CALGARY, Dec. 18, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or
the "Company") (TSX-V: PUL and PUL.WT) announces Pulse's first
exploration well, PUL HZ QUEENSTN 16-15-19-21 W4, has now reached a
total measured depth of 3322m (TVD
1373m), including 1282m of lateral section cased with frac ports in
preparation for completion. The lateral section successfully
targeted a new 3-D seismic interpretation intended to focus on the
highest porosity / permeability lithic deposits within the
Mannville-aged channel trend in
the Queenstown area of
Southern Alberta.
This first well was spudded on December
6, 2018 and took 10-days to complete drilling operations as
planned. The indicative results of this first well has led the
Company to commit immediately to a second well; the Nabors #28
drilling rig will now be re-positioned on the same surface location
and will begin drilling operations on the second Pulse well within
the next few days. Once both wells have been drilled, the drilling
rig will be released and multi-stage frac operations will be
conducted. The wells are expected to be completed and tested in
January with new production established immediately in
1st Quarter 2019.
Pulse President, Drew Cadenhead,
commented, "Our first new well as a company has drilled nearly
1300m of horizontal section through
what we interpret as the best-quality reservoir envisioned. Our new
seismic interpretation has put us into the high porosity lithic
sandstone section we were hoping for, with visual drill cutting
porosities measured consistently up to 18%. The entire lateral
section is oil stained, we are excited about completing an
approximately 15-stage frac job on this first well. The discovery
also gives us great confidence in the second well, 12-9, about to
be drilled down the heart of this same reservoir, but in the
opposite lateral direction from the first well. Drilling operations
on the 16-15 well were completed safely, on time and on budget.
With realized October oil prices of CDN $79/bbl, we look forward to the completion
results on this well, hopefully the second well, and the cash flow
potentially awaiting us from these new discoveries."
Pulse is also pleased to announce the appointment of
Daniel Bolstad to the Company's
board of directors effective December 18,
2018. Daniel is a successful lawyer, an experienced
investor, and a long-term shareholder of Pulse, having participated
in Pulse's 2017 and 2018 equity financings.
Pulse CEO, Garth Johnson,
commented, "Our executive team has gotten to know Daniel over the
past several years and we feel his skill set will be a strong
addition to Pulse's experienced board. Daniel's personal investment
in Pulse and the enthusiasm he has for building value through the
execution of a well thought out business plan, aligns with our
entire team and of course 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 planned drilling of a second well in the Queenstown area of Southern Alberta, that multi-stage frac
operations will be completed on both wells following the
completion of drilling of the second well, the expected timing of
the completion and testing of the wells and the expected timing of
the establishment of new production. 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. 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.