Pulse Oil Corp. Provides Operational Update
July 19 2021 - 06:30AM
Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) announced
today that Pulse’s reactivation program is continuing to advance
using cash flow from operations. Pulse’s 15-04 well, located in the
Bigoray area, is progressing on time and on budget. The 15-04 well
uses an electrical submersible pump (“ESP”) to lift its oil and as
part of our operations the ESP has been removed and sent to a third
party to be inspected and serviced in advance of restarting
production. Pulse expects the ESP to be run back into the well next
week, with production operations starting immediately following to
Pulse’s 100% owned production facility.
Pulse CEO, Garth Johnson commented, “Our team is
working hard and getting things done. We are really interested to
see how this reactivation works out and then we will move on to
additional reactivations. When we circulated the 15-04 well prior
to removing the ESP, we recovered approximately 90 barrels of light
oil and only trace water. This appears to be a promising sign and
we believe 15-04 will be a good producer for Pulse, allowing us to
keep moving forward with additional reactivations and building
cashflow.”
About Pulse
Pulse is a Canadian company incorporated under
the Business Corporations Act (Alberta) that is primarily focused
on a 100% Working Interest Enhanced Oil Project Located in West
Central Alberta, Canada. The project includes two established Nisku
pinnacle reef reservoirs that have been producing sweet light crude
oil for over 40 years. The Company plans to institute a proven
recovery methodology (NGL solvent injection) to further enhance the
ultimate oil recovery from these two proven pools. With under 10
million barrels of oil recovered to date, and representing just 35%
recovery factor from the pools, Pulse is moving forward to execute
the EOR project and unlock significant value for shareholders.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information contact:
Pulse Oil Corp.
Garth
JohnsonCEO604-306-4421garth@pulseoilcorp.com
Drew CadenheadPresident and
COO604-909-1152drew@pulseoilcorp.com
Forward Looking
Statements:
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical
fact, included herein are forward-looking information. In
particular, this news release contains forward-looking information
regarding: ESP, potential production rates, reactivation operation
and the potential timing of operations. There can be no assurance
that such forward-looking information will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such forward-looking information. This
forward-looking information reflects Pulse’s current beliefs and
is based on information currently available to Pulse and on
assumptions Pulse believes are reasonable. These assumptions
include, but are not limited to: timing and success of operations,
weather, well productivity and Pulse’s financial capability to
continue to fund reactivation operations. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Pulse to be materially
different from those expressed or implied by such forward-looking
information. Such risks and other factors may include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; general capital market conditions and market
prices for securities; the actual results of future operations;
competition; changes in legislation, including environmental
legislation, affecting Pulse; the timing and availability of
external financing on acceptable terms; and loss of key
individuals. A description of additional risk factors that may
cause actual results to differ materially from forward-looking
information can be found in Pulse’s disclosure documents on the
SEDAR website at www.sedar.com. Although Pulse has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Readers are cautioned
that the foregoing list of factors is not exhaustive. Readers are
further cautioned not to place undue reliance on forward-looking
information as there can be no assurance that the plans,
intentions or expectations upon which they are placed will occur.
Forward-looking information contained in this news release is
expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Pulse as of the date of this news
release and, accordingly, is subject to change after such date.
However, Pulse expressly disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
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