CALGARY, Dec.10, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announces Pulse's first horizontal drilling program is now underway.
The first well was spudded on December 7, 2018 and is expected to be drilled and ready for completion within the next 10 days, followed by a second well from the same surface location. Both wells are expected to be completed and tested in January once the drilling rig has moved off site and, if successful, new production will be established immediately in the 1st Quarter of 2019.
Each Queenstown well will be drilled to a true vertical depth of approximately 1,400 meters with additional horizontal sections of approximately 1,300 and 1,700 meters in length respectively. Upon commercial success, Pulse will have a strong inventory of additional drilling locations to expand its drilling program in 2019.
Pulse CEO, Garth Johnson, commented "We are very excited to be drilling our first light oil wells at Pulse. Since our inception last year, we have followed a strict business plan allowing us to acquire assets at opportunistic prices, take advantage of the challenging times in the oil and gas service industry to economically re-activate shut-in wells once oil prices began recovery, and now we begin a light oil reserve and production growth strategy which includes these low risk drilling opportunities at Queenstown. Pulse has a strong balance sheet; no debt and our profits are increasing as we follow our plan. We are in a good position to carefully invest capital into our assets and grow their value at a time when light Alberta oil prices remain near par with WTI pricing, despite the heavy oil (WCS) transportation issues and resultant low prices featured heavily in the media lately. Our realized October oil price was CDN $79/bbl, and while political interjection steals the headlines over heavy crude prices in Alberta, we are quietly achieving internal revenue goals each quarter."
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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 Pulse's expectations to achieve regulatory approval relating to the well reactivations as well as the planned operations and anticipated results related to the Bigoray assets, including the anticipated timing to reactivate the wells and Pulse's Queenstown drilling. 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 or Queenstown projects, their 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 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.