Pulse Oil Announces Operational Results and Imminent Start of Drilling
February 16 2024 - 7:00AM
Pulse Oil Corp. (the “
Company” or
“
Pulse”) (TSXV: PUL) reports the completion of
Pulse’s first operation since the close of its Rights Offering.
Workover update:
The Company is pleased to announce that the
workover and stimulation of Pulse’s 100% owned 5-09 well, located
in Pulse’s Bigoray Nisku E pool has resulted in new oil and gas
production. The well has been producing for fourteen days and as of
the date of this news release, the well is producing approximately
200 barrels of oil per day plus a small amount of natural gas.
Pulse is happy with these results and will continue to advance our
2024 work program that our recently completed Rights Offering has
allowed us to do.
Drilling Update:
Pulse is also happy to announce that drilling
within Pulse’s 100% owned Bigoray Nisku D pool is anticipated to
begin on February 19, 2024. Pulse intends to drill the well to a
total depth of 2,686 meters over an anticipated timeline of twelve
days.
The well is being drilled to accomplish a number
of goals.
- Grow near-term
production and cashflow upon completion of drilling; and
- Increase the
efficiency of Pulse’s EOR program by adding an ideally located
production well in which to produce from; and
- Materially
increase production rates and ultimate reserve recovery from the
EOR program within the Nisku D pool.
Pulse Oil Corp CEO, Garth Johnson, commented,
“We are really happy with the workover results and we expect this
new oil and gas production to payback the roughly $575,000 in
capital costs invested in approximately 45 days which is quicker
than we anticipated when planning the program. The purpose of our
recent financing and the resultant operational plan for 2024 is to
increase near term production, cashflow and reserves that will
continue to fund our Bigoray enhanced oil recovery project that we
feel will materially increase ultimate reserve recovery at Bigoray
while also enhancing the efficiency of increased production rates
that we expect from the EOR. We anticipate the drilling of our new
well that should spud in the next few days will continue to achieve
our goals.”
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 has instituted 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 approximately
30% recovery factor from the pools, Pulse is moving forward to
execute the EOR project and unlock significant value for
shareholders. Pulse’s total reclamation liabilities are just $2.96
million which, when compared to many peers in the industry in
Western Canada, are very low.
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
Barrels of oil equivalent (boe) is calculated
using the conversion factor of 6 mcf (thousand cubic feet) of
natural gas being equivalent to one barrel of oil. Boes may be
misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the
wellhead. Given that the value ratio based on the current
price of crude oil as compared to natural gas is significantly
different from the energy equivalency of 6:1, utilizing a
conversion on a 6:1 basis.
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 this
news release, such statements include but are not limited to
Pulse’s operations, production rates, drilling program and its oil
and gas resources. 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, 5-09
production rates, anticipated drilling results, conditions facing
Pulse at the current time and in advancing and optimizing the
Bigoray EOR project, conducting operations on time and on budget
and growing reserves, resources, production, revenue and cash flow
anticipated from these 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, commodity prices, economic,
competitive, political and social uncertainties; general capital
market conditions and market prices for securities; consistent
production and cash flow from current operations, 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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