Production:
Pulse’s oil and gas production over the past 30 days has averaged approximately 355 BOE/D (64% oil) and over the past week has reached 425 BOE/D (68% oil) following recently completed operations in both the Company’s core areas of Bigoray and
Pulse CEO
Queenstown Update:
In
Bigoray Reactivation Update:
Pulse’s team has re-activated a number of historical producing wells in the Bigoray area, while continuing to acquire core assets. Many of our acquisitions are via abandoned or suspended pipelines and production facilities (at little to no cost) from the AER’s
Pulse’s newly acquired infrastructure, combined with the Company’s existing Bigoray production facilities, is providing immediate monetisation opportunities for shut-in oil and gas wells. Importantly the longer term goal of this acquisition work is to provide key components necessary to advance the Company’s EOR mandate.
Bigoray EOR:
Pulse has made several investments at much lower cost than initially estimated to progress the EOR, including the completion of the Bigoray production facility and critical pipeline acquisitions.
Company President
About Pulse
Pulse is a Canadian company incorporated under the Business Corporations Act (
Neither the
For further information contact:
CEO
604-306-4421
garth@pulseoilcorp.com
President and COO
604-909-1152
drew@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, EOR projects 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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