CALGARY, Nov. 21, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) reported today the Company has recently received the highest oil price per barrel for its Bigoray crude oil since the Company acquired its first oil and gas interest in October 2016.
Pulse's most recent sales of crude oil the past two months, and accounting for 93% of the Company's liquid production, received CDN$79.23 per barrel and CDN$80.29 per barrel, respectively, for its light/medium 380 API oil produced into the 100% Pulse-owned pipeline infrastructure.
Recently, some of Canada's news services have quoted Western Canada Select ("WCS") prices, in addition to West Texas Intermediate ("WTI") quotes. These WCS price quotes represent a heavy blended crude oil, composed mostly of bitumen blended with sweet synthetic and condensate diluents and existing streams of both conventional and unconventional Alberta heavy crude oils. The WCS price quote does not represent oil prices related to the average light-medium conventional crude oil produced at Pulse's Bigoray operations.
Pulse President and COO Drew Cadenhead noted; "While restricted pipeline access within Canada has a negative impact on the heavy oil price (WCS) differential in Alberta, conventional light-medium grade crude oil prices are strong in this province. Pulse owns and operates 100% of our crude oil pipeline infrastructure associated with our Bigoray assets and with historical production reaching as high as 4,000 barrels per day of crude oil in the past. As we pursue our Enhanced Oil Recovery ("EOR") project, we forecast, as do our independent reserve evaluators, a continuing strong price for this premium quality crude oil for the next few years."
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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, that include two Nisku oil Pinnacle Reefs as well as 100% interests in producing assets in the Bigoray 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 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 oil prices, 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, Pulse's Queenstown drilling and costs associated with all operations. 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 oil prices and 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 oil prices and 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.