CALGARY, Alberta, May 30, 2024 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (the “Company” or “Pulse”) (TSXV: PUL) reports that Pulse has received approval from the Alberta Energy Regulator (“AER”) on two applications related to the Enhanced Oil Recovery (“EOR”) program.
Pulse is pleased to announce that the Company was granted approval from the AER to amend the original EOR plan that was approved in November 2022 and is currently underway in the Nisku D pool and also to begin a water-flood injection program into a small section of the reservoir referred to by Pulse management as the “14-04 Pod” or “Pod”. After significant technical analysis the 14-04 Pod is clearly shown as a separate section within the larger reservoir that is currently being solvent flooded. The Pod has had numerous technical confirmations that identified this Pod as not having benefitted previously from the water-flooding program that has been completed over previous years. Pulse started the water-flood of the Pod on May 28, 2024, with the goal of pressuring the Pod up and then drilling a separate producer well at a later date, within the Pod. Following the water-flood, the 14-04 well will then be used to inject solvent into the Pod, similarly to what is being conducted on the rest of the reservoir.
As announced previously Pulse is happy that solvent has been technically confirmed to be moving through the D pool as planned and is showing that the EOR program is working based on independent lab analysis of the oil and gas being produced. Pulse reported that the results of the testing have shown that the API gravity of the produced oil has improved from approximately 36 to 42 due to the miscibility of solvent with the oil within the pool. In addition, independent analysis of the liquids produced from the most recently drilled well has shown that approximately 10% is from the injected solvent from the EOR program being emulsified with the Nisku oil, further supporting the progress of the EOR through the pool.
In other news, Pulse also announces that effective May 29, 2024, Dr Douglas Ellenor has tendered his resignation from the Board of Directors of Pulse Oil Corp. as Dr. Ellenor is retiring.
Pulse CEO, Garth Johnson, commented, “We are pleased with the progress we are making and the addition of the water-flood opportunity in the 14-04 Pod is a cost-effective way that we believe, based on the technical modelling done to date, will increase oil production once the Pod is fully pressured up. We will use water produced from our other wells at Bigoray and inject it into the Pod. Other than setting up the 14-04 well for injection and setting up the injection equipment at surface that’s already been completed, there is little cost to Pulse to get the water injecting consistently. Finally, I would like to thank Dr. Doug Ellenor for all his time, guidance and professionalism throughout the years. I’ve known Doug a long time and although its sad to see him leave Pulse, we wish him the best in retirement.”
About Pulse:
Pulse is a Canadian company incorporated under the Business Corporations Act (Alberta) that is primarily focused on a 100% Working Interest Enhanced Oil Project Located in West Central Alberta, Canada. The project includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years.
The Company has instituted a proven recovery methodology (NGL solvent injection) to further enhance the ultimate oil recovery from these two proven pools. With under 10 million barrels of oil recovered to date, and representing approximately 30% recovery factor from the pools, Pulse is moving forward to execute the EOR project and unlock significant value for shareholders. Pulse’s total reclamation liabilities are just $2.96 million which, when compared to many peers in the industry in Western Canada, are very low.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In this news release, such statements include but are not limited to the water injection operations within the 14-04 Pod, the continuing solvent injection into the rest of the Nisku D pool, conditions facing Pulse at the time of planned expenditure and in advancing and optimizing the Bigoray EOR project, conducting operations on time and on budget and growing reserves, resources, production, revenue and cash flow anticipated from these operations. This also applies to Pulse’s injection rates, production rates, its oil and gas resources and the Bigoray EOR to continue to make positive progress. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information.
This forward-looking information reflects Pulse’s current beliefs and is based on information currently available to Pulse and on assumptions Pulse believes are reasonable. These assumptions include, but are not limited to, injection rates, production rates, anticipated EOR results, conditions facing Pulse at the current time and in advancing and optimizing the Bigoray EOR project, conducting operations on time and on budget and growing reserves, resources, production, revenue and cash flow anticipated from these operations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pulse to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, commodity prices, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; consistent production and cash flow from current operations, the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Pulse; the timing and availability of external financing on acceptable terms; and loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Pulse’s disclosure documents on the SEDAR website at www.sedar.com. Although Pulse has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Pulse as of the date of this news release and, accordingly, is subject to change after such date. However, Pulse expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
