It feels like Pulse has been around a long time based on what’s been accomplished so far but in reality, Pulse has been in business a very short time.
Here’s a brief look back into the history on the development of Pulse during what some have called “the worst capital market for oil they’ve ever seen”!
Just think what Pulse will do in a good market!
COMPLETED TO DATE:
One door closes, another one opens. Garth and Drew choose to close the door on their time at TAG Oil on their own terms, energized by the opportunity to build something new (after taking some time off to recharge the batteries to full).
- Hydrate Resource Corp. (“HRC”) gets underway as a private co. funded by Garth, Drew, friends and family, to look at international business opportunities, as well as those closer to home during a time when oil prices are approaching new lows.
- Mid-2016 HRC completes a deal to buy 50% of its Bigoray assets for cash and for funding future work commitments.
The year of fear! Oil prices down and market stability is unknown!
- March, Pulse completes an RTO of Wolfpack Capital Corp., changing the name to Pulse Oil Corp. and joining the TSX-V as “PUL”.
- HRC changes its name to Pulse Oil Operating Corp., becoming a 100% owned subsidiary of Pulse Oil Corp.
- June, Pulse completes its first public funding, raising $4.8 million during times of substantial volatility in the oil and gas industry and dropping oil prices.
- Pulse immediately acquires 100% of its Queenstown oil and gas assets and increases our small but growing production base in doing so.
- November, Pulse acquires 100% of its Bigoray assets.
- December, Pulse reactivates its first Bigoray oil well with good results adding to light oil production.
Thanks 2017 that was a good start!
- Pulse’s confidence is boosted at Bigoray after receiving results of an independent assessment of it’s Bigoray EOR opportunity. It’s real!
- April Pulse announces a 287% increase in 1p reserves and 328% increase in 2p reserves.
- October, Pulse announces an intention to raise $5.5 million in equity financing.
- Pulse upsizes the deal to $11 million.
- November, Pulse closes an $11.3 million gross equity financing.
- December, Pulse completes drilling and casing of two 100% owned Queenstown HZ multi-stage fracced wells successfully with very encouraging result during drilling and short-term testing.
Thanks 2018, that was a tough market to raise money in but wow, that was fun (or should we say funded!)!
Pulse announces that Queenstown results are encouraging and decides to immediately fund facilities and pipeline projects for long-term production.
- Initiate production at new Queenstown wells in March.
- Drill two exciting new wells at Bigoray with new anticipated production in Q2 2019.
- Announce new reserve report and financials in May that show growth and profitable operations in Pulse’s FIRST full year as a public company.
- Fund the Bigoray EOR and begin injecting miscible product.
- Continued drilling at Queenstown planned.
- New acquisitions? You never know!
2019, we have lots of high expectations and goals to achieve, let’s keep at it and bring home the early results! Looking forward to 2020 when we plan to have the Bigoray EOR fully cash-flowing and who knows, possibly a bunch more Queenstown wells drilled as well.