In what some energy investors have recently called the “worst capital market for oil they’ve ever seen”, Pulse just completed an $11.3 million funding at a 75% premium to Pulse’s first public financing in June of 2017. For those that know Pulse’s executives, “Perseverance Pays Off” is a common saying.
And speaking of perseverance, oil prices are in the news and there are some pretty scary headlines, especially if you are producing heavy oil which is priced based on the Western Canada Select (“WCS”) benchmark and currently suffers from massive discounts when compared to the better known benchmark, West Texas Intermediate (“WTI”).
Luckily for Pulse, our oil prices at Bigoray are based on WTI, and although we do have some minor discounting, we also have low operating costs and our oil prices remain strong. Our last two months of oil sales, accounting for 93% of the Company’s liquid production, received CDN$79.23 per barrel and CDN$80.29 per barrel, respectively, for its light/medium 380API oil produced into the 100% Pulse-owned pipeline infrastructure. The bean counters like these numbers for sure and our technical team is excited to get the green light to drill some oil wells with these great economics!
Pulse CEO, Garth Johnson, commented; “We started Pulse with a business plan to stay away from heavy oil and oil sand opportunities as we felt the costs to produce were too high and oil prices were too volatile and that could put a company at risk, so we wanted to buy assets that allowed us a chance to make a profit, even if oil prices dropped to $30 per barrel. With operating costs at Pulse averaging approximately $15 per BOE, we are consistently profitable, just over a year after going public and with our fully funded plan to increase oil production through our exciting EOR and Queenstown drilling program.
Queenstown is coming soon, just a few more sleeps…….”
To learn more about Pulse Oil Corp., please visit www.pulseoilcorp.comand please read Pulse’s “Reader Advisory” related to forward-looking information within the meaning of applicable securities law athttp://www.pulseoilcorp.com/disclaimer/.