CALGARY, Feb. 19, 2019 /CNW/ - Pulse Oil
Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) is
happy to announce that the Company intends to drill two new wells
within the Bigoray EOR acreage in February and March 2019.
Pulse's independent geotechnical modelling, as announced on
January 30, 2019, has unexpectedly
increased the initial amount of estimated discovered petroleum in
place (DPIIP) (effective date of December 6,
2017) by 43.9%. The EOR modelling project is crucial for
long-term execution of Pulse's Bigoray enhanced oil recovery
("EOR") program and as part of the geotechnical modelling, a new
3-D seismic interpretation has defined large areas of potentially
untapped reservoir associated with Pulse's two pools. Two
low-risk development opportunities targeting these newly identified
oil reservoir areas have now been approved for drilling prior to
Alberta winter break-up.
Pulse's budget for its EOR program had always included drilling
two injection wells but hadn't expected these planned injection
wells could also provide near-term production potential, new cash
flow and early reserve booking for Pulse.
Pulse President, Drew Cadenhead,
commented: "Based on the exciting results of our geotechnical
modelling project that has materially increased the estimated DPIIP
contained within the Bigoray EOR boundaries, we will be drilling
two new wells at Bigoray, one into the Nisku D pool and one into
Nisku E. We were planning on drilling new optimally placed
injection wells into each pool anyway, and with this new technical
data we are excited to tap into previously unrecognised and
undrained areas of these light oil reservoirs. We anticipate that
these two new wells will give us the added benefit of immediate
flush production, cash flow and new reserve bookings from virgin
areas within our pools while all permanent EOR facilities and
pipelines are being completed. Once complete, we will convert these
two new wells to solvent injector wells and continue the formal
Enhanced Oil Recovery phase of our business plan."
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
the expected drilling, production and facilities related to the
Bigoray assets of Pulse Oil. In addition such statement also
include without limitation, statements pertaining to the
expected Bigoray EOR project and its planned development.
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. 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.
Resource Definitions
Resources encompasses all petroleum quantities that originally
existed on or within the earth's crust in naturally occurring
accumulations, including Discovered and Undiscovered (recoverable
and unrecoverable) plus quantities already produced. "Total
Resources" is equivalent to "Total Petroleum Initially In-Place".
Resources are classified in the following categories:
Total Petroleum Initially In-Place ("TPIIP") is that quantity of
petroleum that is estimated to exist originally in naturally
occurring accumulations. It includes that quantity of petroleum
that is estimated, as of a given date, to be contained in known
accumulations, prior to production, plus those estimated quantities
in accumulations yet to be discovered.
Discovered Petroleum Initially In-Place ("DPIIP") is that
quantity of petroleum that is estimated, as of a given date, to be
contained in known accumulations prior to production. The
recoverable portion of DPIIP includes production, reserves, and
Contingent Resources; the remainder is unrecoverable.
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SOURCE Pulse Oil Corp.
