Pulse Oil Announces Operational Results and Imminent Start of Drilling

CALGARY, Alberta, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (the “Company” or “Pulse”) (TSXV: PUL) reports the completion of Pulse’s first operation since the close of its Rights Offering.

Workover update:

The Company is pleased to announce that the workover and stimulation of Pulse’s 100% owned 5-09 well, located in Pulse’s Bigoray Nisku E pool has resulted in new oil and gas production. The well has been producing for fourteen days and as of the date of this news release, the well is producing approximately 200 barrels of oil per day plus a small amount of natural gas. Pulse is happy with these results and will continue to advance our 2024 work program that our recently completed Rights Offering has allowed us to do.

Drilling Update:

Pulse is also happy to announce that drilling within Pulse’s 100% owned Bigoray Nisku D pool is anticipated to begin on February 19, 2024. Pulse intends to drill the well to a total depth of 2,686 meters over an anticipated timeline of twelve days.

The well is being drilled to accomplish a number of goals.

1. Grow near-term production and cashflow upon completion of drilling; and
2. Increase the efficiency of Pulse’s EOR program by adding an ideally located production well in which to produce from; and
3. Materially increase production rates and ultimate reserve recovery from the EOR program within the Nisku D pool.
   

Pulse Oil Corp CEO, Garth Johnson, commented, “We are really happy with the workover results and we expect this new oil and gas production to payback the roughly $575,000 in capital costs invested in approximately 45 days which is quicker than we anticipated when planning the program. The purpose of our recent financing and the resultant operational plan for 2024 is to increase near term production, cashflow and reserves that will continue to fund our Bigoray enhanced oil recovery project that we feel will materially increase ultimate reserve recovery at Bigoray while also enhancing the efficiency of increased production rates that we expect from the EOR. We anticipate the drilling of our new well that should spud in the next few days will continue to achieve our goals.”