CALGARY, Nov. 2, 2017 /PRNewswire/ – Pulse Oil Corp. (“Pulse” or the “Company”) (TSX-V: PUL) announces that Pulse has completed its two transactions previously reported on October 16, 2017 to consolidate its interests in the Bigoray area of Alberta, resulting in 100% control of Pulse’s Bigoray operations.
The transactions secure Pulse’s interest in two strategic Nisku oil pools, providing substantial upside to Pulse through the addition of new reserves, restarting of existing behind-pipe production and providing Pulse the opportunity to implement a low-risk Enhanced Oil Recovery (“EOR”) project to increase recovery factors of the petroleum initially in place (“PIIP”) from approximately 35% currently and potentially up to 80%.
Importantly to Pulse, years of production on these Bigoray discoveries and approximately 50 others in the near vicinity have provided Pulse’s team significant production history and confirmation that these enhanced oil recovery techniques work and have resulted in an average recovery factor of 80%.
Operational Outlook: Restarting of Existing Behind Pipe Production to Commence Production Growth Plans at Bigoray
Pulse’s immediate plans to grow production from well reactivations at Bigoray are in place and can be funded through current working capital and cash flow. Prior to Pulse’s agreement to consolidate the Bigoray assets, Pulse and its joint venture partner invested approximately $450,000 in work to prepare pipelines and facilities in anticipation of restarting production. With full control of the planning and pace of operations, Pulse will start to bring production from the Bigoray area back online in November.
Drew Cadenhead, Pulse President and COO commented, “Operationally speaking, we are excited to take control of these neglected assets at Bigoray. Our first step will be to immediately bring back on production that was shut in 3 years ago during historical low commodity prices. As a proven low-cost operator with no debt, Pulse’s team is ready to implement the same operational acumen we demonstrated in our previous successes – this is what we do, capture strategic assets, unlock the bigger picture upside and increase value for shareholders. By bringing on immediate cash flow from the restarting of existing behind pipe production, we can begin to fund our EOR plan in the Nisku D and E pools, a low-risk operation with tremendous upside for a company our size.”
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 will 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.