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Pulse Oil shares tick higher as it outlines increased reserves at Bigoray and Queenstown assets

Monday, April 16, 2018 7:33
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Shares in junior oiler Pulse Oil Corp (CVE: PUL) ticked higher Monday as it outlined increased reserves at its Bigoray and Queenstown assets in Alberta, Canada.

As at the end of December, it had increased proven (1P) reserves by 287% compared to 2016 worth C$15.4mln.

The pre-tax net present value of the 2P (proven and probable) reserves were C$24.37mln, compared to C$0 in 2016 – an increase of 328%.

“Since going public in 2017, Pulse Oil has established two core areas at Bigoray and Queenstown,” Pulse chief executive Garth Johnson told investors.

Johnson noted how the firm now had 100% ownership of the exciting ‘enhanced oil recovery’ project (EOR) focused on two Nisku light oil pools with an estimated resource classified as discovered petroleum initially in-place (DPIIP) of around 26.51 million boe’s (barrels of oil equivalent).

The proved plus probable reserves value of C$24.37 million doesn’t include the significant upside coming from the EOR, he noted.

“FY2018 will be Pulse’s first full fiscal year as a public company and Pulse is positioned with no debt, positive working capital and growing cashflows for reinvestment,” he said.

“We are excited to have started phase one of our Bigoray EOR project currently underway in the field and we are also beginning to lay out a plan for our producing assets at Queenstown (100% Working Interest) to begin drilling later this year with over twenty, low-cost infill development drilling opportunities already identified.

“After making a number of strategic moves in 2017 to capture a significant asset base and by executing a low risk capital investment plan to grow production to 500 BOE/d between now and this summer, we are looking forward to seeing what the Pulse team can do with a full year of effort!”

Pulse’s Bigoray operations include two Nisku oil Pinnacle Reefs and the company controls around 65 net sections of land across the Mannville, Cardium, Pekisko/Shunda and Nisku trends in Western Canada.

In Toronto, Pulse shares added 3.13% C$0.165.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/195070/pulse-oil-shares-tick-higher-as-it-outlines-increased-reserves-at-bigoray-and-queenstown-assets-195070.html

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