CALGARY, June 5, 2019 /CNW/ - Pulse Oil Corp. ("Pulse" or
the "Company") (TSX-V: PUL and PUL.WT) is pleased to announce an
operational update on successful production results from Pulse's
two new wells drilled within the Company's Bigoray assets (Pulse:
100%) located in Central
Alberta.
Pulse spudded two wells at its 100% controlled Bigoray site in
Q1 of 2019 and is happy to report both wells were safely and
successfully drilled and completed, with permanent production
expected to start within a week at rates that exceeded management's
earlier expectations. Initial testing operations at Pulse's two
Bigoray wells are indicative of new, strong and stabilizing
production rates from the Company's D and E Nisku Pools.
Importantly, Pulse's 15-4 D-Pool well perforated 5.5 meters of
the oil pay encountered while drilling, located in the uppermost,
and previously undrained part of the reef. Initial fluids recovered
were 100% load and completion water, but within one day, oil cuts
increased to over 90%. The well is presently swab testing more than
400 barrels of light oil (35 API) per day, exceeding management's
forecasts. The 15-4 well will be placed on permanent production
using an electric submersible pump (ESP) and the necessary
infrastructure and production lines are in place at the wellsite to
start production.
The second Bigoray well drilled by Pulse, the 5-9 well, was
swab/ flow tested and produced approximately 70 barrels of fluid
per day with similar increasing oil cuts during testing.
Over the long-term, the two new wells will be used as solvent
injectors for Pulse's Bigoray enhanced oil recovery ("EOR")
project. The 5-9 well will inject solvent into the Nisku E pool;
15-4 into the Nisku D pool. However as previously disclosed by
Pulse, the wells have the added benefit of providing immediate new
oil production and cash flow while Pulse completes the remaining
facility phases to commission the EOR project.
Drew Cadenhead, Pulse President
and COO, commented, "Again we are happy to report we have achieved
our goals for these wells. The newly acquired 3-D seismic data has
helped us intercept the Nisku
pinnacle reef at the highest structural point in both pools; a
significant achievement for Pulse's long-term plan for the EOR
program. The interpretation of this new data has not only provided
long-term optimal EOR injection positioning, it has also provided
immediate new reserves, production, and significant cash flow."
The Company cautions that the short-term test rates disclosed in
this news release are preliminary in nature and may not be
indicative of stabilized on-stream production rates or of future
product types. The test results are not necessarily
indicative of long-term well or reservoir performance or of
ultimate recovery. In addition, total fluid recovery rates
during testing includes recovery of load fluids used in well
completion stimulation operations. Actual results will differ
from those realized during testing, and the difference may be
material.
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 operations currently underway,
including reserves, production rates, cash flow, drilling plans and
results, production testing, 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, its
planned development and the timing of the EOR project.
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: production results that deviate from management's
current expectations; delays in the Company's completion activities
and tie-in to infrastructure, including installation of an electric
submersible pump; 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 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.
Barrels of oil equivalent (boe) is calculated using the
conversion factor of 6 mcf (thousand cubic feet) of natural gas
being equivalent to one barrel of oil. Boes may be misleading,
particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl (barrel) is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Given that the
value ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency
of 6:1, utilizing a conversion on a 6:1 basis.
View original
content:http://www.prnewswire.com/news-releases/pulse-oil-corp-announces-successful-bigoray-production-test-additional-cashflow-and-eor-advancements-300862142.html
SOURCE Pulse Oil Corp.