CALGARY, Nov. 28, 2018 /CNW/ - Pulse Oil Corp.
("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announced
today that Pulse and its contracted technical consultants have
completed Phase Two of the Bigoray Enhanced Oil Recovery (EOR)
Modelling Project. Phase 2 incorporated the geological and
petrophysical analysis completed in Phase 1 into a pool
architecture and structural model. The Company's 3-D seismic data
base was incorporated into the model, the first time modern 3-D
seismic data has been involved in these pool evaluations. This
detailed delineation of the pool boundaries has provided a positive
alternate interpretation to those evaluations undertaken previously
by the Alberta Energy Regulator and by Pulse's independent resource
assessment (the "Resource Assessment") of the Company's Nisku
Enhanced Oil Recovery ("EOR") project in the Bigoray area of
Alberta ("Bigoray") previously
news released on January 9, 2018.
Phase 3 has now started and consists of a dynamic model being
used to history match existing data and run sensitivity cases
simulating various development and solvent injection scenarios.
This final Phase 3 work is scheduled for completion before year-end
and will ensure Pulse's team make the best decisions to maximize
oil recovery from these well-established Devonian-aged oil
reservoirs.
Pulse President and COO, Drew
Cadenhead, commented, "We are very happy with the results of
our EOR project to date, in particular the Phase 2 structural
interpretation of our reservoirs. Our 3-D data sheds far more
detailed light on what these two pinnacle reefs look like 2 km
under the surface of central Alberta and give us a new positive
interpretation on some of the assumptions we have been making from
past work. This is why we are going through this detailed project
before implementing the physical injection scheme of the EOR.
Identifying the optimal type of miscible product to use in our
injection scheme as well as the optimal location of our production
and injection wells will ensure we maximise the recovery factor of
the remaining oil in our pools."
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About Pulse Oil Corp.
Pulse is a debt-free, Canadian company incorporated under the
Business Corporations Act (Alberta) that is fully funded for its next
year of operations including the Bigoray EOR program and drilling
in Queenstown. Pulse owns 100%
interests in the Bigoray area of Alberta, which includes two Nisku oil Pinnacle Reefs as well as 100%
interests in producing assets. Pulse is moving forward to grow
production and execute an Enhanced Oil Recovery project to unlock
significant value for shareholders through control of approximately
65 net sections of land across the Mannville, Cardium, Pekisko/Shunda,
Nisku and Duvernay Shale trends in
Western Canada. Pulse will also continue to focus on
acquiring affordable, small to medium sized proven oil and gas
assets with significant upside. The Company plans to achieve
further growth through low-risk, technically diligent drilling
within its Queenstown assets,
infrastructure ownership and reserve growth utilizing proven
enhanced oil recovery techniques and implementation of
technology.
READER ADVISORY
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The words "believe," "expect," "anticipate,"
"plan," "intend," "foresee," "should," "would," "could" or other
similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature.
Such statements include, without limitation, statements pertaining
to Pulse's expectations related to the enhanced oil recovery
program, DPIIP and maximizing oil production from Pulse's Bigoray
Nisku reef pools. Forward-looking statements are based on
management's current expectations and beliefs concerning future
developments and their potential effect on the Company based on
information currently available to management. While management
believes that these forward-looking statements are reasonable as
and when made, there can be no assurance that future developments
affecting Pulse will be those anticipated. Important factors that
could cause actual results to differ materially from those in the
forward looking statements include, but are not limited to: the
volatility of commodity prices, product supply and demand,
competition, access to and cost of capital, the assumptions
underlying production forecasts, the quality of technical data;
environmental and weather risks, including the possible impacts of
climate change, the ability to obtain environmental and other
permits and the timing thereto, government regulation or action,
the costs, timing and results of EOR operations; the availability
of equipment, services, resources and personnel required to
complete the Company's planned operating activities; access to and
availability of transportation, processing and refining facilities,
acts of war or terrorism; and general economic conditions and other
financial, operational and legal risks and uncertainties. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligations to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange, Inc. nor its Regulation
Service Provider (as that term is defined under the policies of the
TSX Venture Exchange) has neither approved nor disapproved of the
contents of this press release.
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SOURCE Pulse Oil Corp.