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.