CALGARY, May 7, 2018 /CNW/ – Pulse Oil Corp. (“Pulse” or the “Company”) (TSX-V: PUL and PUL.WT) announced today that Schlumberger, one of the world's leading providers of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, has been awarded the contracts to complete all three phases of the Company's petrotechnical modelling of the Bigoray Nisku D and E Pools, prior to physical implementation of the EOR schemes. Schlumberger has been awarded the contracts to complete three projects required for a successful EOR project:
- Geological Study
- Geological and Geophysical Modelling
- Reservoir Simulation
The end result of this work will provide Pulse with a dynamic reservoir model, using the full-field model built from the initial development plan, integrated with the latest data acquired from surface 3-D seismic, single well logs, core data and inter-well data. Importantly, the application of all of the reservoir data, coupled with detailed production history, will allow Pulse's team to make the best decisions related to the EOR projects.
Pulse President, Drew Cadenhead, commented, “Making the right parametric decisions regarding a chosen EOR program is critical to maximizing the value of this project for our shareholders. We are excited to award Schlumberger these three phases of the critical modelling work, as their unique combination of multi-domain expertise, proprietary technologies and software gives Pulse confidence we have done all we can to ensure a successful long-term maximum recovery from these proven pools. And with the range of projected results we reported on January 9, 2018, making the right decisions now gives us confidence that we can recover significant amounts of oil from these Nisku pools.”
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 four 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 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 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.
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 related to the planned operations and anticipated results related to the Bigoray assets, including the anticipated timing to complete technical modelling and planned 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 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 EOR project, its 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 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.
SOURCE Pulse Oil Corp.
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