Document:

EXHIBIT 10.51

November 9, 1999

Olympic Seismic Ltd.
3750, 205 - 5th Ave. S.W.
Calgary, Alta.
T2P 2V7

Attention: Suzanne Bowden

Dear Sirs:

Re: Credit Facilities

Further to our  discussions,  we are pleased to confirm the  availability of the
credit facilities  described in this letter (the "Credit Facility"),  subject to
the following  terms and  conditions.  Should you find the  following  terms and
conditions  of the Credit  Facility  to be  acceptable,  please  acknowledge  by
signing and retuning the duplicate copy of this letter by November 30, 1999.

The Credit Facility described below is in addition to the undernoted  facilities
which are governed by separate agreements:

             $100,000 Corporate Visa

BORROWER:    OLYMPIC SEISMIC LTD. (the "Borrower')
---------

LENDER:      Royal Bank of Canada (the "Bank") through its branch of account
-------
             (Branch of Account") at 339 - 8th Ave. S.W., Calgary, Alberta.

AMOUNT:      *$5,000,000 is available by way of:
-------

(a)      Prime Based Loans;
(b)      Bankers' Acceptances; and/or
(c)      Letters of Credit.

             *5,000,000 is available between October 1st and May 30th annually.
             *2,000,000 is available between June 1st and Sept. 30th annually.

<PAGE>

Olympic Seismic Ltd.                                                      Page 2
Confirmation of Credit Facilities Letter
November 9, 1999

PURPOSE:     Operating purposes.
--------

MARGIN
REQUIREMENTS:Total  amounts  outstanding  under this credit  facility plus the
------------ amount of all claims having priority to the Bank shall not at any
             time exceed 75 % of good trade accounts receivable  acceptable to
             the Bank excluding inter-company  accounts,  holdbacks receivable
             and the entire outstanding  balance of accounts where any portion
             exceeds 90 days.

INTEREST
RATES:       Prime Based Loans: Prime + .35% per annum
--------

             All Segments

             The Borrower shall pay the Bank interest on all Prime Based Loans
             in the currency in which such loans are denominated. The Borrower
             shall pay such  interest  monthly in  arrears  at the  applicable
             rates per annum set out above  calculated on a daily basis on the
             outstanding  amount of such loans and based on the actual  number
             of days elapsed in the period for which such interest is payable.
             Such  interest  shall be payable on the last day of each month or
             on such other day in each month as may be  specified  by the Bank
             from time to time.

ACCEPTANCE
FEES:        RBPAF +. 50% per annum
----------

             All Segments

             The Borrower  shall pay to the Bank  acceptance  fees in Canadian
             Dollars  in  advance  at the rate set forth  above at the time of
             issue  of each  Bankers'  Acceptance.  Acceptance  fees  shall be
             calculated on the face amount of the Bankers'  Acceptance  issued
             and based  upon the  number  of days in the term of the  Bankers'
             Acceptance issued.

COMMITMENT
FEE:         A  non-refundable  commitment fee of $12,750 shall be paid on the
----------    acceptance of this Agreement.

LETTER OF
CREDIT FEES: Scheduled Rates
-----------

             Letter of Credit  fees are  payable to the Bank at the  scheduled
             rates  of the Bank  from  time to time in  effect  on the date of
             issue in the  currency  in which the  Letter of Credit is issued.
             The  Letter of Credit  fee shall be based  upon the amount of the
             Letter of Credit issued and calculated on the number of days that
             the Letter of Credit is to be outstanding.

<PAGE>

Olympic Seismic Ltd.                                                      Page 3
Confirmation of Credit Facilities Letter
November 9, 1999

REVOLVING
FUNDS
ARRANGEMENT: A loan  administration  fee of $125 is payable monthly in arrears
-----------  on the  first  business  day of  each  month  for  the  automatic
             revolvement of loans on behalf of the Borrower.

STANDBY FEES:The  Borrower  shall pay to the Bank a standby  fee  of.125 % per
------------ annum  payable  monthly  in  arrears on the 3rd day of each month
             calculated  on a daily  basis on the  unutilized  portion of this
             credit  facility for the period  commencing  on Dec. 1, 1999 with
             the  first  payment  to be made  January  3rd,  2000.  All or any
             portion  of  the  maximum  amount  available  under  this  credit
             facility may be  permanently  cancelled  by the Borrower  without
             penalty  provided  the  Borrower  prepays  such amounts as may be
             necessary  to  ensure  amounts   outstanding  under  this  credit
             facility are not in excess of the maximum amount  available under
             this credit facility after giving effect to such cancellation.

NOTICE
REQUIREMENTS:The Borrower agrees that the Bank may from time to time establish
------------ reasonable notice  requirements for obtaining advances and making
             repayments hereunder.

REPAYMENT:   All amounts  outstanding under this Credit Facility including the
---------    face amount of all Bankers' Acceptances are payable on demand and
             the following repayment  provisions are in addition to and not in
             substitution for the Bank's right to make such demand.

             This is a  revolving  operating  credit  facility.  The  Borrower
             authorizes  the Bank to advance  and repay  Prime  Based Loans in
             minimum  amounts  of  $5,000  in order to  cover  overdrafts  and
             utilize  deposits  in account  #100-116-1  (Tr.00009)  or in such
             operating deposit accounts of the Borrower as may be specified by
             the Borrower to the Bank from time to time.

SPECIAL
PROVISIONS:  The Special Provisions  contained in Schedule "A" attached hereto
----------   form part of this Agreement.

EVIDENCE OF
INDEBTEDNESS:The Bank shall  maintain on the records of the Branch of Account,
------------ accounts  evidencing  the  Borrower's  liability  to the  Bank in
             respect of amounts  outstanding by the Borrower to the Bank under
             this  Agreement.  The Bank shall  record the amounts  outstanding
             under  this  Agreement,  all  payments  made from time to time in
             respect  thereof and all other  amounts  becoming due to the Bank
             under this  Agreement  which  remain  unpaid when due. The Bank's
             accounts  constitute,  in the  absence of manifest  error,  prima
             facie evidence of ------------  the  indebtedness of the Borrower
             to the Bank pursuant to this

<PAGE>

Olympic Seismic Ltd.                                                      Page 4
Confirmation of Credit Facilities Letter
November 9, 1999

             Agreement.  The  Borrower  authorizes  and  directs  the  Bank to
             automatically  debit, by mechanical,  electronic or manual means,
             the bank  accounts of the Borrower for all amounts  payable under
             this  Agreement,  including  but not limited to the  repayment of
             principal  and the payment of interest,  fees and all charges for
             the keeping of such bank account.

PREPAYMENTS: Subject to any  provisions to the contrary which are contained in
-----------  this  Agreement  or  any  other  agreement  entered  into  by the
             Borrower with respect to amounts outstanding  hereunder,  amounts
             outstanding may be prepaid at any time without penalty.

COVENANTS:   Without  affecting  or limiting the right of the Bank at any time
---------    to demand  payment  or cancel any  undrawn  portion of any demand
             loan hereunder,  the Borrower  covenants and agrees with the Bank
             to:

             (1)  it will pay duly and punctually all amounts due hereunder;

             (2)  it  will  deliver  to the  Bank  such  financial  and  other
                  information as the Bank may reasonably  request from time to
                  time, including but not limited to the following:

                  (a)  audited  annual  financial  statements  of the Borrower
                       within 120 days after each fiscal year end;
                  (b)  quarterly company prepared Financial  Statements within
                       30 days of each quarter end;
                  (c)  monthly aged list of accounts receivables  supported by
                       a Compliance  Certificate  within 25 days of each month
                       end;
                  (d)  monthly aged list of accounts payable within 25 days of
                       each month end;
                  (e)  any information  that the Bank may require  relating to
                       the state of Year 2000  readiness of the Borrower.  For
                       the  purpose of the  foregoing,  ?Year 2000  readiness?
                       means that all software embedded microchips,  and other
                       processing  capabilities  utilized  by, and material to
                       the business  operations or financial condition of, the
                       Borrower are able to interpret and  manipulate  data on
                       and involving all calendar dates  correctly and without
                       causing any  abnormal  ending  scenario,  including  in
                       relation to dates in and after the year 2000; and
                  (f)  Annual  Business  Plan with 120 days after each  fiscal
                       year end.

             (3)  it will promptly pay when due all business, income and other
                  taxes  properly  levied on its  operations  and property and
                  remit all statutory employee deductions when due;

             (4)  it will not and will not allow or permit its subsidiaries to
                  sell, transfer or otherwise dispose of a substantial portion
                  of its assets without the prior written consent of the Bank;

<PAGE>

Olympic Seismic Ltd.                                                      Page 5
Confirmation of Credit Facilities Letter
November 9, 1999

             (5)  it will,  as of the end of each fiscal  quarter,  maintain a
                  ratio  of debt to  equity  of not  more  than  .50 to 1. For
                  purposes of the foregoing,  debt means all liabilities  less
                  the amount due to  affiliates  and equity means sum of share
                  capital, paid capital,  retained earnings and amounts due to
                  affiliates  minus the  investment in marketable  securities,
                  all as  determined  in accordance  with  generally  accepted
                  accounting principles; and

             (10) it will maintain a current ratio of 1:1.

             All  covenants  contained  herein  shall  remain in force for the
             benefit of the Bank at all times before,  on and after the making
             of  advances  hereunder  and/or the taking of  security  pursuant
             hereto.

ENVIRONMENTAL
PROVISIONS:  The  Borrower  confirms  that it has  disclosed  to the  Bank all
----------   environmental  matters which could have a material  effect on the
             financial  condition  or  operations  of  the  Borrower  and  its
             subsidiaries.  The Borrower will keep the Bank fully  informed of
             all  such   matters   and  will   comply  (and  will  ensure  its
             subsidiaries  comply) in all material  respects  with  applicable
             environmental laws and any environmental permits which may govern
             its operations.  The Bank shall have the right to make good faith
             inquiries  with  governmental  agencies  regarding  environmental
             matters  affecting  the Borrower and its  subsidiaries  and, upon
             reasonable notice to the Borrower, the Bank (and its consultants)
             shall have the right to enter the  premises of the  Borrower  and
             its subsidiaries to carry out such  environmental  reviews as the
             Bank in its sole discretion deems advisable.

PERFORMANCE
OF COVENANTS:If the Borrower fails to perform any covenant hereunder, the Bank
------------ may, in its sole discretion, perform any such covenant and expend
             such money as may be  necessary  for purposes  thereof.  Any such
             expenditure  so made by the Bank shall be repaid by the  Borrower
             on demand and shall bear  interest  at the rate and in the manner
             set forth  hereunder  for overdue  amounts from the date the Bank
             makes such  expenditure  until and including the date the Bank is
             repaid.

COLLATERAL-
SECURITY:    The Borrower agrees to provide to the Bank, in form and substance
--------     satisfactory to the Bank, the following  documentation  which the
             Borrower  hereby  acknowledges  will  be  held  by  the  Bank  in
             connection with this Credit Facility:

             - General Security Agreement Floating Charge on Land.

<PAGE>

Olympic Seismic Ltd.                                                      Page 6
Confirmation of Credit Facilities Letter
November 9, 1999

CONDITIONS
PRECEDENT:   The  obligation of the Bank to make  available any advances under
---------    the Credit  Facility is conditional  upon the receipt in form and
             substance satisfactory to the Bank of:

             (a) a duly executed copy of this Agreement;
             (b) duly executed copies of Security; and
             (c) satisfactory scoring of Y2K questionnaire.

             The obligation of the Bank to make available the Credit  Facility
             is subject to the Bank being  satisfied,  at the time of advance,
             that a material  adverse  change in the  financial  condition  or
             operation of the Borrower has not occurred,  that the Borrower is
             not in default hereunder, and that no stay of proceedings against
             the Borrower or their property is then in effect.

RESERVE
INDEMNITY:   The  Borrower   shall   reimburse  the  Bank  that  amount  which
---------    compensates  the Bank for any  additional  cost or  reduction  in
             income  caused by an  imposition,  implementation  or increase of
             reserves,  capital adequacy or similar requirement against assets
             or liabilities  held by the Bank,  deposits in or for the account
             of the  Bank,  loans  made  by  the  Bank,  bankers'  acceptances
             accepted  by the  Bank,  letters  of  credit  issued by the Bank,
             commitments  by the Bank to fund loans or any  acquisition by the
             Bank of funds for loans made by the Bank.

GENERAL
INDEMNITY:   The  Borrower  shall  indemnify  the Bank  from and  against  all
---------    losses,  damages,  expenses  and  liabilities  which the Bank may
             sustain or incur as a consequence  of any default by the Borrower
             under any provision of this  Agreement or as a consequence of any
             environmental  matter,  whether  existent  now or in the  future,
             which affects the property of the Borrower or its subsidiaries.

OTHER
CONDITIONS:  The Credit  Facility is made available at the sole  discretion of
----------   the Bank and the Bank may  cancel any  unutilized  portion of the
             Credit Facility at any time and from time to time without notice.

PAYMENTS:    References  herein to "$" means  Canadian  Dollars.  All payments
--------     hereunder  are  payable  for value on the date on which  they are
             due.

RENEWAL:     The Credit  Facility is available from time to time at the Bank's
-------      sole discretion and is subject to review by the Bank at any time.

<PAGE>

Olympic Seismic Ltd.                                                      Page 7
Confirmation of Credit Facilities Letter
November 9, 1999

EXPENSES:      All legal costs,  fees and expenses  incurred in connection  with
--------       the preparation, negotiation,  documentation and operation of the
               Credit  Facility,  including the enforcement of the Bank's fights
               under  each  document  delivered  in  connection  with the Credit
               Facility will be for the account of the Borrower.

We very much appreciate the opportunity to establish our relationship  with your
company.

Yours truly,

ROYAL BANK OF CANADA

<PAGE>

SCHEDULE "A" TO A LETTER  AGREEMENT DATED NOVEMBER 9, 1999 BETWEEN ROYAL BANK OF
CANADA AND OLYMPIC SEISMIC LTD.

SPECIAL PROVISIONS

                  PROVISIONS APPLICABLE TO BANKERS' ACCEPTANCES

The  term  "Bankers'  Acceptances"  means  bankers  acceptances  denominated  in
Canadian  Dollars which are issued by the Borrower and accepted by the Bank. The
term "RBPAF"  means the annual rate  announced  from time to time by the Bank as
its reference rate then in effect for determining  fees on bankers'  acceptances
accepted  by the Bank in Canada.  Bankers'  Acceptances  shall have a term of at
least  thirty  (30) days and not more than one  hundred  and  eighty  (180) days
excluding  days of grace.  Two business days prior written notice for the issue,
the reissue  and the method of  repayment  on maturity of a Bankers'  Acceptance
shall be given by the  Borrower  to the Bank and must be received by the Bank by
no later than 10:00 a.m. on the stipulated notice date. If the Borrower fails to
give  notification  to the  Bank  of  the  method  of  repayment  of a  Bankers'
Acceptance in accordance with the notice  requirements  set out above,  then the
Borrower shall be deemed to have converted the Bankers'  Acceptance into a Prime
Based Loan on the maturity date of the applicable Bankers' Acceptance.

                   PROVISIONS APPLICABLE TO PRIME BASED LOANS

The term "Prime Based  Loans"  means Prime rate based loans in Canadian  Dollars
made by the Bank to the  Borrower.  The term  "Prime"  means the annual  rate of
interest  announced  from time to time by the Bank as being its  reference  rate
then in effect for  determining  interest  rates on Canadian  Dollar  commercial
loans in Canada.

                   PROVISIONS APPLICABLE TO LETTERS OF CREDIT

The term  "Letters of Credit"  means letters of credit issued by the Bank at the
request  of the  Borrower.  Letters  of Credit  shall not be issued for a period
longer than one year without the prior  consent of the Bank.  Prior to utilizing
the Credit Facility by obtaining a Letter of Credit,  the Borrower shall deliver
to the Bank a  written  Letter  of  Credit  application  in form  and  substance
satisfactory  to the  Bank.  Each  such  application  shall be  executed  by the
authorized  signing  officers of the Borrower and delivered to the Bank at least
one  business  day  prior to the date on which  the  Letter  of  Credit is to be
issued.

<PAGE>

              GENERAL SECURITY AGREEMENT - FLOATING CHARGE ON LAND

     1.   SECURITY INTEREST

     (a) For value received,  the undersigned  ("Debtor") hereby grants to ROYAL
BANK OF CANADA  ("RBC") a security  interest,  mortgage and charge  (hereinafter
collectively referred to as the "Security Interest') as hereinafter provided:

          (i) a  security  interest  in the  undertaking  of  Debtor  and all of
     Debtor's present and after acquired  personal property  including,  without
     limitation,  all Goods  (including  all  parts,  accessories,  attachments,
     special tools, additions and accessions thereto),  Chattel Paper, Documents
     of title (whether negotiable or not), Instruments,  Intangibles,  Money and
     Securities  now owned or  hereafter  owned or  acquired  by or on behalf of
     Debtor  (including such as may be returned to or repossessed by Debtor) and
     including,  without limitation, all of the following now owned or hereafter
     owned or acquired by or on behalf of Debtor:

               (A) all Inventory of whatever kind and wherever situate;

               (B) all  equipment  (other than  Inventory)  of whatever kind and
          wherever situate, including, without limitation, all machinery, tools,
          apparatus,  plant,  furniture,  fixtures  and  vehicles of  whatsoever
          nature or kind;

               (C) all Accounts and book debts and  generally  all debts,  dues,
          claims,  choses  in  action  and  demands  of  every  nature  and kind
          howsoever arising or secured and whether arising in connection with an
          interest in real or personal property or otherwise,  including letters
          of credit and advices of credit,  which are now due, owing or accruing
          or growing due to or owned by or which may hereafter become due, owing
          or accruing or growing due to or owned by Debtor ("Debts");

               (D) all deeds, documents,  writings, papers, books of account and
          other books  relating to or being  records of Debts,  Chattel Paper or
          Documents  of title or by which such are or may  hereafter be secured,
          evidenced, acknowledged or made payable;

               (E) all contractual rights and insurance claims; and

               (F) all patents, industrial designs,  trade-marks,  trade secrets
          and know-how including without limitation environmental technology and
          biotechnology,   confidential  information,   trade-names,   goodwill,
          copyrights,  personality  rights,  plant breeders' rights,  integrated
          circuit topographies, software and all other forms of intellectual and
          industrial  property,  and  any  registrations  and  applications  for
          registration  of  any  of the  foregoing  (collectively  "Intellectual
          Property");

          (ii) a mortgage and charge as and by way of a floating charge,  in all
     of Debtor's  present and after  acquired  interest in property,  assets and
     undertaking  not secured in (i) above,  including all real,  immoveable and
     leasehold property and all easements, rights-of-way,  privileges, benefits,
     licences,   improvements   and  rights  whether   connected   therewith  or
     appurtenant  thereto  or  separately  owned  or  held,   including  without
     limitation, all structures, plant and other fixtures now owned or hereafter
     owned or  acquired  by or on  behalf of  Debtor  (hereinafter  collectively
     referred to as "Real Property"); and

          (iii)a security interest in all property  described in Schedule "C" or
     any replacement or additional Schedule "C" now or hereafter annexed hereto;

<PAGE>

                                                                    Page 2 of 15

and a Security Interest in all proceeds and renewals thereof, accretions thereto
and substitutions therefor, all of the foregoing being hereinafter  collectively
referred to as the "Collateral".

     (b) The Security  Interest  granted hereby shall not extend or apply to and
Collateral  shall not include the last day of the term of any lease or agreement
therefor but upon the  enforcement of the Security  Interest  Debtor shall stand
possessed  of such last day in trust to assign the same to any person  acquiring
such term.

     (c) The terms "Goods",  "Chattel Paper", "Document of Ttle",  "Instrument",
"Intangible",  "Security", "proceeds",  "Inventory",  "equipment",  "accession",
"Money",  "Account",  "financing  statement"  and "financing  change  statement"
whenever used herein shall be interpreted  pursuant to their respective meanings
when used in the Personal Property Security Act of the province where the herein
mentioned branch of RBC is located,  which Act, including amendments thereto and
anyAct substituted  therefor and amendments thereto is herein referred to as the
"P.P.S.A.".  Provided  always that the term  "Goods"  when used herein shall not
include  "consumer goods" of Debtor as that term is defined in the P.P.S.A.  and
the term  "Inventory"  when used herein shall  include  livestock  and the young
thereof  after  conception  and crops that  become  such during the term of this
Security  Agreement.  Any reference  herein to  "Collateral"  shall,  unless the
context  otherwise  requires,  be deemed a reference to  "Collateral or any part
thereof".

2.   INDEBTEDNESS SECURED

     The Security Interest granted hereby secures payment and performance of any
and all  obligations,  indebtedness  and  liability of Debtor to RBC  (including
interest thereon) present or future, direct or indirect, absolute or contingent,
matured or not, extended or renewed,  wheresoever and howsoever incurred and any
ultimate  unpaid  balance  thereof  and  whether  the same is from  time to time
reduced  and  thereafter  increased  or  entirely  extinguished  and  thereafter
incurred  again and whether  Debtor be bound alone or with another or others and
whether  as   principal   or  surety   (hereinafter   collectively   called  the
"lndebtedness").  If the Security  Interest in the Coliateral is not sufficient,
in the  event  of  default,  to  satisfy  all  Indebtedness  of  Debtor,  Debtor
acknowledges  and  agrees  that  Debtor  shall  continue  to be  liable  for any
Indebtedness  remaining  outstanding  and RBC shall be  entitled  to pursue full
payment thereof.

3.   REPRESENTATIONSAND WARRANTIES OF DEBTOR

     Debtor represents and warrants and so long as this Security Agreement
remains in effect shall be deemed to continuously represent and warrant that:

     (a) the  Collateral  is genuine  and owned by Debtor  free of all  security
interests, mortgages, liens, claims, charges, licences, leases, infringements by
third parties,  encumbrances  or other adverse ciaims or interests  (hereinafter
collectively  called  "Encumbrances"),  save for the Security Interest and those
Encumbrances  shown on  Schedule  "A" or  hereafter  approved in writing by RBC,
prior to their creation or assumption;

     (b) all Intellectual  Property applications and registrations are valid and
in good standing and Debtor is the owner of the appications and registrations;

     (c) each Debt,  Chattel  Paper and  Instrument  constituting  Collateral is
enforceable in accordance  with its terms against the party obligated to pay the
same (the "Account  Debtor"),  and the amount  represented by Debtor to RBC from
time to time as owing by each Account  Debtor or by all Account  Debtors will be
the correct amount actually and unconditionally  owing by such Account Debtor or
Account  Debtors,  except for normal cash  discounts  where  applicable,  and no
Account  Debtor will have any defence,  set off, claim or  counterclaim  against
Debtor which can be asserted  against RBC,  whether in any proceeding to enforce
Collateral or otherwise;

<PAGE>

                                                                    Page 3 of 15

     (d) the locations  specified in Schedule "B" as to business  operations and
records are accurate  and  complete and with respect to Real  Property and Goods
(including  Inventory)  constituting  Collateral,  the  locations  specified  in
Schedule  "B" are  accurate  and  complete  save for  Goods in  transit  to such
locations and Inventory on lease or consignment; and all buildings,  fixtures or
Goods about to become  fixtures and all crops and all oil, gas or other minerals
to be extracted and all timber to be cut which forms part of the Collateral will
be situate at one of such locations;

     (e) Debtor has disclosed to RBC all environmental and other matters which
could have a material effect on the financial condition or operations of Debtor;
and

     (f) the execution,  delivery and performance of the obligations  under this
Security  Agreement  and the creation of any security  interest in or assignment
hereunder  of  Debtor's  rights in the  Collateral  to RBC will not  result in a
breach of any agreement to which Debtor is a party.

4.   COVENANTS OFTHE DEBTOR

     So long as this Security Agreement remains in effect Debtor covenants and
agrees:

     (a) to defend the Collateral against the claims and demands of all other
parties  claiming the same or an interest  therein;  to diligently  initiate and
prosecute legal action against all infringers of Debtor~s rights in Intellectual
Property;  to take all reasonable  action to keep the  Collateral  free from all
Encumbrances,  except for the Security  Interest,  licences which are cumpulsory
under  federal or  provincial  legislation  and those shown in  Schedule  "A" or
hereafter approved in writing by RBC, prior to their creation or assumption; and
not to sell, exchange,  transfer, assign, lease, license or otherwise dispose of
Collateral or any interest  therein  without the prior  written  consent of RBC;
provided  always that,  until  default,  Debtor may, in the  ordinary  course of
Debtor's business,  sell or lease Inventory and, subject to Clause 7 hereof, use
Money available to Debtor;

     (b) to notify RBC promptly of:

          (i) any change in the information contained herein or in the Schedules
     hereto relating to Debtor, Debtor's business or Collateral;

          (ii) the details of any significant acquisition of Collateral;

          (iii) the  details of any  claims or  litigation  affecting  Debtor or
     Collateral;

          (iv) any loss or damage to Collateral;

          (v) any default by any Account Debtor in payment or other  performance
     of its obligations with respect to Collateral; and

          (vi) the return to or repossession by Debtor of Collateral;

     (c) to keep  Collateral in good order,  condition and repair and not to use
Collateral  in violation of the  provisions  of this  Security  Agreement or any
other agreement relating to Collateral or any policy insuring  Collateral or any
applicable  statute,  law, by-law,  rule,  regulation or ordinance;  to keep all
agreements, registrations and applications relating to Intellectual Property and
intellectual  property  used by Debtor in its  business in good  standing and to
renew all  agreements  and  registrations  as may be  necessary  or desirable to
protect  Intellectual  Property,  unless  otherwise agreed in writing by RBC; to
apply to register  all  existing and future  copyrights,  trade-marks,  patents,
integrated   circuit   topographies  and  industrial   designs  whenever  it  is
commercially reasonable to do so;

     (d) to do,  execute,  acknowledge  and deliver such  financing  statements,
financing  change  statements  and  further  assignments,   transfers,  caveats,
mortgages,  notices,  documents,  acts,  matters and things  (including  further
schedules  hereto) as may be  reasonably  requested by RBC of or with respect to
Collateral  in order to give effect to these  presents  and to pay all costs for
searches and filings in connection therewith;

<PAGE>

                                                                    Page 4 of 15

     (e) to pay all taxes, rates, levies, assessments and other charges of every
nature which may be lawfully  levied,  assessed or imposed against or in respect
of Debtor or Collateral as and when the same become due and payable;

     (f) to insure Collateral for such periods,  in such amounts,  on such terms
and against loss or damage by fire and such other risks as RBC shall  reasonably
direct with loss  payable to RBC and Debtor,  as insureds,  as their  respective
interests may appear, and to pay all premiums therefor;

     (g) to  prevent  Collateral,  save  Inventory  sold or leased as  permitted
hereby,  from being or becoming an  accession  to other  property not covered by
this Security Agreement;

     (h) to carry on and conduct the business of Debtor in  accordance  with all
applicable  laws,  in a proper and  efficient  manner  and so as to protect  and
preserve   Collateral  and  to  keep,  in  accordance  with  generally  accepted
accounting  principles,  consistently  applied,  proper  books  of  account  for
Debtor's   business  as  weil  as  accurate  and  complete  records   concerning
Collateral, and mark any and all such records and Collateral at RBC's request so
as to indicate the Security Interest; and

     (i) to deliver to RBC from time to time promptly upon request:

          (i) any Documents of Title, Instruments, Securities, Chattel Paper and
     duplicate certificates of title to Real Property constituting, representing
     or relating to Collateral;

          (ii)  all  books  of  account  and  all  records,   ledgers,  reports,
     correspondence,  schedules, documents, statements, lists and other writings
     relating to Collateral for the purpose of  inspecting,  auditing or copying
     the same;

          (iii) all  financial  statements  prepared by or for Debtor  regarding
     Debtor's business;

          (iv)  all  policies  and   certificates   of  insurance   relating  to
     Collateral; and

          (v)  such  information  concerning  Collateral,  Debtor  and  Debtor's
     business and affairs as RBC may reasonably request.

5.   USE AN D VERIFICATION OF COLLATERAL

     Subject to compliance with Debtor's covenants contained herein and Clause 7
hereof, Debtor may, until default,  possess, operate, collect, use and enjoy and
deal with Collateral in the ordinary  course of Debtor's  business in any manner
not inconsistent with the provisions hereof; provided always that RBC shall have
the right at any time and from time to time to verify  compliance by Debtor with
Debtor's  obligations under this Security Agreement (including through inquiries
with governmental agencies) and the existence and state of the Collateral in any
manner RBC may consider  appropriate and Debtor agrees to furnish all assistance
and  information  and to perform all such acts as RBC may reasonably  request in
connection  therewith  and for such purpose to grant to RBC or its agents access
to all places where  Collateral  may be located and to all premises  occupied by
Debtor.

6.   SECURITIES

     If Collateral at any time includes  Securities,  Debtor  authorizes  RBC to
transfer  the  same  or any  part  thereof  into  its  own  name  or that of its
nominee(s) so that RBC or its  nominee(s) may appear of record as the sole owner
thereof;  provided that, until default, RBC shall deliver promptly to Debtor all
notices  or  other  communications  received  by it or its  nominee(s)  as  such
registered  owner  and,  upon  demand and  receipt  of payment of any  necessary
expenses  thereof,  shall  issue to Debtor or its order a proxy to vote and take
all action with respect to such  Securities.  After  default,  Debtor waives all
rights  to  receive  any  notices  or  communications  received  by  RBC  or its
nominee(s)  as such  registered  owner and agrees that no proxy issued by RBC to
Debtor or its order as aforesaid shall thereafter be effective.
<PAGE>
                                                                    Page 5 of 15

7.   COLLECTION OF DEBTS

     Before or after default under this Security  Agreement,  RBC may notify all
or any Account Debtors of the Security Interest and may also direct such Account
Debtors to make all payments on Collateral to RBC. Debtor  acknowledges that any
payments on or other  proceeds  of  Collateral  received by Debtor from  Account
Debtors,  whether  before or after  notification  of this  Security  Interest to
Account  Debtors  and  whether  before  or after  default  under  this  Security
Agreement  shall be  received  and held by  Debtor in trust for RBC and shall be
turned over to RBC upon request.

8.   INCOME FROM AND INTEREST ON COLLATERAL

     (a)  Until  default,  Debtor  reserves  the  right  to  receive  any  Money
constituting  income from or interest on Collateral and if RBC receives any such
Money  prior  to  default,   RBC  shall  either  credit  the  same  against  the
Indebtedness or pay the same promptly to Debtor.

     (b)  After   default,   Debtor  will  not  request  or  receive  any  Money
constituting  income from or interest on Collateral  and if Debtor  receives any
such Money without any request by it, Debtor will pay the same promptly to RBC.

9.   INCREASES, PROFITS, PAYMENTS OR DISTRIBUTIONS

     (a) Whether or not default has occurred, Debtor authorizes RBC:

          (i) to receive any  increase in or profits on  Collateral  (other than
     Money) and to hold the same as part of Collateral.  Money so received shall
     be  treated as income  for the  purposes  of Clause 8 hereof and dealt with
     accordingly; and

          (ii) to  receive  any  payment  or  distribution  upon  redemption  or
     retirement or upon dissolution and liquidation of the issuer of Collaterai;
     to surrender  such  Collateral in exchange  therefor;  and to hold any such
     payment or distribution as part of Collateral.

     (b) If Debtor  receives any such increase or profits  (other than Money) or
payments or  distributions,  Debtor will deliver the same  promptly to RBC to be
held by RBC as herein provided.

10.  DISPOSITION OF MONEY

     Subject to any applicable  requirements of the P.P.S.A. or other applicable
law,  all Money  collected  or received by RBC pursuant to or in exercise of any
right it  possesses  with respect to  Collateral  shall be applied on account of
Indebtedness  in such manner as RBC deems best or, at the option of RBC,  may be
held  unappropriated in a collateral  account or released to Debtor, all without
prejudice  to the  liability of Debtor or the rights of RBC  hereunder,  and any
surplus shall be accounted for as required by law.

11.  EVENTS OF DEFAULT

     The happening of any of the following events or conditions shall constitute
default hereunder which is herein referred to as "default":

     (a) the nonpayment when due,  whether by acceleration or otherwise,  of any
principal or interest  forming part of  Indebtedness or the failure of Debtor to
observe or perform  any  obligation,  covenant,  term,  provision  or  condition
contained in this Security  Agreement or any other agreement  between Debtor and
RBC;

     (b) the death of or a declaration of  incompetency  by a court of competent
jurisdiction with respect to Debtor, if an individual;

     (c) the bankruptcy or insolvency of Debtor;  the filing against Debtor of a
petition in bankruptcy;  the making of an authorized  assignment for the benefit
of creditors by Debtor;  the  appointment of a receiver or trustee for Debtor or
for any assets of Debtor or the  institution  by or against  Debtor of any other
type of  insolvency  proceeding  under  the  Bankruptcy  and  Insolvency  Act or
otherwise;

<PAGE>

                                                                    Page 6 of 15

     (d)  the  institution  by or  against  Debtor  of any  formal  or  informal
proceeding for the dissolution or liquidation  of,  settlement of claims against
or winding up of affairs of Debtor;

     (e) if any Encumbrance  affecting  Collateral becomes  enforceable  against
Collateral;

     (f) if Debtor ceases or threatens to cease to carry on business or makes or
agrees to make a sale of a substantial  portion of Debtor's assets or commits or
threatens to commit an act of bankruptcy;

     (g) if any execution,  sequestration,  extent or other process of any court
becomes  enforceable  against  Debtor or if a distress or  analogous  process is
levied upon the assets of Debtor or any part thereof; and

     (h) if any certificate, statement, representation, warranty or audit report
heretofore  or hereafter  furnished by or on behalf of Debtor  pursuant to or in
connection  with  this  Security  Agreement  or  otherwise  (including,  without
limitation,  the  representations  and  warranties  contained  herein)  or as an
inducement  to RBC to extend  any  credit to or to enter  into this or any other
agreement with Debtor,  proves to have been false in any material respect at the
time as of which the facts therein set forth were stated or certified, or proves
to have omitted any substantial  contingent or  unliquidated  liability or claim
against  Debtor;  or if upon the date of execution of this  Security  Agreement,
there shall have been any material  adverse change in any of the facts disclosed
by any such certificate,  representation,  statement,  warranty or audit report,
which  change  shall not have been  disclosed  to RBC at or prior to the time of
such execution.

11A. REALPROPERTY

     (a) For all purposes,  including  without  limitation  any  application  to
register  a  crystailized  floating  charge  under the Land  Title Act  (British
Columbia)  against  any Real  Property,  the  floating  charge  created  by this
Security  Agreement  shall be  crystallized  and become a fixed  charge upon the
earliest of:

          (i) any one of the events described in Section 11 hereof;

          (ii) a declaration by RBC pursuant to Section 12 hereof; or

          (iii) RBC taking any action pursuant to Section 13 hereof to appoint a
     Receiver or to enforce  its  Security  Interest or realize  upon all or any
     part of the Collateral.

     (b) In  accordance  with  the  Property  Law Act  (British  Columbia),  the
doctrine of consolidation applies to this SecurityAgreement.

12.  ACCELERATION

     RBC, in its sole  discretion,  may declare all or any part of  Indebtedness
which is not by its terms payable on demand to be  immediately  due and payable,
without  demand  or notice of any  kind,  in the  event of  default,  or, if RBC
considers itself insecure or that the Collateral is in jeopardy.  The provisions
of this  clause  are not  intended  in any way to affect  any rights of RBC with
respect to any Indebtedness which may now or hereafter be payable on demand.

13.  REMEDIES

     (a) Upon  default,  RBC may appoint or reappoint by  instrument in writing,
any  person or  persons,  whether  an  officer or  officers  or an  employee  or
employees  of RBC or not, to be a receiver or  receivers  (hereinafter  called a
"Receiver", which term when used herein shall include a receiver and manager) of
Collateral (including any interest,  income or profits therefrom) and may remove
any Receiver so appointed  and appoint  another in its stead.  Any such Receiver
shall,  so far as concerns  responsibility  for its acts, be deemed the agent of
Debtor  and  not  RBC,  and RBC  shall  not be in any  way  responsible  for any
misconduct,  negligence or  non-feasance  on the part of any such Receiver,  its
servants,  agents or  employees.  Subject to the  provisions  of the  instrument
appointing  it,  any  such  Receiver  shall  have  power to take  possession  of
Collateral, to preserve Collateral or its value, to carry on or concur in

<PAGE>

                                                                    Page 7 of 15

carrying  on all or any part of the  business  of  Debtor  and to  sell,  lease,
license or  otherwise  dispose of or concur in selling,  leasing,  licensing  or
otherwise disposing of Collateral.  To facilitate the foregoing powers, any such
Receiver may, to the exclusion of all others,  including Debtor, enter upon, use
and occupy all premises owned or occupied by Debtor  constituting  Collateral or
wherein  Collateral  may be situate,  maintain  Collateral  upon such  premises,
borrow  money on a secured or  unsecured  basis and use  Collateral  directly in
carrying on Debtor's business or as security for loans or advances to enable the
Receiver to carry on Debtor's business or otherwise,  as such Receiver shall, in
its discretion, determine. Except as may be otherwise directed by RBC, all Money
received  from time to time by such  Receiver  in carrying  out its  appointment
shall be received in trust for and paid over to RBC. Every such Receiver may, in
the  discretion  of RBC,  be vested  with all or any of the rights and powers of
RBC.

     (b) Upon  default,  RBC may,  either  directly  or  through  its  agents or
nominees,  exercise  any or all of the powers and rights  given to a Receiver by
virtue of the foregoing sub-clause (a).

     (c) RBC may take possession of, collect, demand, sue on, enforce, recover
and  receive  Collateral  and give valid and  binding  receipts  and  discharges
thereof and in respect thereof and, upon default,  RBC may sell, lease,  license
or otherwise  dispose of  Collateral  in such manner,  at such time or times and
place or places, for such consideration and upon such terms and conditions as to
RBC may seem reasonable.

     (d) In addition to those rights granted  herein and in any other  agreement
now or hereafter in effect  between  Debtor and RBC and in addition to any other
rights RBC may have at law or in equity,  RBC shall have,  both before and after
default, all rights and remedies of a secured party under the P.P.S.A.  provided
always,  that RBC shall not be liable or accountable for any failure to exercise
its remedies,  take  possession of,  collect,  enforce,  realize,  sell,  lease,
license or otherwise  dispose of Collateral or to institute any  proceedings for
such  purposes.  Furthermore,  RBC shall have no obligation to take any steps to
preserve  rights  against  prior  parties to any  Instrument or Chattel Paper or
prior  encumbrancers  on any Real  Property  whether  Collateral or proceeds and
whether or not in RBC's  possession and shall not be liable or  accountable  for
failure to do so.

     (e) Debtor acknowledges that RBC or any Receiver appointed by it may take
possession of Collateral  wherever it may be located and by any method permitted
by law and Debtor  agrees upon request from RBC or any such Receiver to assemble
and deliver possession of Collateral at such place or places as directed.

     (f)  Debtor  agrees  to be liable  for and to pay all  costs,  charges  and
expenses  incurred by RBC or any  Receiver  or agent  appointed  by it,  whether
directly or for services rendered (including solicitors costs on a solicitor and
his own client  basis and auditors  costs and other legal  expenses and Receiver
and agent remuneration),  in operating Debtor's accounts, preparing or enforcing
this Security Agreement, inspecting and determining the state of the Collateral,
taking and maintaining custody of, preserving,  repairing, processing, preparing
for  disposition  and  disposing of  Collateral  and in enforcing or  collecting
Indebtedness and all such costs, charges and expenses, together with any amounts
owing as a result of any  borrowing by RBC or any  Receiver  appointed by it, as
permitted  hereby,  shall be a first  charge  on the  proceeds  of  realization,
collection or disposition of Collateral and shall be secured hereby.

     (g) RBC will give Debtor such notice,  if any, of the date,  time and place
of any  public  sale or of the date  after  which  any  private  disposition  of
Collateral is to be made as may be required by the P.P.S.A.  or other applicable
law.

<PAGE>

                                                                    Page 8 of 15

     (h) Upon default and receiving  written demand from RBC,  Debtor shall take
such further  action as may be necessary to evidence and effect an assignment or
licensing of Intellectual  Property to whomoever RBC directs,  including to RBC.
Debtor  apponts any officer or director or branch manager of RBC upon default to
be its attorney in accordance  with  applicable  legislation  with full power of
substitution  and to do on Debtor's  behalf anything that is required to assign,
license or transfer,  and to record any  assignment,  licence or transfer of the
Collateral.  This  power of  attorney,  which is  coupled  with an  iterest,  is
irrevocable until the release or discharge of the Security Interest.

14.  MISCELLANEOUS

      (a)  Debtor  hereby  authorizes  RBC to file  such  financing  statements,
financing change statements,  caveats,  mortgages,  forms,  security notices and
other documents and do such acts,  matters and things (including  completing and
adding schedules  hereto  identifying  Collateral or any permitted  Encumbrances
affecting  Collateral or identifying the locations at which Debtor's business is
carried on and Collateral and records  relating  thereto are situate) as RBC may
deem  appropriate  to perfect  on an ongoing  basis and  continue  the  Security
Interest,  to protect and preserve  Collateral  and to realize upon the Security
Interest and Debtor hereby  irrevocably  constitutes and appoints the Manager or
Acting Manager from time to time of the herein  mentioned branch of RBC the true
and lawful attorney of Debtor, with full power of substitution, to do any of the
foregoing in the name of Debtor whenever and wherever it may be deemed necessary
or expedient.

     (b) Without  limiting  any other  right of RBC,  whenever  Indebtedness  is
immediately  due and payable or RBC has the right to declare  indebtedness to be
immediately due and payable (whether or not it has so declared), RBC may, in its
sole discretion,  set off against  Indebtedness any and all amounts then owed to
Debtor by RBC in any  capacity,  whether or not due,  and RBC shall be deemed to
have  exercised  such  right to set off  immediately  at the time of making  its
decision  to do so even  though any charge  therefor is made or entered on RBC's
records subsequent thereto.

     (c) Upon Debtor's failure to perform any of its duties hereunder,  RBC may,
but shall not be obligated  to,  perform any or all of such  duties,  and Debtor
shall pay to RBC, forthwith upon written demand therefor, an amount equal to the
expense  incurred by RBC in so doing plus  interest  thereon  from the date such
expense is incurred until it is paid at the rate of 15% per annum.

     (d) RBC may grant extensions of time and other  indulgences,  take and give
up security, accept compositions,  compound,  compromise, settle, grant releases
and discharges and otherwise deal with Debtor,  debtors of Debtor,  sureties and
others  and  with  Collateral  and  other  security  as RBC may see fit  without
prejudice  to the  liability  of Debtor or RBC's  right to hoid and  realize the
Security Interest. Furthermore, RBC may demand, collect and sue on Collateral in
either Debtor's or RBC's name, at RBC's option, and may endorse Debtor's name on
any and all cheques,  commercial paper, and any other Instruments  pertaining to
or constituting Collateral.

     (e) No delay or omission by RBC in exercising any right or remedy hereunder
or with respect to any Indebtedness  shall operate as a waiver thereof or of any
other right or remedy,  and no single or partial exercise thereof shall preclude
any other or further  exercise  thereof or the  exercise  of any other  right or
remedy.  Furthermore,  RBC may remedy any  default by Debtor  hereunder  or with
respect to any Indebtedness in any reasonable manner without waiving the default
remedied and without  waiving any other prior or  subsequent  default by Debtor.
All rights and remedies of RBC granted or recognized  herein are  cumulative and
may be  exercised  at any  time  and  from  time  to  time  independently  or in
combination.

     (f) Debtor waives protest of any Instrument  constituting Collateral at any
time held by RBC on which Debtor is in any way liabie and,  subject to Clause 13
(g) hereof, notice of any other action taken by RBC.

<PAGE>

                                                                    Page 9 of 15

     (g) This  Security  Agreement  shall enure to the benefit of and be binding
upon the parties hereto and their respective heirs,  executors,  administrators,
successors  and assigns.  In any action  brought by an assignee of this Security
Agreement  and the  Security  Interest or any part thereof to enforce any rights
hereunder,  Debtor  shall not assert  against the  assignee any claim or defence
which Debtor now has or hereafter  may have against RBC. If more than one Debtor
executes this Security Agreement the obligations of such Debtors hereunder shall
be joint and several and, unless the context otherwise requires,  a reference to
"Debtor" herein shall be deemed to be a reference to each of the undersigned.

     (h) Save  for any  schedules  which  may be added  hereto  pursuant  to the
provisions  hereof, no modification,  variation or amendment of any provision of
this Security Agreement shall be made except by a written agreement, executed by
the parties  hereto and no waiver of any  provision  hereof  shall be  effective
unless in writing.

     (i)  Subject  to the  requirements  of  Clauses  13 (g)  and 14 0)  hereof,
whenever  either  party  hereto is  required or entitled to notify or direct the
other or to make a demand or request  upon the other,  such  notice,  direction,
demand or request shall be in writing and shall be  sufficiently  given,  in the
case of RBC, if delivered to it or sent by prepaid  registered mail addressed to
it at its  address  herein set forth or as changed  pursuant  hereto and, in the
case  of  Debtor,  if  deiivered  to it or if sent by  prepaid  registered  mail
addressed  to it at its last address  known to RBC.  Either party may notify the
other pursuant hereto of any change in such party's principal address to be used
for the purposes hereof.

     (j) This Security Agreement and the security afforded hereby is in addition
to and not in  substitution  for any other security now or hereafter held by RBC
and is intended to be a continuing  Security  Agreement and shall remain in full
force and effect  until the Manager or Acting  Manager  from time to time of the
herein  mentioned  branch of RBC shall  actually  receive  written notice of its
discontinuance; and, notwithstanding such notice, shall remain in full force and
effect  thereafter until all  Indebtedness  contracted for or created before the
receipt of such notice by RBC, and any extensions or renewals  thereof  (whether
made before or after receipt of such notice)  together  with  interest  accruing
thereon after such notice, shall be paid in full.

     (k) The headings used in this Security  Agreement are for convenience  only
and are not to be considered a part of this Security Agreement and do not in any
way limit or amplify the terms and provisions of this Security Agreement.

     (1) When the context so requires,  the singular  number shall be read as if
the plural  were  expressed  and the  provisions  hereof  shall be read with all
grammatical  changes  necessary  dependent  upon the person  referred to being a
male, female, firm or corporation.

     (m) In the event any provisions of this Security Agreement, as amended from
time to time, shall be deemed invalid or void, in whole or in part, by any Court
of competent  jurisdiction,  the remaining terms and provisions of this Security
Agreement shall remain in full force and effect.

     (n)  Nothing  herein  contained  shall in any way  obligate  RBC to  grant,
continue, renew, extend time for payment of or accept anything which constitutes
or would constitute Indebtedness.

     (o) The Security  Interest  created  hereby is intended to attach when this
Security Agreement is signed by Debtor and delivered to RBC.

     (p) Debtor  acknowledges  and agrees that in the event it amalgamates  with
any other  company or companies it is the  intention of the parties  hereto that
the term  "Debtor"  when used  herein  shall  apply to each of the  amalgamating
companies  and to the  amalgamated  company,  such  that the  Security  Interest
granted hereby:

<PAGE>

                                                                   Page 10 of 15

          (i) shall  extend  to  "Collateral"  (as that term is herein  defined)
     owned by each of the amalgamating  companies and the amalgamated company at
     the  time of  amalgamation  and to any  "Collateral"  thereafter  owned  or
     acquired by the amalgamated company; and

          (ii) shall secure the  "Indebtedness" (as that term is herein defined)
     of each of the amalgamating companies and the amalgamated company to RBC at
     the time of amalgamation and any "lndebtedness" of the amalgamated  company
     to RBC thereafter arising.

The  Security  Interest  shall  attach  to  "Collateral"  owned by each  company
amalgamating  with  Debtor,  and by the  amalgamated  company,  at the  time  of
amalgamation,  and shall attach to any "Collateral" thereafter owned or acquired
by the amalgamated company when such becomes owned or is acquired.

     (q) In the event that Debtor is a body corporate,  it is hereby agreed that
The  Limitation  of Civil  Rights Act of the  Province of  Saskatchewan,  or any
provision  thereof,  shall have no application to this Security Agreement or any
agreement or  instrument  renewing or extending or  collateral  to this Security
Agreement.  In the event that Debtor is an agricultural  corporation  within the
meaning of The  Saskatchewan  Farm Security Act, Debtor agrees with RBC that ail
of Part IV (other than Section 46) of that Act shall not apply to Debtor.

     (r) This Security Agreement and the transactions  evidenced hereby shall be
governed by and construed in accordance  with the laws of the province where the
herein  mentioned  branch of RBC is located  including,  where  applicable,  the
P.P.S.A. and the Land Title Act.

15.  COPY OF AGREEMENT AND FINANCING STATEMENT

     (a)  Debtor  hereby  acknowledges  receipt  of  a  copy  of  this  Security
Agreement.

     (b) Debtor waives Debtor's right to receive a copy of any financing
statement or financing  change  statement  registered by RBC or any verification
statement pertaining to a registration by RBC.

<PAGE>

                                                                   Page 11 of 15

16.  RBC BRANCH ADDRESS:

               12th floor, 335- 8 Ave SW, Calgary, Alberta

17.  NAME AND ADDRESS OF DEBTOR

     Debtor represents and warrants that the following information is accurate:

          INDIVIDUAL DEBTOR

          BUSINESS DEBTOR

          NAME OF BUSINESS DEBTOR

               OLYMPIC SEISMIC LTD.

          ADDRESS OF BUSINESS DEBTOR

               3750, 205 - 5TH Avenue S.W. Calgary, Alberta T2P 2V7

<PAGE>

                                                                   Page 12 of 15

IN WITNESS  WHEREOF  Debtor has  executed  this  Security  Agreement on the date
specified below.

WITNESS / OFFICER SIGNATURE*
(as to all signatures)

Name:

Address:

Professional
Capacity:

* Officer certification required in B.C. only

* OFFICER CERTIFICATION
Your signature  constitutes a  representation  that you are a solicitor,  notary
public or other person authorized by the Evidence Act, R.S.B.C. 1979. c. 116, to
take affidavits for use in British Columbia and certifies the matters set out in
Part 5 of  the  Land  Title  Act as  they  pertain  to  the  execution  of  this
instrument.

<PAGE>

                                                                   Page 13 of 15

                                  SCHEDULE "A"
                       (ENCUMBRANCES AFFECTING COLLATERAL)

<PAGE>

                                                                   Page 14 of 15

                                  SCHEDULE "B"

1.   Locations of Debtor's Business Operations

     3750, 205 - 5 Ave SW Calgary Alberta

2.   Locations of Records relating to Collateral (if different from 1. above)

     As above

3.   Locations of Collateral (if different from 1. above)

     As above

<PAGE>

                                                                   Page 15 of 15

                                  SCHEDULE "C"
                            (DESCRIPTION OF PROPERTY)

                                       N/A

                                - END OF DOCUMENTEXHIBIT 10.52

                              Royal Bank of Canada
                            Oil & Gas Banking Centre
                           1100, 335 - 8th Avenue S.W.
                            Calgary, Alberta T2P 1C9
                               Fax: (403)292-3436

March 2, 2000

Olympic Seismic Ltd.
3750, 205 - 5 Ave. SW
Calgary, AB
T2P 2V7

Attention: Suzanne Bowden, Controller

Dear Sirs:

Re: Credit Facilities

We hereby confirm that the following  sections of the credit  facilities  letter
agreement  dated  November  9,1999 is hereby  amended by deleting  the  existing
provisions  of such  sections in its entirety  and  substituting  the  following
provisions:

 Amount:       The authorized  facility in the amount of $5,000,000 is available
 ------        on a margined basis year round.

Margin
Requirements:  Total advances under Segment 1) plus preferred claims, should not
------------   exceed 75% of good accounts  receivable  excluding  inter-company
               accounts,   holdbacks  and  the  entire  outstanding  balance  of
               accounts where any portion exceeds 90 days. The first  $2,000,000
               is available - on an unmargined basis.

The letter agreement is hereby amended by the foregoing amendment and the credit
facilities  available to the company will be governed by the  provisions  of the
letter agreement as amended by the provisions of this letter.

If you are in  agreement  with the  foregoing,  kindly  execute  and  return the
enclosed copy of this letter by no later than March 10, 2000.

Yours truly,        We acknowledge and accept the terms and conditions of
                    this agreement this    2      day of   March ,  2000.
                                         ------           -------

                    OLYMPIC SEISMIC LTD.

                    Per:             /s/ S. Bowden
                    Title:           Controller

 D.A. Majeski
 Manager, Energy Service & Supply

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]