(Hint……. the answer is drill!!)
Despite recent negative press relating to low heavy oil prices in Alberta, on December 6th Pulse announced that the drill bit has started turning for us at Queenstown, officially marking the “spud” of Pulse’s first new wells as a company! The medium-light quality oil targeted at Queenstown is much higher quality than the oft-quoted WCS heavy oil, in fact, we averaged over CDN$70/bbl for our oil at Queenstown last quarter. The plan is to drill two wells back-to-back from a single surface location before the end of the year. Both wells will be drilled down to a true vertical depth of about 1400m, then turn horizontal and continue on for another 1400-1600m; one well (12-9) heading horizontally to the SW – the other (16-15) heading NE.
We’ve used a new technical interpretation on our 3-D seismic to try and identify the absolute best quality reservoir rock for our entire horizontal sections. If we have a mile of primo horizontal reservoir rock, then give it a high-density multistage frac treatment like the figure below, we have high hopes for maximum oil rates.
Our PULSE is increasing, along with oil prices – we can’t wait to see the results! Of course, there’s never any guarantee in the “oil biz” and Pulse’s experienced team knows that. But our plan has always been to take as little risk as possible, and these wells have a good “oil address”! Our technical guys are among the most experienced there is in this area – and they are pumped over these locations – time to “get at it!”
Although it all happens quickly, that’s a lot of muscle out in the field!
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/.