Pulse Oil Corp. Announces 2022 Year End Reserve Report
31 Mars 2023 - 1:00PM
Pulse Oil Corp., (“Pulse” or the "Company”) (TSX-V: PUL) is pleased
to provide summary results of its third-party December 31, 2022
year-end reserve report.
Reserve Results Highlights:
- Proved
and Probable reserves increased to 5.711 million barrels of oil
equivalent (“BOE”) of which 91.4% is oil, condensate and natural
gas liquids (“NGL’s”) from 2.17 million BOE (FY 2021) of which
83.1% is oil, condensate and NGL’s, an increase of 163%.
- Net
present value of proved and probable reserves (NPV10%) increased to
$55.718 million net to Pulse, up from $34.589 million in 2021, an
increase of 61.1%.
- Proved
reserves increased to 3.987 million BOE up from 1.38 million BOE in
2021, an increase of 188.6%.
As at December 31 |
Oil (Mbbl) |
Gas (Mmcf) |
Condensate (Mbbl) |
NGL (Mbbl) |
Total (Mboe) |
Future Net Revenue“NPV10” |
2022 |
|
|
|
|
|
|
Proved |
3,479.4 |
1,968.2 |
2.9 |
176.7 |
3,987.1 |
$24,306,300 |
Probable |
1,481.0 |
979.4 |
0.8 |
79.0 |
1,724.0 |
$31,411,900 |
Proved & Probable |
4,960.4 |
2,947.6 |
3.7 |
255.8 |
5,711.1 |
$55,718,200 |
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
Proved |
1,105.4 |
1,301.9 |
1.1 |
59.9 |
1,383.3 |
$22,714,400 |
Probable |
596.5 |
897.0 |
0.6 |
40.0 |
786.6 |
$11,875,300 |
Proved & Probable |
1,701.8 |
2,947.6 |
1.7 |
99.9 |
2,169.9 |
$34,589,700 |
The Company’s 2022 reserve that are 100% located
in Alberta, were evaluated by independent reserves evaluator
McDaniel & Associates Consultants Ltd. The gross Company
reserves as of December 31, 2022 and 2021 are summarized by volume
and net present value (before tax) discounted at 10% (“NPV10”).
About Pulse
Pulse is a Canadian company incorporated under
the Business Corporations Act (Alberta) that is primarily focused
on a 100% Working Interest Enhanced Oil Project Located in West
Central Alberta, Canada. The project includes two established Nisku
pinnacle reef reservoirs that have been producing sweet light crude
oil for over 40 years. The Company plans to institute a proven
recovery methodology (NGL solvent injection) to further enhance the
ultimate oil recovery from these two proven pools. With under 10
million barrels of oil recovered to date, and representing
approximately 30% recovery factor from the pools, Pulse is moving
forward to execute the EOR project and unlock significant value for
shareholders. Pulse’s total reclamation liabilities are less than
$3 million which, when compared to many peers in the industry in
Western Canada, are very low.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information contact:
Pulse Oil Corp.
Garth
JohnsonCEO604-306-4421garth@pulseoilcorp.com
Drew
CadenheadDirectordrew@pulseoilcorp.com
Reserves Advisory
This news release includes information
pertaining to the Evaluation of Crude Oil and Natural Gas Reserves
as of December 31, 2022, prepared by independent reserves evaluator
McDaniel & Associates Consultants Ltd. (“McDaniel”). The report
was prepared by qualified reserves evaluators in accordance with
definitions, standards and procedures contained in the Canadian Oil
and Gas Evaluation Handbook and National Instrument 51-101,
Standards of Disclosure for Oil and Gas Activities ("NI 51- 101")
and is based on McDaniel pricing effective December 31, 2022.
Additional reserve information as required under NI 51- 101 is
included in the Company's Annual Information Form filed on SEDAR.
Statements relating to reserves are deemed to be forward looking
statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described
exist in the quantities predicted or estimated. The reserve
estimates described herein are estimates only. The actual reserves
may be greater or less than those calculated. Estimates with
respect to reserves that may be developed and produced in the
future are often based upon volumetric calculations, probabilistic
methods and analogy to similar types of reserves, rather than upon
actual production history. Estimates based on these methods
generally are less reliable than those based on actual production
history. Subsequent evaluation of the same reserves based upon
production history will result in variations, which may be
material, in the estimated reserves.
Future Net Revenue and Net Present Value
(NPV10), both of which are discounted at 10% are an estimate based
on numerous assumption, do not represent fair market value and are
subject to change without notice.
References herein to barrels of oil equivalent
(“boe”) are derived by converting gas to oil in the ratio of six
thousand standard cubic feet (“Mcf”) of gas to one barrel of oil
based on an energy conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Given the value ratio based on the current price of crude
oil as compared to natural gas is significantly different from the
energy equivalency of 6 Mcf to 1 barrel, utilizing a conversion
ratio at 6 Mcf to 1 barrel may be misleading as an indication of
value, particularly if used in isolation. "Proved" reserves are
those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining
quantities recovered will exceed the estimated Proved reserves.
"Probable" reserves are those additional reserves that are less
certain to be recovered than Proved reserves. It is equally likely
that the actual remaining quantities recovered will be greater or
less than the sum of the estimated Proved plus Probable
reserves.
"Proved" reserves are those reserves that can be
estimated with a high degree of certainty to be recoverable. It is
likely that the actual remaining quantities recovered will exceed
the estimated Proved reserves.
"Probable" reserves are those additional
reserves that are less certain to be recovered than Proved
reserves. It is equally likely that the actual remaining quantities
recovered will be greater or less than the sum of the estimated
Proved plus Probable reserves.
Additional reserves information as required
under NI 51-101 will be included in the Company's statement of
reserves data and other oil and gas information on Form 51-101F1,
which is expected to be filed on SEDAR by April 30, 2023.
Abbreviations
The following is a summary of abbreviations used
in this news release:
M |
Thousands |
|
|
MM |
Millions |
|
|
Mcf |
Thousands of standard cubic feet |
|
|
bbl |
Barrels |
|
|
NGL |
Natural gas liquids |
Forward Looking Statements:
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical
fact, included herein are forward-looking information. In this
news release, such statements include but are not limited to
Pulse’s proved and probable reserves, Pulse’s operations and its
oil and gas resources. There can be no assurance that such
forward-looking information will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such forward-looking information.
This forward-looking information reflects
Pulse’s current beliefs and is based on information currently
available to Pulse and on assumptions Pulse believes are
reasonable. These assumptions include, but are not limited to, the
independent reserves estimates, conditions facing Pulse at the time
of planned expenditure included in the reserve evaluation and in
advancing and optimizing the Bigoray EOR project, conducting
operations on time and on budget and growing reserves, resources,
production, revenue and cash flow anticipated from these
operations. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Pulse to be materially different from those expressed or implied
by such forward-looking information. Such risks and other factors
may include, but are not limited to: general business, commodity
prices, economic, competitive, political and social uncertainties;
general capital market conditions and market prices for
securities; consistent production and cash flow from current
operations, the actual results of future operations; competition;
changes in legislation, including environmental legislation,
affecting Pulse; the timing and availability of external financing
on acceptable terms; and loss of key individuals. A description of
additional risk factors that may cause actual results to differ
materially from forward-looking information can be found in
Pulse’s disclosure documents on the SEDAR website at www.sedar.com.
Although Pulse has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Readers are cautioned that the foregoing list of factors
is not exhaustive. Readers are further cautioned not to place
undue reliance on forward-looking information as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Forward-looking information contained
in this news release is expressly qualified by this cautionary
statement. The forward-looking information contained in this news
release represents the expectations of Pulse as of the date of
this news release and, accordingly, is subject to change after such
date. However, Pulse expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities
law.
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