CALGARY, June 4, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announced today that the Company has completed a geotechnical evaluation of 3-dimensional seismic data covering 24 sections (15,360-acres) of land centred on Pulse's light oil-prone Queenstown acreage in South Central Alberta.
This 3D seismic data set is critical for asset optimisation and Pulse's advanced Amplitude vs. Offset (AVO) work has now tied accurately the seismic data to the "sweet spots" in its existing horizontal wells. The geotechnical study has led to the identification of eight further development locations, all targeting the highest porosity and permeability sections of the light oil-prone Glauconite Lithic Channel trend previously discovered on Pulse's land.
Pulse President, Drew Cadenhead, commented, "This advanced geophysical work has given us more confidence in our ability to target the absolute best locations for our upcoming horizontal development drilling program. Previously, our best well in the area initially produced ("IP'd") at over 400 BOE/d, whereas some of the more average wells that were not drilled in the sweet spots we have now identified IP'd at around 100 BOE/d. Obviously our plan will be to target the potentially highest producing zones, and this new work gives us greater confidence we can do just that. We expect to be initiating this drilling program later in the year, and we look forward to the potential new production and associated cash flow".
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 owns 100% interest in the Bigoray area assets of Alberta, resulting Pulse planning and executing on a reactivation and enhanced oil recovery operations focused on two Nisku oil Pinnacle Reefs. In addition Pulse owns 100% interests in producing assets in the Queenstown area of Alberta that have significant growth potential through development drilling. 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.
To register to receive interesting updates and/or press releases from Pulse Oil, please sign-up at: http://www.pulseoilcorp.com/contact.
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 Queenstown assets, including the results from the new technical modelling, AVO work.
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 Queenstown assets, 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, drilling success, the assumptions underlying production capabilities of wells, 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.
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.
SOURCE Pulse Oil Corp.