CALGARY, Aug. 27, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announced today Pulse, via its contracted technical consultant announced on May 7, 2018, has completed Phase One of the Bigoray Enhanced Oil Recovery (EOR) Modelling Project. The purpose of the modelling project is to create a dynamic reservoir model of Pulse's two Bigoray Nisku reefs, incorporating all petrophysical log data, petrological core and drill-cuttings data, 2-D and 3-D seismic data, and all historical production and pressure data into a single dynamic model. The model can then simulate various development/solvent injection scenarios to ensure Pulse's team make the best decisions to maximize oil recovery from these well-established Devonian-aged oil reservoirs.
Phase One of the EOR modelling project included analysis and interpretation of the logs and petrophysical data associated with every well (15 wells) drilled within the Company's two Nisku pools, followed by analysis and interpretation of every core cut within the two pools (ten cores). The gathering of this data will play a key role in Phase Two of the project, where the petrological and petrophysical data will be incorporated into a pool architecture and structural model built from the Company's 2-D and 3-D seismic data base.
Pulse President and COO, Drew Cadenhead, commented, "Given our two pools have already proven themselves as established oil reservoirs associated with secondary water-flood schemes over their production history to date, we weren't surprised by the outcomes of Phase One of the study. However, what is surprising, and encouraging at the same time, is that pervasive matrix dolomitization has shown the existence of a tri-modal porosity system in these two reservoirs where matrix, vugular, and fracture porosity all play a role in the large amount of discovered petroleum initially in place ("PIIP") as we detailed in our January 2018 news release. The porosity/permeability cross plots compared favorably with off-setting pools where EOR implementation has resulted in recovery factors as high as 85% of PIIP. With just over 9 million barrels recovered to date after water flood on our two pools, combined with the continuing production we have today, we are encouraged by this Phase One data and the implications with respect to the remaining recoveries from our Nisku oil pools. By including miscible flood data from off-setting pools surrounding our Bigoray reservoirs into our study, we can ensure we not only use the best possible solvent scheme to maximise total recovery factors of the remaining oil, we also are excited about incorporating modern completion techniques not yet available to the off-setting analogues during those EOR schemes decades ago. By implementing adjustable single-well perforation interval selection, we hope to accelerate and maximise daily production of the incremental oil we are forecasting from our EOR program."
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% interests in the Bigoray area of Alberta, 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.
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 enhanced oil recovery program and maximizing oil production from Pulse's Bigoray Nisku reef pools. 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. 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 forecasts, 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.
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.
SOURCE Pulse Oil Corp.