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Pulse Oil says Queenstown production results have exceeded company expectations

The Calgary-based junior oil company said that the first two wells have initial combined test rates of over 1,350 barrels of oil equivalent per day

oil rig
Pulse owns 100% of producing assets in the Queenstown and Biogray areas of Alberta

Pulse Oil Corp (CVE:PUL) announced Wednesday that production results from the company’s Queenstown assets in Alberta have exceeded expectations.

The Calgary-based junior oil company said in a statement that the first two wells have initial combined test rates of over 1,350 barrels of oil equivalent (boe) per day.

Shares of Pulse were trading 5.6% higher in Toronto at C$0.19 on Wednesday midday.

READ: Pulse Oil shares nudge higher as it swings to profit in busy growth year

Pulse’s drilling campaign at Queenstown targeted high-quality reservoirs within the oil-rich Mannville Channel play in Alberta.

According to a statement, the initial results have encouraged Pulse's management team to begin plans for an additional, multi-well drilling program at Queenstown in the coming months.

The production team will continue to monitor the two wells and the short-term production rates in order to optimize them for long-term production.

"We are very excited about these production rates at Queenstown announced today,” said Drew Cadenhead, Pulse’s president and COO, said in a statement. “Not only will this strong new production increase cash flow immediately for Pulse, we are encouraged enough to initiate another, larger drilling campaign at Queenstown to add even more production and cash flow in the coming months.”

Biogray production coming soon

Pulse owns 100% of producing assets in the Queenstown area of southern Alberta and 100% in the Bigoray area of Alberta, which includes two Nisku oil pinnacle reefs.

At Biogray, Pulse reported that the swab testing is underway as part of the company’s plan to use the two wells as injectors for an enhanced oil recovery project that will breathe life into formerly producing sites.

Both new oil wells have been perforated and are expected to go into production shortly, according to Pulse.

The oil company recently reported positive financial results that saw Pulse swing to a profit in its first full year as a publicly-traded company. Cash flow from 2018 operations increased to C$1.9 million in 2018 and the company finished the year with over $10.2 million in cash and $7 million in working capital.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Pulse Oil Corp

Price: 0.03 CAD

Market: TSX-V
Market Cap: $4.55 m

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