Calgary, Alberta, November 28, 2018, Pulse Oil Corp. (“Pulse” or the “Company”) (TSX-V: PUL and PUL.WT) announced today that Pulse and its contracted technical consultants have completed Phase Two of the Bigoray Enhanced Oil Recovery (EOR) Modelling Project. Phase 2 incorporated the geological and petrophysical analysis completed in Phase 1 into apool architecture and structural model. The Company’s 3-D seismic data base was incorporated into the model, the first time modern 3-D seismic data has been involved in these pool evaluations. This detailed delineation of the pool boundaries has provided a positive alternate interpretation to those evaluations undertaken previously by the Alberta Energy Regulator and by Pulse’s independent resource assessment (the “Resource Assessment”) of the Company’s Nisku Enhanced Oil Recovery (“EOR”) project in the Bigoray area of Alberta (“Bigoray”) previously news released on January 9, 2018.
Phase 3 has now started and consists of a dynamic model being used to history match existing data and run sensitivity cases simulating various development and solvent injection scenarios. This final Phase 3 work is scheduled for completion before year-end and will ensure Pulse’s team make the best decisions to maximize oil recovery from these well-established Devonian-aged oil reservoirs.
Pulse President and COO, Drew Cadenhead, commented, “We are very happy with the results of our EOR project to date, in particular the Phase 2 structural interpretation of our reservoirs. Our 3-D data sheds far more detailed light on what these two pinnacle reefs look like 2 km under the surface of central Alberta and give us a new positive interpretation on some of the assumptions we have been making from past work. This is why we are going through this detailed project before implementing the physical injection scheme of the EOR. Identifying the optimal type of miscible product to use in our injection scheme as well as the optimal location of our production and injection wells will ensure we maximise the recovery factor of the remaining oil in our pools.”
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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
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 Pulse’s expectations related to the enhanced oil recovery program, DPIIP and maximizing oil production from Pulse’s Bigoray Nisku reef pools. 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. 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 forecasts, 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 EOR 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.
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