VANCOUVER, British Columbia, March 24, 2023 (GLOBE NEWSWIRE) -- Vancouver, British Columbia, March 24, 2023 – Pulse Oil Corp., (“Pulse” or the "Company”) (TSXV: PUL) announced today that Drew Cadenhead is resigning as President of the Company, while continuing to contribute as a valued member of Pulse’s Board of Directors.
Pulse’s CEO, Garth Johnson commented “We thank Drew for all his efforts as President of Pulse since we started in 2015. Drew and I started this Company eight years ago with a single goal; to implement an oil opportunity we had identified in the Bigoray area of Alberta. We’ve endured the most challenging times of our long professional association together with this project, but we’ve persevered and along with our supportive investor base, have now executed on our goal of completing start-up of the solvent injection process at our 100% owned Bigoray Enhanced Oil Recovery project. Drew is a key part of the team that helped Pulse navigate through world-wide challenges, and we are now positioned to see the results of these efforts. Importantly, we are all happy that Drew will remain on the Board of Directors and that he will continue to make available his four decades of oil and gas experience to all of our team as we continue to grow Pulse’s assets.”
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 under $3 million which, when compared to many peers in the industry in Western Canada, are very low.
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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 Pulse’s operations and oil and gas resources. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information.
This forward-looking information reflects Pulse’s current beliefs and is based on information currently available to Pulse and on assumptions Pulse believes are reasonable. These assumptions include, but are not limited to, conditions facing Pulse at the time of the planned expenditure in advancing the Bigoray EOR project. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pulse to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, commodity prices, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; consistent production and cash flow from current operations, the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Pulse; the timing and availability of external financing on acceptable terms; and loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Pulse’s disclosure documents on the SEDAR website at www.sedar.com. Although Pulse has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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.