CALGARY, Jan. 2, 2019 /CNW/ - Pulse Oil Corp.
("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announces
that on December 27th,
2018, drilling of Pulse's second exploration well, PUL HZ QUEENSTN
12-9-19-21 W4 ("12-9"),
reached a total measured depth, as planned, of 2957m (TVD 1389m),
including 1237m of lateral section
within a highly porous Mannville-aged Lithic sandstone channel. The
12-9 well was Pulse's second well successfully targeting a new 3-D
seismic interpretation intended to focus on the highest porosity /
permeability lithic deposits within the Mannville channel trend in the Queenstown area of Southern Alberta.
This second Pulse well took just seven days to complete drilling
operations, well ahead of the forecasted drilling curve and budget.
Wellsite drill cuttings examination estimated that over 94% of the
lateral section was comprised of good to very good reservoir rock,
with porosities estimated up to 18% and averaging over 12%. High
gas readings and visible oil staining were encountered throughout
the entire lateral section. The Nabors #28 drilling rig was
immediately released and multi-stage frac operations were completed
on both wells as planned December
28th-29th. 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 second well in this Queenstown program looks like another good one
based on the data we have accumulated while drilling. We have
drilled over 1200m of horizontal
section through very high quality reservoir rock. Our gas readings
were very encouraging throughout the lateral drilling and visible
oil staining and petroliferous odours were noted the entire length
of the lateral section. Our new seismic interpretation has
definitely put us into the high porosity lithic sandstone section
we were hoping for. We have eight more locations identified in this
newly discovered trend, we're excited to complete and test these
first two wells and be able to get on with the rest of the
program."
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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 the expected completion date of Pulse's multi-stage frac
operations in the Queenstown area
of Southern Alberta, the expected
timing of the completion and testing of the wells and the expected
timing of the establishment of new production.
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.