CALGARY, Feb. 19, 2019 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) is happy to announce that the Company intends to drill two new wells within the Bigoray EOR acreage in February and March 2019.
Pulse's independent geotechnical modelling, as announced on January 30, 2019, has unexpectedly increased the initial amount of estimated discovered petroleum in place (DPIIP) (effective date of December 6, 2017) by 43.9%. The EOR modelling project is crucial for long-term execution of Pulse's Bigoray enhanced oil recovery ("EOR") program and as part of the geotechnical modelling, a new 3-D seismic interpretation has defined large areas of potentially untapped reservoir associated with Pulse's two pools. Two low-risk development opportunities targeting these newly identified oil reservoir areas have now been approved for drilling prior to Alberta winter break-up.
Pulse's budget for its EOR program had always included drilling two injection wells but hadn't expected these planned injection wells could also provide near-term production potential, new cash flow and early reserve booking for Pulse.
Pulse President, Drew Cadenhead, commented: "Based on the exciting results of our geotechnical modelling project that has materially increased the estimated DPIIP contained within the Bigoray EOR boundaries, we will be drilling two new wells at Bigoray, one into the Nisku D pool and one into Nisku E. We were planning on drilling new optimally placed injection wells into each pool anyway, and with this new technical data we are excited to tap into previously unrecognised and undrained areas of these light oil reservoirs. We anticipate that these two new wells will give us the added benefit of immediate flush production, cash flow and new reserve bookings from virgin areas within our pools while all permanent EOR facilities and pipelines are being completed. Once complete, we will convert these two new wells to solvent injector wells and continue the formal Enhanced Oil Recovery phase of our business plan."
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.
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 drilling, production and facilities related to the Bigoray assets of Pulse Oil. In addition such statement also include without limitation, statements pertaining to the expected Bigoray EOR project and its planned development.
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.
Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total Resources" is equivalent to "Total Petroleum Initially In-Place". Resources are classified in the following categories:
Total Petroleum Initially In-Place ("TPIIP") is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.
Discovered Petroleum Initially In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP includes production, reserves, and Contingent Resources; the remainder is unrecoverable.
SOURCE Pulse Oil Corp.