CALGARY, Dec.10, 2018 /CNW/ -
Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and
PUL.WT) announces Pulse's first horizontal drilling program is now
underway.
The first well was spudded on December 7,
2018 and is expected to be drilled and ready for completion
within the next 10 days, followed by a second well from the same
surface location. Both wells are expected to be completed and
tested in January once the drilling rig has moved off site and, if
successful, new production will be established immediately in the
1st Quarter of 2019.
Each Queenstown well will be
drilled to a true vertical depth of approximately 1,400 meters with
additional horizontal sections of approximately 1,300 and 1,700
meters in length respectively. Upon commercial success, Pulse will
have a strong inventory of additional drilling locations to expand
its drilling program in 2019.
Pulse CEO, Garth Johnson,
commented "We are very excited to be drilling our first light oil
wells at Pulse. Since our inception last year, we have followed a
strict business plan allowing us to acquire assets at opportunistic
prices, take advantage of the challenging times in the oil and gas
service industry to economically re-activate shut-in wells once oil
prices began recovery, and now we begin a light oil reserve and
production growth strategy which includes these low risk drilling
opportunities at Queenstown. Pulse
has a strong balance sheet; no debt and our profits are increasing
as we follow our plan. We are in a good position to carefully
invest capital into our assets and grow their value at a time when
light Alberta oil prices remain
near par with WTI pricing, despite the heavy oil (WCS)
transportation issues and resultant low prices featured heavily in
the media lately. Our realized October oil price was CDN
$79/bbl, and while political
interjection steals the headlines over heavy crude prices in
Alberta, we are quietly achieving
internal revenue goals each quarter."
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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.
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.
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 to achieve regulatory approval relating to
the well reactivations as well as the planned
operations and anticipated results related to the Bigoray
assets, including the anticipated timing to reactivate the wells
and Pulse's Queenstown drilling.
Statements relating to "reserves" are also deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves can
be profitably produced in the future.
The 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. Statements in this press release containing
forward-looking information include but are not limited to the
Bigoray or Queenstown projects,
their planned development and Pulse's operations. Forward-looking
information involves known and unknown risks, uncertainties,
assumptions and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. 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
forecast, 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 drilling 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.
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SOURCE Pulse Oil Corp.
