Pulse Oil Corp. Provides Production Update
22 Junho 2021 - 8:30AM
Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) announced
today that Pulse’s Bigoray 12-04 well has been producing for 7 days
through to Pulse’s 100% owned, Bigoray production facility and has
produced an average of approximately 120 barrels of oil per day
during that time.
Including this new production, Pulse has
produced an average of approximately 330 BOE/D of oil and gas
production over the past 7 days and Pulse’s team is working to
reactivate more oil wells at Bigoray in the near future.
Pulse CEO, Garth Johnson commented, “We are
happy with the new production from our 12-04 oil well and at
today’s oil prices, adding production is a positive step forward
for Pulse. We were planning to reactivate a few more Bigoray wells
in the winter but with commodity prices so strong, we are looking
at the options available to us to try to get this work done this
summer. As plans progress we will provide additional updates.”
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 just 35%
recovery factor from the pools, Pulse is moving forward to execute
the EOR project and unlock significant value for shareholders.
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 CadenheadPresident and
COO604-909-1152drew@pulseoilcorp.com
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. Boe’s 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.
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
particular, this news release contains forward-looking information
regarding: production rates, reactivation operations, oil and gas
prices and the potential timing of operations. 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: oil and gas prices,
timing and success of operations, weather, well productivity and
Pulse finances. 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,
economic, competitive, political and social uncertainties; general
capital market conditions and market prices for securities; 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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