Pulse Oil Announces EOR Operational Progress and the Retirement of Dr. Douglas Ellenor
30 Mai 2024 - 1:30PM
Pulse Oil Corp. (the “
Company” or
“
Pulse”) (TSXV: PUL) reports that Pulse has
received approval from the Alberta Energy Regulator (“AER”) on two
applications related to the Enhanced Oil Recovery (“EOR”) program.
Pulse is pleased to announce that the Company
was granted approval from the AER to amend the original EOR plan
that was approved in November 2022 and is currently underway in the
Nisku D pool and also to begin a water-flood injection program into
a small section of the reservoir referred to by Pulse management as
the “14-04 Pod” or “Pod”. After significant technical analysis the
14-04 Pod is clearly shown as a separate section within the larger
reservoir that is currently being solvent flooded. The Pod has had
numerous technical confirmations that identified this Pod as not
having benefitted previously from the water-flooding program that
has been completed over previous years. Pulse started the
water-flood of the Pod on May 28, 2024, with the goal of pressuring
the Pod up and then drilling a separate producer well at a later
date, within the Pod. Following the water-flood, the 14-04 well
will then be used to inject solvent into the Pod, similarly to what
is being conducted on the rest of the reservoir.
As announced previously Pulse is happy that
solvent has been technically confirmed to be moving through the D
pool as planned and is showing that the EOR program is working
based on independent lab analysis of the oil and gas being
produced. Pulse reported that the results of the testing have shown
that the API gravity of the produced oil has improved from
approximately 36 to 42 due to the miscibility of solvent with the
oil within the pool. In addition, independent analysis of the
liquids produced from the most recently drilled well has shown that
approximately 10% is from the injected solvent from the EOR program
being emulsified with the Nisku oil, further supporting the
progress of the EOR through the pool.
In other news, Pulse also announces that
effective May 29, 2024, Dr Douglas Ellenor has tendered his
resignation from the Board of Directors of Pulse Oil Corp. as Dr.
Ellenor is retiring.
Pulse CEO, Garth Johnson, commented, “We are
pleased with the progress we are making and the addition of the
water-flood opportunity in the 14-04 Pod is a cost-effective way
that we believe, based on the technical modelling done to date,
will increase oil production once the Pod is fully pressured up. We
will use water produced from our other wells at Bigoray and inject
it into the Pod. Other than setting up the 14-04 well for injection
and setting up the injection equipment at surface that’s already
been completed, there is little cost to Pulse to get the water
injecting consistently. Finally, I would like to thank Dr. Doug
Ellenor for all his time, guidance and professionalism throughout
the years. I’ve known Doug a long time and although its sad to see
him leave Pulse, we wish him the best in retirement.”
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 has instituted 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 just $2.96
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
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 the
water injection operations within the 14-04 Pod, the continuing
solvent injection into the rest of the Nisku D pool, conditions
facing Pulse at the time of planned expenditure 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. This also
applies to Pulse’s injection rates, production rates, its oil and
gas resources and the Bigoray EOR to continue to make positive
progress. 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,
injection rates, production rates, anticipated EOR results,
conditions facing Pulse at the current time 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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