CALGARY, April 23, 2019 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) is happy to report that the first well of a two well drilling program successfully reached total depth in its first Bigoray well, located in central Alberta and Pulse is currently drilling the second well within Pulse's Bigoray assets. Pulse holds a 100% working interest in and operates the Bigoray assets.
Pulse's first well at Bigoray, targeting newly defined undrained attic areas of Pulse's Nisku D pinnacle reef, encountered in excess of 50 meters of oil pay, as interpreted by independent third party petrophysical evaluators. The well was drilled to a total depth of 2,750 meters and has been successfully cased, now awaiting testing operations which will follow the drilling of the second well currently being spudded from the same pad. The second well has a similar objective, but into the Nisku E pinnacle reef.
Pulse is drilling these back-to-back wells from a drilling pad that will also become the site of Pulse' centrally located enhanced oil recovery (EOR) facility. If both wells are successful as anticipated, Pulse expects the Bigoray well completion program and tie-in infrastructure to be finished shortly thereafter and Pulse expects to establish new Bigoray production in Q2 of the 2019 fiscal year.
Pulse is also happy to report that permanent production is now underway in the Queenstown area of southern Alberta from the two new wells drilled in December 2018. Brief post-frac production testing of the wells gave the Company confidence to proceed to permanent production facility construction, including wellsite group and individual well testing facilities, and approximately two kilometres of pipeline installation to a nearby production facility.
Drew Cadenhead, Pulse President and COO, commented:
"It's been a busy and successful few months for our operational team; we have made great progress at both of our 100% owned oil producing assets. Our two new Queenstown wells are now on permanent production through our newly built facilities, and we expect to report stabilised production rates within a few weeks. We have also successfully drilled our first of two Bigoray wells and have now spudded the second well. From a technical perspective, the first well checks all the boxes we were hoping to see, including apparent undrained attic oil from these 3-D defined "high-points" in our pools, over 50 meters of oil pay logged within the Nisku zone, and a complete penetration of the entire reef complex critical to future EOR operations. We look forward to the Bigoray testing program, currently expected to begin in late April or early May after we finish drilling the second well."
About Pulse Oil Corp.
Pulse is a debt-free, Canadian company incorporated under the Business Corporations Act (Alberta) that is focused on methodically, safely, yet aggressively making progress to increase production and reserves in the Queenstown and Bigoray acreages it holds 100% interests in. In addition, Pulse is advancing its Bigoray EOR program and new drilling efforts 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 in the Queenstown area of southern Alberta. Pulse is moving forward to grow production and execute an EOR 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 potentially 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 EOR 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", "potentially" 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 Bigoray and Queenstown operations currently underway, including drilling plans and results, production testing, anticipated oil pay, well completion, anticipated future production, and facilities related to the assets of Pulse Oil. In addition such statements 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: drilling results that deviate from management's current expectations; delays in the Company's drilling activities and tie-in of infrastructure; 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.
SOURCE Pulse Oil Corp.