CALGARY, Dec. 11, 2017 /CNW/ – Pulse Oil Corp. (“Pulse” or the “Company”) (TSX-V: PUL) announces the Pulse team has begun the process of re-establishing shut-in production from Pulse’s recently acquired strategic Bigoray area assets (Pulse 100% Working Interest).
Current daily production for Pulse has increased from approximately 70 BOE/D to more than 300 BOE/d (84% oil) with the initiation of Pulse’s planned reactivation program. Pulse expects these mature, long-life wells to further stabilize and settle in after initial flush production at rates of approximately 250 BOE/d.
Pulse’s experienced operating team will continue to safely and methodically implement additional production reactivation opportunities associated with these 100% controlled assets, with plans to reactivate another five to seven wells at Pulse’s Bigoray and Queenstown properties over the coming weeks.
Pulse also announces that it has completed, subject to Alberta Energy Regulatory approval, the acquisition of all PNG rights in 160 acres of Bigoray land immediately adjacent to Pulse’s 100% owned Bigoray Nisku D Enhanced Oil Recovery (“EOR”) project, which strategically locks up key acreage for Pulse to pursue further upside within the EOR program. The acquisition, from an arms-length private Alberta company, was funded using working capital provided by Pulse’s growing operational cash flow.
Drew Cadenhead, Pulse President and COO commented; “The first phase of re-establishing shut-in production from our Bigoray assets has started strongly. A relatively simple workover of a poorly performing NGL-rich gas well, followed by a re-activation of another pumping oil well that has been shut in for over 3 years, has provided Pulse with additional BOE’s/d and cash-flow. For a start-up like Pulse, this early success creates growing cash-flow, and in a company with zero debt, cash flow provides Pulse the means to bring further production on from our ongoing well reactivation program in the field. Our business plan has well and truly started, and we look forward to further growth and unlocking value for our shareholders.”
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 has recently completed three transactions to consolidate its interests in the Bigoray area of Alberta, resulting in 100% control of Pulse’s Bigoray operations that include two Nisku oil Pinnacle Reefs. 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 and Nisku trends in Western Canada. 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.