CALGARY, Nov. 26, 2018 /CNW/ - Pulse Oil
Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT)
announced two Queenstown wells
to be drilled and regulatory transfers for key Bigoray well
reactivations have been received.
Bigoray:
As previously announced on October 12,
2018, Pulse had sought regulatory approval to transfer one
Bigoray well from the Orphan Well Association ("OWA") and a further
Bigoray well from an arms-length third party.
Pulse has now received regulatory approval to transfer and
assume 100% operatorship of both wells, allowing Pulse to initiate
reactivation operations forecast to increase Bigoray production
shortly. With funding in place for our reactivation program and
enhanced oil recovery ("EOR") project at Bigoray, Pulse has added
upgrades to the immediate infrastructure build at the front end of
the reactivation program. This increased pipeline and
infrastructure work planning is significantly more cost-effective
and reduces future capital requirements within the EOR program, as
well as immediately lower operating costs associated with Pulse's
existing production once completed.
Queenstown:
At Queenstown, Pulse is
preparing to drill two horizontal wells from a single surface
location. The wells will be the first exploration wells drilled by
the Company since incorporation in 2017 and will target 3-D defined
high-grade Mannville Glauc Lithic Channel deposits. Similar targets
have recently been drilled in the same trend where Prairie
Provident Resources, on September 10,
2018, has announced impressive drilling results. The two
wells will be drilled back-to-back, followed by completion
operations. Drilling operations are set to commence by early
December and are forecast to take 4 to 6 weeks to drill and
complete both wells.
Pulse President and COO, Drew
Cadenhead, commented, "We're excited that after successfully
closing our recent financing we are fully funded to start the major
EOR project work at Bigoray as well as spud our first ever wells at
Queenstown. Our strong, debt-free
balance sheet allows us to ramp up operations in both properties
and take advantage of the strong oil prices we are enjoying from
the light-medium grade crude oil we produce. We look forward to
providing further updates related to both our Queenstown drilling operations and Bigoray
reactivations and ongoing EOR implementation at this very exciting
time for Pulse Oil and our shareholders!"
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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.