Capital loan.....................................................           --        $2,409,094
Equipment purchase contract......................................           --           795,528
Equipment lease purchase contract................................           --           671,438
                                                                    ----------        ----------
                                                                     5,086,169         3,876,060
Less current portion.............................................   (1,372,918)       (1,520,000)
                                                                    ----------        ----------
                                                                    $3,713,251        $2,356,060
                                                                    ==========        ==========
</TABLE>
 
     A general security agreement on all equipment and a fixed charge on certain
equipment have been pledged as collateral for the capital loans. Aggregate
principal repayments for long term debt are as follows:
 
<TABLE>
    <S>                                                                        <C>
    1997, remainder of fiscal year...........................................  $  343,000
    1998.....................................................................   1,373,000
    1999.....................................................................   1,373,000
    2000.....................................................................   1,373,000
    2001.....................................................................     624,169
                                                                               ----------
                                                                               $5,086,169
                                                                               ==========
</TABLE>
 
5.   SHARE CAPITAL
 
     During the nine months ended June 30, 1997 an income tax benefit of
$110,000 associated with fiscal 1996 share issue expenses has been recorded in
the share capital account. The remaining income tax benefit of $120,776 will be
recognized in the share capital account when realized.
 
6.   SUBSEQUENT EVENTS
 
     Subsequent to June 30, 1997 the Company entered into an Offer to Finance
whereby the Company's existing capital asset lender agreed to provide
approximately $1,520,000 of additional term debt to fund a portion of the
purchase price of three data acquisition systems. Delivery of these systems is
scheduled to occur in August, September and November 1997. This term debt will
bear interest at the lender's cost of funds plus 2.75%, is repayable in monthly
principal installments of $31,700 plus interest and matures in September 2001. A
general security agreement on equipment and a fixed charge on the purchased
equipment have been pledged as collateral for the capital loan.
 
                                        7
<PAGE>   8
 
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS
 
     Except for the description of historical facts contained herein, this Form
10-QSB contains certain forward-looking statements that involve risks and
uncertainties. Actual results could differ from those anticipated due to a
number of factors including the capital intensive nature of the Company's
business and its need for additional funds for operations and debt service
requirements, fluctuations in operating results, dependence upon principal
customers and on the activity of the oil and gas industry, risks associated with
international operations and regulatory, competitive and contractual risks.
 
RESULTS OF OPERATIONS
 
     Revenue for the three and nine month periods ended June 30, 1997 ("1997
three and nine months") increased by approximately 137% and 117% to $5,623,773
and $21,306,774, respectively, as compared to $2,370,983 and $9,835,269 for the
three and nine month periods ended June 30, 1996 ("1996 three and nine months"),
respectively. These increases were primarily attributable to additional revenue
from the United States market generated by the Company's wholly owned
subsidiary, Boone Geophysical, Inc. ("Boone") as well as increased activity in
the Canadian market. Boone was acquired in June 1996 and generated revenue of
$2,478,853 and $5,539,711 for the 1997 three and nine months, respectively, as
compared to $206,107 for the 1996 three and nine months. Revenue for the 1997
three and nine months from the Canadian market increased by approximately 97.2%
and 74.1% to $3,144,920 and $15,767,063 respectively, as compared to $1,594,540
and $9,058,826 for the 1996 three and nine months, respectively. For the 1996
three and six months an international project contributed revenue of $570,336.
As a percentage of revenue Canadian based operations contributed 55.9% and 74.0%
for the 1997 three and nine months as compared to 67.3% and 92.1%, respectively,
for the 1996 three and six months.
 
     During the nine months ended June 30, 1997 and June 30, 1996 one customer
accounted for 42% and 61% of the revenues, respectively. Although the projects
performed by the Company were generally short term, the inability to replace
significant customers would cause the Company's revenues and operating results
to fluctuate significantly from period to period, and the loss of certain
customers would have a material adverse impact on the business. Because of the
limited number of data acquisition crews owned by the Company, and thus the
limited number of data acquisition crews that the Company is able to deploy at
any given time, the Company anticipates that a substantial portion of future
revenues will continue to be attributable to a few customers, who may change
from time to time.
 
     Direct expenses for the 1997 three and nine months increased by 115% and
106% to $4,330,862 and $15,481,083, respectively, as compared to $2,016,155 and
$7,532,388 for the 1996 three and nine months, respectively. Direct expenses as
a percentage of revenue for the 1997 three and nine months decreased to 77.0%
and 72.7%, respectively, as compared to 85.0% and 76.6% for the 1996 three and
nine months, respectively. The decrease in direct costs as a percentage of
revenue in the 1997 three and nine months is due to increased activity which
decreased the effect of fixed direct costs, improvements in contracted rates due
to increased demand in the market and the completion of a greater number of 3D
projects, which generate higher margins than 2D projects, during the period.
 
     General and administrative expenses for the 1997 three and nine months
increased by 41.0% and 40.5% to $479,652 and $1,365,942, respectively, as
compared to $340,299 and $971,965 for the 1996 three and nine months,
respectively. These increases were primarily attributable to increased activity
levels in the Canadian market and the inclusion of general and administrative
expenses related to the Boone operations in the U.S. market.
 
     Depreciation and amortization expense for the 1997 three and nine months
increased by 56% and 83% to $602,838 and $1,765,947, respectively, as compared
to $385,300 and $962,915 for the 1996 three and nine months, respectively. The
increase in depreciation is primarily attributable to additional equipment
related to the acquisition of Boone in June 1996 and the acquisition of two
telemetry systems in November and December 1996. The 1997 three and nine months
also includes an amortization charge of $46,580 and $123,740, respectively,
related to the amortization of goodwill recognized on the acquisition of Boone
and the
 
                                        8
<PAGE>   9
 
acquisition of Hydrokinetic Surveys of Canada Ltd. ("Hydrokinetic"),
respectively. Hydrokinetic was acquired in April 1997.
 
     Interest and other income for the 1997 three and nine months decreased by
$10,011 and $84,726, to $13,952 and $20,502, respectively as compared to $23,963
and $105,228 for the 1996 three and nine months, respectively. The 1996 three
and nine month period includes interest income generated on the proceeds from
the Company's initial public offering in November 1995.
 
     Interest expense for the 1997 three and nine months increased by 68.8% and
72.4% to $104,112 and $377,450, respectively, as compared to $61,670 and
$218,925 for the 1996 three and nine months, respectively. These increases
primarily result from increased debt levels related to the acquisition of two
data acquisition systems, geophones and cables for the Company's U.S. operation
and a new set of vibroseis units.
 
     The Company's effective income tax rate was approximately 44% for all
reported periods. Minor variances from this rate are due to certain
non-deductible expenses.
 
QUARTERLY FLUCTUATIONS
 
     The Company's business is subject to substantial quarterly variations as a
result of activity variations in the Canadian seismic industry. Generally,
increased activity occurs in the Canadian seismic industry during the Canadian
winter season, from November to March. During this period the colder weather
freezes the ground and permits easier access to marshy terrain in the northern
areas of Western Canada and agricultural areas. During the spring, bans are
placed on road use, which temporarily limits access to many areas where the
Company conducts its operations. Further, due to the soft wet ground conditions
and marshy terrain in the northern areas of Western Canada, both of which are
extremely sensitive to traffic and heavy equipment, the extent to which the
Company can conduct its operations during the spring and summer is significantly
reduced. As a result the Company has historically experienced a fluctuation in
quarterly results with generally increased activity in the Company's first and
second fiscal quarters and a significant decrease in revenues and net income
during the third and fourth fiscal quarters. With the acquisition of Boone in
June 1996 the Company has expanded and diversifed its operations into the United
States, which has somewhat reduced the seasonality traditionally associated with
Company's Canadian operations. Due to the factors noted above, the Company's
results of operations may be subject to fluctuations, particularly on a
quarterly basis and the Company's stock price may be affected by such results.
 
LIQUIDITY AND CAPITAL RESOURCES
 
     At June 30, 1997 the Company had cash of $844,253 and working capital of
$640,996, which includes the current portion of long term debt in the amount of
$1,372,918.
 
     In December 1996 the Company entered into a financing agreement whereby the
Company's then existing capital loan and equipment financing was refinanced and
additional funding was provided for the acquisition of capital equipment
("CapLoan #1"). This refinancing resulted in term debt in the principal amount
of approximately $5,105,100 for which all of the Company's equipment is pledged
as collateral. CapLoan #1 is evidenced by a debenture bearing interest at a rate
equal to the lender's cost of funds plus 3.00% (the Company's effective interest
cost at July 15, 1997 was 6.719%), is payable in monthly principal installments
of $102,000 plus interest, and matures in February 2001.
 
     In October 1996 the Company entered into a "lease to purchase" agreement
for a telemetry data acquisition system whereby the Company had the right to
exercise a purchase option (the "Purchase Option") on April 30, 1997 with credit
being given for a portion of the lease payments made during the period November
1, 1996 to April 30, 1997. In April 1997 the Company exercised the Purchase
Option and entered into a financing agreement ("CapLoan #2") with its existing
capital asset lender to provide approximately $650,000 for the exercise of the
Purchase Option. CapLoan #2 is evidenced by a debenture bearing interest at a
rate equal to the lender's cost of funds plus 2.75% (the Company's effective
interest cost at July 15, 1997 was 6.469%) and is repayable in monthly principal
installments of $13,000 plus interest, and matures in June 2001.
 
                                        9
<PAGE>   10
 
     In July 1997 the Company entered into an Offer to Finance agreement
("CapLoan #3") whereby the Company's existing capital asset lender agreed to
provide approximately $1,520,000 of additional term debt to fund a portion of
the purchase price of three data acquisition systems. Delivery of these systems
is scheduled to occur in August, September and November 1997. CapLoan #3 will
bear interest at the lender's cost of funds plus 2.75% and is repayable in
monthly principal installments of $31,700 plus interest, and matures in
September 2001.
 
     Based on the lender's cost of funds at July 15, 1997 the Company's debt
service requirements in connection with CapLoan #1, CapLoan #2 and CapLoan #3
(the "Capital Loans") are expected to aggregate approximately $2,040,000 for the
next twelve months.
 
     In addition to its capital asset financing the Company continues to
maintain operating lines of credit in Canada and the United States. The Canadian
line of credit provides for an aggregate of up to $1,200,000 in advances
available to the Company subject to a limit of: i) the excess in value of
current assets over current liabilities (excluding the current portion of
long-term debt) and ii) 70% of the value of the accounts receivable of the
Company which are less than ninety days old. Borrowings under the operating line
are payable on demand and bear interest at the bank's prime rate plus .75%. The
Company's Canadian trade receivables have been pledged as collateral for
borrowings under the Canadian operating line. The United States line of credit
provides for an aggregate of up to $250,000 in advances available to the
Company. Borrowings under the United States operating line are payable on demand
and bear interest at prime plus 1.00%. The Company's United States trade
receivables have been pledged as collateral for borrowings under the United
States operating line. Advances under the Company's operating lines of credit
were $506,879 as of June 30, 1997.
 
     Net operating cash flows provided by operating activities for the nine
months ended June 30, 1997 amounted to $2,722,062 and net operating cash flows
used by operating activities for the nine months ended June 30, 1996 amounted to
$423,411. The increase in operating cash flow for the 1997 nine months as
compared to the 1996 nine months is attributable to increased operating activity
and profitability, which resulted in increased cash generated from operations,
and a lesser reduction in non-cash working capital.
 
     Net cash provided by financing activities for the 1997 nine months of
$1,552,358 is primarily attributable to an increase in the Company's term debt
and short term bank indebtedness. Net cash provided by financing activities for
the 1996 nine months is primarily attributable to proceeds from the Company's
initial public offering.
 
     Cash used in investing activities of $3,430,167 for the 1997 nine months
results from the purchase of additional seismic data acquisition equipment and
the acquisition of Hydrokinetic at a cost of $312,000. Cash used in investing
activities of $6,377,936 for the 1996 nine months is primarily attributable to
capital equipment expenditures of $4,837,936 and the acquisition of Boone at a
cost of $1,740,000.
 
     The Company will require satisfactory operating cash flows to continue
operations, complete capital expenditures and meet its principal and interest
obligations with respect to the Capital Loans. The Company anticipates, based on
its current plans and assumptions, funds expected to be generated from
operations will be sufficient to satisfy the Company's existing cash
requirements over the next twelve month period. However, the Company's ability
to meet its debt service and other obligations depends on its future performance
which is subject to general economic conditions, oil and gas commodity prices
and other business factors beyond the Company's control. If the Company is
unable to generate sufficient cash flow from operations or to comply with the
terms of the Capital Loans it may be required to refinance all or a portion of
its existing debt or to obtain additional financing, although there can be no
assurance that the Company will be able to obtain such refinancing or additional
financing.
 
     As of June 30, 1997 the Company's backlog of commitments for services was
approximately $11.9 million, of which the backlog for the United States segment
of operations was approximately $10.6 million. It is anticipated that
substantially all of the orders and commitments included in the backlog will be
completed within the next six months. Such backlog consists of written orders or
commitments believed to be firm. Contracts for the Company's services are
occasionally varied or modified by mutual consent and in certain instances are
cancelable by the customer on short notice without penalty. As a result of these
factors the
 
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<PAGE>   11
 
Company's backlog as of any particular date may not be indicative of the
Company's actual operating results for any succeeding period and is subject to
seasonal fluctuations as discussed.
 
     Included in the June 30, 1997 accounts receivable balance of $3,367,562 and
the accounts payable and accrued liabilities balance of $2,572,055 were certain
reimbursable amounts which are not included in the Company's revenue or direct
costs. In accordance with the terms of various project agreements, certain costs
are paid by the Company and passed on or flowed through to the customer at cost.
As a result these reimbursable costs are included in accounts receivables and
accounts payable even though they do not impact revenue or direct expenses. The
collection of accounts receivable and the payment of accounts payable are
expected to continue to occur in the normal 30 to 60 day time period following
billing. As of August 5, 1997 approximately 91% of the June 30, 1997 accounts
receivable have been collected.
 
     Work-in-progress at June 30, 1997 was $1,175,829 as compared to $381,273 as
at September 30, 1996. The increased value of work-in-progress primarily
reflects a larger component of project work which is still in progress and, in
accordance with the project terms, will be billed and recognized in accounts
receivable upon completion of the project.
 
     The decrease in income taxes recoverable at June 30, 1997 resulted from the
recovery of approximately $430,000 of previously paid income taxes, which were
recoverable as a result of the 1996 operating loss. Income taxes payable of
$634,958 at June 30, 1997 recognizes the taxable nature of operating results for
the nine months ended June 30, 1997.
 
PART II. OTHER INFORMATION
 
ITEM 2. CHANGES IN SECURITIES
 
     In accordance with the terms of the Securities Purchase Agreement with
Boone Geophysical, Inc. and Lynn Boone dated as of May 31, 1996, the Company
issued 11,075 common shares, with a fair market value of $50,000, to Lynn Boone
effective June 1, 1997.
 
     This transaction was a private transaction not involving a public offering
and was exempt from the registration provisions of the Securities Act of 1933,
as amended, pursuant to Section 4(2) thereof. The sale of securities was without
the use of an underwriter, and the certificate evidencing the common shares
bears a restrictive legend permitting the transfer thereof only upon
registration of the shares or an exemption under the Securities Act of 1933, as
amended.
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
 
(A) EXHIBITS
 
<TABLE>
    <S>     <C>
    10.26   (Representative Form of one of three agreements) Conditional Sale Agreement
            between Venture Seismic Ltd. and Geo-X Systems Ltd. dated June 19, 1997 (1)
    10.27   Offer to Finance between Roynat, Inc. and Venture Seismic Ltd. dated July 16,
            1997
    27      Financial Data Schedule
</TABLE>
 
---------------
 
(1) Confidential Treatment requested for a portion of this Exhibit
 
(B) REPORTS ON FORM 8-K
 
     The Registrant did not file any reports on Form 8-K during the three months
ended June 30, 1997.
 
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<PAGE>   12
 
SIGNATURES
 
     In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
 
                                          VENTURE SEISMIC LTD.
 
                                              /s/ GREG WIEBE
                                              --------------------------------
                                          By: Gregory B. Wiebe
                                              Vice President Finance and Chief
                                              Financial Officer
 
Dated: August 7, 1997
 
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