CALGARY, May 28, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announced today that Pulse has purchased a Bigoray-specific 3D seismic data set covering 2,916 acres (11.8 sq km's) encompassing Pulse's Nisku Reefs, the focus of Pulse's active Enhanced Oil Recovery ("EOR") program.
This 3D seismic data set is critical for asset optimisation and will become a critical component of the contract awarded recently to Schlumberger Canada Limited to complete all three phases of the Company's petrotechnical modelling of the Bigoray Nisku D and E Pools, prior to physical implementation of the EOR schemes.
Pulse's President and COO, Drew Cadenhead, commented, "Making this acquisition of existing 3D seismic, rather than acquiring new seismic, will result in substantial savings and, as previously mentioned, will allow Pulse to make the right parametric decisions in our EOR program. This is critical to maximizing the value of this project for our shareholders, making sure we have done all we can to ensure successful long-term maximum recovery of the proven oil in place within our Nisku oil pools."
About Pulse Oil Corp.
Pulse is a Canadian company incorporated under the Business Corporations Act (Alberta) and has plans to become a leading oil and gas company. Pulse has recently completed four transactions to consolidate its interests in the Bigoray area of Alberta, resulting in 100% control of Pulse's Bigoray operations that include two Nisku oil Pinnacle Reefs as well as 100% interests in producing assets in the Queenstown area of Alberta. 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, 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.
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 expectations related to the planned operations and anticipated results related to the Bigoray assets, including the anticipated timing to complete technical modelling and planned operations. 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. Statements in this press release containing forward-looking information include but are not limited to the Bigoray EOR project, its planned development and Pulse's operations. 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 EOR 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.
SOURCE Pulse Oil Corp.