Pulse Oil Corp. Announces Successful Queenstown Production and Increasing Cashflow

Source Press Release
Company Pulse Oil Corp. 
Tags Production/Development, Upstream Activities, Strategy - Upstream
Date May 22, 2019

Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) is pleased to announce an operational update on successful production results from Pulse's Queenstown assets located in Southern Alberta.

Queenstown Results Exceed Expectations

As part of Pulse's light-oil drilling campaign these first two Queenstownwells targeted Pulse's newly defined 3-D seismic lithic sandstone channels, which are the highest quality reservoirs within the Mannville Channel play.  These first two wells have initial combined test rates of over 1,350 boe/d, (79% total fluids), with oil cuts presently 48% oil and rising daily as total load fluid used in well completion stimulation operations is produced out of the wells.

Pulse's production team is continuing to monitor these two wells and the short-term production rates achieved to date, in order to optimize the wells for long-term production. These results to date have encouraged Pulse's management team to initiate plans for an additional, multi-well drilling program at Queenstown in coming months; details will be announced upon completion of well planning and board approval.

Bigoray Results Coming Shortly

Pulse is also happy to report that testing operations at Bigoray are proceeding. Both of these new oil wells, that will become injectors in the future for Pulse's enhanced oil recovery project at Bigoray, are expected to be placed on production shortly. At current, both wells have been perforated and swab testing is underway. Pulse expects to announce the results of the initial swab/flow testing program shortly.

Drew Cadenhead, Pulse President and COO, commented, "We are very excited about these production rates at Queenstown announced today. Not only will this strong new production increase cash flow immediately for Pulse, we are encouraged enough to initiate another, larger drillingcampaign at Queenstown to add even more production and cash flow in the coming months. I would like to congratulate our operations team for their perseverance drilling in the heart of winter and continuing through spring break-up. Extreme cold followed immediately by flood conditions challenged our team, but we are proud to say all Queenstown operations were completed on budget and without a single HSE incident. At current rates, the combined production has exceeded management's expectations and Pulse is preparing a plan to continue its successful Queenstown drilling activity in coming months."  

The Company cautions that the short-term test rates disclosed in this news release are preliminary in nature and may not be indicative of stabilized on-stream production rates or of future product types.  The test results are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery.  In addition, total fluid recovery rates during testing includes recovery of load fluids used in well completion stimulation operations.  Actual results will differ from those realized during testing, and the difference may be material.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd