Vancouver, British Columbia – Pulse Oil Corp., (“Pulse” or the “Company”) (TSXV: PUL) is pleased to announce that the Company has filed its Q3 2022 unaudited interim financial statements and management discussion and analysis for the three-month period ending September 30, 2022.
Quarterly Financials for September 30, 2022 (CDN$):
Some of the financial highlights of the third quarter results are provided as well as second quarter results of 2022 and the comparable results for the three-month period last year are as follows:
|Description||Sept 30, 2022||June 30, 2022 *||Sept 30, 2021|
|Cashflow from operations||$797,649||$(134,901)||$482,841|
Pricing details (CDN$):
Pulse had another productive quarter in Q3 and in Q4 to date at its 100% owned Bigoray asset, preparing to begin injecting solvent into the Nisku D pinnacle reef, with an expectation that the program will be underway in Q4.
Financial highlights above are relatively consistent with Q2 with a few exceptions where certain operational costs were slightly higher than anticipated, while capital items related to the Bigoray Enhanced Oil Recovery (“EOR”) program have tracked at or below budget to date.
Pulse has experienced downtime at its Queenstown assets during the 3rd and 4th quarter due to maintenance requirements that have taken much longer to rectify than the third party operator had expected. Pulse believes that Queenstown will be back producing late in December 2022. As a result of the above Pulse averaged production for the quarter of 259.8 BOE/D with 64% of the production being oil and natural gas liquids.
During the fourth quarter and to November 26, 2022, Pulse’s production has averaged 229.5 BOE/D, with 74% of that production being oil and natural gas liquids (“NGL”) with expectations that gross revenue for the month of November will total approximately $430,000 based on current oil and gas prices that have trended downward lately at approximately $108 per barrel of oil and $5.47 per MCF of natural gas. Pulse’s management team expects average production for Q4 to be steady with Q3 reported production as one solid producer for Pulse has been converted from a producing oil well, to an injection well for the EOR program as previously announced.
Subsequent to Q3, Pulse has continued to make a number of significant advancements on the Company’s primary project, the Bigoray EOR program. Construction at the Bigoray EOR facility site nears completion, solvent contracts have been signed and solvent delivery to site storage tanks is expected to happen shortly in preparation for solvent injection to begin in December. Pulse will provide further updates for all shareholders as more developments are made toward commissioning Pulse’s facility and injection assets, which Management believes will be the final step to begin injection in order to grow production, revenue and cash flow materially as planned.