CALGARY, Nov. 21, 2018 /CNW/ - Pulse Oil
Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT)
reported today the Company has recently received the highest oil
price per barrel for its Bigoray crude oil since the Company
acquired its first oil and gas interest in October 2016.
Pulse's most recent sales of crude oil the past two months, and
accounting for 93% of the Company's liquid production, received
CDN$79.23 per barrel and CDN$80.29 per barrel, respectively, for its
light/medium 380 API oil produced into the 100%
Pulse-owned pipeline infrastructure.
Recently, some of Canada's news
services have quoted Western Canada Select ("WCS") prices, in
addition to West Texas Intermediate ("WTI") quotes. These WCS price
quotes represent a heavy blended crude oil, composed mostly of
bitumen blended with sweet synthetic and condensate diluents and
existing streams of both conventional and unconventional
Alberta heavy crude oils. The WCS
price quote does not represent oil prices related to the average
light-medium conventional crude oil produced at Pulse's Bigoray
operations.
Pulse President and COO Drew
Cadenhead noted; "While restricted pipeline access within
Canada has a negative impact on
the heavy oil price (WCS) differential in Alberta, conventional light-medium grade crude
oil prices are strong in this province. Pulse owns and operates
100% of our crude oil pipeline infrastructure associated with our
Bigoray assets and with historical production reaching as high as
4,000 barrels per day of crude oil in the past. As we pursue our
Enhanced Oil Recovery ("EOR") project, we forecast, as do our
independent reserve evaluators, a continuing strong price for this
premium quality crude oil for the next few years."
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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, that include two Nisku oil Pinnacle Reefs as well as 100%
interests in producing assets in the Bigoray area of Alberta. 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 oil prices, 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,
Pulse's Queenstown drilling and
costs associated with all operations. 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 oil prices and 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 oil prices and 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.