VANCOUVER, British Columbia, June 09, 2022 (GLOBE NEWSWIRE) -- Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) is pleased to announce that the Company has filed its Q1 2022 unaudited interim financial statements and management discussion and analysis for the three month period ending March 31, 2022.
Quarterly Financials for March 31, 2022 (CDN$):
Some of the financial highlights of the quarterly results and comparable with the fourth quarter of 2021 and the comparable three month period last year are as follows:
| Description | March 31, 2022 | December 31, 2021 | March 31, 2021 |
| Gross Revenue | $1,632,981 | $1,425,309 | $359,480 |
| Net income | $819,896 | $721,363 | $231,470* |
| Cashflow from operations | $944,526 | $645,387 | ($146,870) |
Production details:
Oil (Bbl/d)
Gas (Mcf/d)
NGL (Bbl/d)
Total (Boe/d) |
165.3
454.7
20.7
261.8 |
188.1
482.4
19.5
287.9 |
24.5
461.8
11.7
113.2 |
Pricing details (CDN$):
Oil ($/Bbl)
Gas ($/Mcf)
NGL ($/Bbl) |
$113.18
$4.73
$32.88 |
$90.71
$4.11
$31.54 |
$67.98
$3.72
$30.96 |
* The March 31, 2021 net income amount includes a one-time gain on debt settlements of $308,171 that occurred during the quarter.
As noted in our 2021 year end news release, during the first quarter of 2022 Pulse conducted a variety of necessary workovers and/or scheduled maintenance to some of its producing Bigoray wells. As a result of this downtime Pulse averaged production for the quarter of 262 BOE/D with 71.1% of the production being oil and natural gas liquids.
During the month of May 2022, Pulse’s production averaged 243 BOE/D, with 70.8% of that production being oil and natural gas liquids (“NGL”) with expectations that gross revenue for the month of May totalling approximately $630,000 based on strong oil and gas prices at approximately $130 per barrel of oil and $7 per MCF of natural gas. Pulse’s management team expects average production for Q2 to be similar to the Q1 daily production average and growing to over 300 BOE/D for Q3.
Finally, Pulse is also pleased to announce that as of May 27, 2022 Pulse’s investment in reactivating certain pipelines has allowed Pulse to start selling natural gas from additional Bigoray wells, creating a new revenue stream that management feels will add approximately $30,000 of additional revenue per month starting this month.
Going forward, Pulse will be focussed on growing production, revenue and cash flow more materially once the Company begins the injection phase of the Bigoray EOR project. To achieve this important milestone, Pulse’s team is focussed on making continued progress on the project by advancing the engineering, continuing to secure and transporting the necessary infrastructure and to finalise acceptable terms of a solvent supply agreement; all of which are made possible by a strengthened balance sheet provided by Pulse’s supportive shareholders allowing the Company to close its $10,706,000 non-brokered private placement financing.
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 plans to institute 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 $2.23 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.
For further information contact:
Pulse Oil Corp.
Garth Johnson
CEO
604-306-4421
garth@pulseoilcorp.com
Drew Cadenhead
President and COO
604-909-1152
drew@pulseoilcorp.com