Calgary, Alberta, January 2, 2019, Pulse Oil Corp. (“Pulse” or the “Company”) (TSX-V: PUL and PUL.WT) announces that on December 27th, 2018, drilling of Pulse’s second exploration well, PUL HZ QUEENSTN 12-9-19-21 W4 (“12-9”), reached a total measured depth, as planned, of 2957m (TVD 1389m), including 1237m of lateral section within a highly porous Mannville-aged Lithic sandstone channel. The 12-9 well was Pulse’s second well successfully targeting a new 3-D seismic interpretation intended to focus on the highest porosity / permeability lithic deposits within the Mannville channel trend in the Queenstown area of Southern Alberta.
This second Pulse well took just seven days to complete drilling operations, well ahead of the forecasted drilling curve and budget. Wellsite drill cuttings examination estimated that over 94% of the lateral section was comprised of good to very good reservoir rock, with porosities estimated up to 18% and averaging over 12%. High gas readings and visible oil staining were encountered throughout the entire lateral section. The Nabors #28 drilling rig was immediately released and multi-stage frac operations were completed on both wells as planned December 28th-29th. The wells are expected to be completed and tested in January with new production established immediately in 1stQuarter 2019.
Pulse President, Drew Cadenhead, commented “Our second well in this Queenstown program looks like another good one based on the data we have accumulated while drilling. We have drilled over 1200m of horizontal section through very high quality reservoir rock. Our gas readings were very encouraging throughout the lateral drilling and visible oil staining and petroliferous odours were noted the entire length of the lateral section. Our new seismic interpretation has definitely put us into the high porosity lithic sandstone section we were hoping for. We have eight more locations identified in this newly discovered trend, we’re excited to complete and test these first two wells and be able to get on with the rest of the program.”
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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, 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.
Pulse Oil Corp.
Garth Johnson, CEO
Phone: (604) 306-4421
Drew Cadenhead, President and COO
Phone: (403) 714-2336
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 the expected completion date of Pulse’s multi-stage frac operations in the Queenstown area of Southern Alberta, the expected timing of the completion and testing of the wells and the expected timing of the establishment of new production.
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. 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 drilling 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.