CALGARY, April 23, 2019 /CNW/ - Pulse Oil Corp.
("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) is happy to
report that the first well of a two well drilling program
successfully reached total depth in its first Bigoray well, located
in central Alberta and Pulse is
currently drilling the second well within Pulse's Bigoray
assets. Pulse holds a 100% working interest in and operates
the Bigoray assets.
Bigoray:
Pulse's first well at Bigoray, targeting newly defined undrained
attic areas of Pulse's Nisku D pinnacle reef, encountered in excess
of 50 meters of oil pay, as interpreted by independent third party
petrophysical evaluators. The well was drilled to a total
depth of 2,750 meters and has been successfully cased, now awaiting
testing operations which will follow the drilling of the second
well currently being spudded from the same pad. The second well has
a similar objective, but into the Nisku E pinnacle reef.
Pulse is drilling these back-to-back wells from a drilling pad
that will also become the site of Pulse' centrally located enhanced
oil recovery (EOR) facility. If both wells are successful as
anticipated, Pulse expects the Bigoray well completion program and
tie-in infrastructure to be finished shortly thereafter and Pulse
expects to establish new Bigoray production in Q2 of the 2019
fiscal year.
Queenstown:
Pulse is also happy to report that permanent production is now
underway in the Queenstown area of
southern Alberta from the two new
wells drilled in December 2018. Brief
post-frac production testing of the wells gave the Company
confidence to proceed to permanent production facility
construction, including wellsite group and individual well testing
facilities, and approximately two kilometres of pipeline
installation to a nearby production facility.
Drew Cadenhead, Pulse
President and COO, commented:
"It's been a busy and successful few months for our operational
team; we have made great progress at both of our 100% owned oil
producing assets. Our two new Queenstown wells are now on permanent
production through our newly built facilities, and we expect to
report stabilised production rates within a few weeks. We have also
successfully drilled our first of two Bigoray wells and have now
spudded the second well. From a technical perspective, the first
well checks all the boxes we were hoping to see, including apparent
undrained attic oil from these 3-D defined "high-points" in our
pools, over 50 meters of oil pay logged within the Nisku zone, and a complete penetration of the
entire reef complex critical to future EOR operations. We look
forward to the Bigoray testing program, currently expected to begin
in late April or early May after we finish drilling the second
well."
About Pulse Oil Corp.
Pulse is a debt-free, Canadian company incorporated under the
Business Corporations Act (Alberta) that is focused on methodically,
safely, yet aggressively making progress to increase production and
reserves in the Queenstown and
Bigoray acreages it holds 100% interests in. In addition, Pulse is
advancing its Bigoray EOR program and new drilling efforts 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 in the Queenstown area of southern Alberta. Pulse is moving forward to grow
production and execute an EOR 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 potentially 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 EOR 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",
"potentially" 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 Bigoray and Queenstown operations currently underway,
including drilling plans and results, production testing,
anticipated oil pay, well completion, anticipated future
production, and facilities related to the assets of Pulse Oil. In
addition such statements 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: drilling results that deviate from management's current
expectations; delays in the Company's drilling activities and
tie-in of infrastructure; 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.