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CALGARY, Alberta, June 14, 2021 (GLOBE NEWSWIRE) -- Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) announced today that Pulse has completed its 100% owned, Bigoray production and water injection facility, and reactivated an additional oil well, which is aligning well with the sharp increase in commodity prices. In addition to reactivating immediate production from idle wells in the Bigoray area, these facilities will also provide critical infrastructure to Pulse’s upcoming EOR implementation.
Currently, Pulse has two Bigoray wells and four Queenstown wells that produced an average of 225 BOE/D of oil and gas production over Pulse’s Q1 of 2021. As part of Pulse’s “build back better” program, Pulse completed its own oil processing and water injection facility, including separators, water injection pumps, sufficient oil tankage and road work.
Pulse has recently reactivated one more Bigoray oil well that is currently being produced to the new facility and Pulse is completing its reactivation plan to maximize financial and operational synergies related to three more oil wells to be reactivated, all of which are 100% owned by Pulse. Updates to Pulse’s production rates will follow in coming days and weeks as applicable.
To view video of Pulse’s new Bigoray facility, please follow the link at:
Pulse CEO, Garth Johnson commented, “Thanks to shareholder support for our completed Rights Offering, Pulse is taking steps forward to put the difficult times experienced by Pulse and most others in our industry over the past few years behind us. We have a lot more work to do but we are happy to have strengthened our balance sheet, increased cashflow, worked with all stakeholders to move forward and we are going to add more production and cashflow as we work through the rest of our reactivation plan. We are excited about the prospects of Pulse’s future based on where we are today, supported by the current strong commodity prices that are forecasted to remain strong for the foreseeable future. We will keep working hard.”
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.
President and COO
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. Boe’s 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 particular, this news release contains forward-looking information regarding: facility throughputs, reactivation operations, the potential production and cash flow increases, oil and gas prices 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: oil and gas prices, timing and success of operations, weather, well productivity and Pulse finances. 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.