CALGARY, Feb. 19, 2019 /CNW/ – Pulse Oil Corp. (“Pulse” or the “Company”) (TSX-V: PUL and PUL.WT) is happy to announce that the Company intends to drill two new wells within the Bigoray EOR acreage in February and March 2019.
Pulse’s independent geotechnical modelling, as announced on January 30, 2019, has unexpectedly increased the initial amount of estimated discovered petroleum in place (DPIIP) (effective date of December 6, 2017) by 43.9%. The EOR modelling project is crucial for long-term execution of Pulse’s Bigoray enhanced oil recovery (“EOR”) program and as part of the geotechnical modelling, a new 3-D seismic interpretation has defined large areas of potentially untapped reservoir associated with Pulse’s two pools. Two low-risk development opportunities targeting these newly identified oil reservoir areas have now been approved for drilling prior to Alberta winter break-up.
Pulse’s budget for its EOR program had always included drilling two injection wells but hadn’t expected these planned injection wells could also provide near-term production potential, new cash flow and early reserve booking for Pulse.
Pulse President, Drew Cadenhead, commented: “Based on the exciting results of our geotechnical modelling project that has materially increased the estimated DPIIP contained within the Bigoray EOR boundaries, we will be drilling two new wells at Bigoray, one into the Nisku D pool and one into Nisku E. We were planning on drilling new optimally placed injection wells into each pool anyway, and with this new technical data we are excited to tap into previously unrecognised and undrained areas of these light oil reservoirs. We anticipate that these two new wells will give us the added benefit of immediate flush production, cash flow and new reserve bookings from virgin areas within our pools while all permanent EOR facilities and pipelines are being completed. Once complete, we will convert these two new wells to solvent injector wells and continue the formal Enhanced Oil Recovery phase of our business plan.”
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, which includes two Nisku oil Pinnacle Reefs as well as 100% interests in producing assets. 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.