CALGARY, Alberta, Feb. 16, 2024 (GLOBE NEWSWIRE) -- 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 Johnson
CEO
604-306-4421
garth@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.
