VANCOUVER, British Columbia, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) is pleased to introduce Mr. Patrick Harrison as the Company's newest addition to its Board of Directors.
Mr. Harrison is Pulse’s largest shareholder, holding approximately 23% of the Company’s outstanding common shares as of the date of this announcement. He has contributed to Pulse significantly over the last four years to not only help Pulse survive during the past two difficult years but to take significant steps in Pulse’s plan to execute the Bigoray Enhanced Oil Recovery (“EOR”) project, a project Pulse’s management believes will increase reserves, production and cash flow significantly.
The Pulse team is appreciative of all the support Patrick has offered us in the past and we are pleased to welcome Patrick to the Pulse Board of Directors as we move forward. Patrick’s addition to the Board adds significant business and finance expertise that will serve to strengthen Pulse as we push forward with our business plan to realize the benefits of the Bigoray EOR project over the coming months and years.
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 less than $3 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.
Forward Looking Statements:
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In this news release, such statements include but are not limited to the expectation that the Bigoray EOR project will significantly increase reserves, production and cash flow. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the oil and gas industry. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Pulse as of the date of this news release and, accordingly, is subject to change after such date. However, Pulse expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.