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Pulse Oil Corp V.PUL

Pulse Oil Corp. is a Canada-based oil and gas exploration company. The Company is primarily focused on the implementation of a solvent flood enhanced oil recovery (EOR) project on two Nisku Pinnacle reefs at its 100% owned Bigoray property in west Central Alberta. The project includes two Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years. The Company's 100% owned and operated Bigoray Assets consist of proved and probable reserves of approximately 5,324,400 barrels of oil equivalent (BOE) and covers approximately 3,941 net acres of land. The Company also operates and has a 100% interest in Queenstown Assets, which consists of approximately 183,000 BOE and consists of 4,781 net acres of land. Its wholly owned subsidiary is Pulse Oil Operating Corp.


TSXV:PUL - Post by User

Post by kijijion Dec 05, 2022 10:15am
221 Views
Post# 35150861

PUL Announces AER Approval for Bigoray EOR

PUL Announces AER Approval for Bigoray EOR
Pulse Oil Corp. Announces AER Approval for Bigoray EOR
 
VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) is pleased to announce that the Company has received Final Approval from the Alberta Energy Regulator (“AER”) to move forward with the Company’s Bigoray Enhanced Oil Recovery (“EOR”) project, located in Alberta.
 
Pulse is also happy to announce that the final facility construction and commissioning operations are completed at Bigoray with the solvent injection about to be initiated into Pulse’s two Nisku Pinnacle Reefs. At the time of this announcement, Pulse estimates that solvent injection will start on or about December 7, 2022.
 
Pulse’s CEO, Garth Johnson commented “Receiving Alberta Energy Regulator Final Approval for our EOR program is a significant hurdle to have cleared, one of the final steps remaining before we can begin actual injection into our reservoirs.”
 
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 $2.46 million which, when compared to many peers in the industry in Western Canada, are very low.
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