Pulse Oil Corp. (TSXV: PUL)
Pulse Oil closes $4.15-million rights offering
For the whole release visit: https://lnkd.in/g2ak2gYQ
Pulse Oil Corp. CEO, Garth Johnson, commented: "We are looking forward to a busy schedule of operations in 2024 using the proceeds from this financing. We've already begun the stimulation of one well in our Nisku E pool with a goal to add new oil production in February, followed by the drilling of a new well in the Nisku D pool with a short-term goal to add new production from drilling in Q1 of 2024 and longer term this well will provide Pulse with an ideally located enhanced oil recovery ("EOR") production well when the EOR program injection solvent migrates toward this well, further increasing oil production. Finally, we are also pleased to announce that we have finalized all pipeline plans, costs and timing and Pulse will be completing this work in Q1/Q2 of 2024 while also converting another of our existing wells in our D pool to a water flood well in order to further increase ultimate oil recoveries within our D pool asset."
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 has instituted 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 $2.96 million which, when compared to many peers in the industry in Western Canada, are very low.
👍 #McPherson