VANCOUVER – Pulse Oil Corp., (“Pulse” or the “Company”) (TSXV: PUL) is pleased to announce that the Company has filed its Q2 2022 unaudited interim financial statements and management discussion and analysis for the three month period ending June 30, 2022.
Quarterly Financials for June 30, 2022 (CDN$):
Some of the financial highlights of the second quarter results are provided as well as first quarter results of 2022 and the comparable results for the three month period last year are as follows:
| Description | June 30, 2022 | March 31, 2022 * | June 30, 2021 | |||||
| Gross Revenue | $1,585,097 | $1,632,981 | $527,552 | |||||
| Net income | $574,523 | $819,896 | $(157,853) | |||||
| Cashflow from operations | $(134,902) | $944,526 | $(27,548) | |||||
| Production details: Oil (Bbl/d) Gas (Mcf/d) NGL (Bbl/d) Total (Boe/d) |
149.1 423.3 24.8 244.4 |
165.3 454.7 20.7 261.8 |
38.6 559.2 29.4 161.2 |
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| Pricing details (CDN$): Oil ($/Bbl) Gas ($/Mcf) NGL ($/Bbl) |
$135.38 $6.72 $54.10 |
$113.18 $4.73 $32.88 |
$71.74 $3.06 $43.28 |
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Pulse had a productive quarter in Q2, which has extended into a busy and productive Q3 to date. Financial highlights above are close to managements expected results with the only difference being the Company experienced downtime and associated costs to fix that downtime on two Bigoray wells that have since been rectified. As a result Pulse averaged production for the quarter of 244 BOE/D with 71.1% of the production being oil and natural gas liquids.
During the third quarter and to August 21, 2022, Pulse’s production has averaged 284 BOE/D, with 65.9% of that production being oil and natural gas liquids (“NGL”) with expectations that gross revenue for the month of August will total approximately $585,000 based on current oil and gas prices that have trended downward lately at approximately $120 per barrel of oil and $3.50 per MCF of natural gas. Pulse’s management team expects average production for Q3 to be an increase to the Q2 daily production average and growing to approximately 300 BOE/D by the end of Q3.
Subsequent to Q2, Pulse has made a number of significant advancements on the Company’s primary project, the Bigoray Enhanced Oil Recovery (“EOR”) program. As contracts are officially signed and the Company moves forward on a number of critical steps in coming days and weeks, Pulse will provide further updates for all shareholders. At the same time as Pulse continues to advance the Bigoray EOR project, the team will continue to focus on stable production, revenue and cash flow which the Company expects to grow materially once the injection phase of the Bigoray EOR project begins.