- Pulse (PUL) is off to a strong start in 2022 with its Bigoray Enhanced Oil Recovery (EOR) Project
- It has completed all drilling and is now focusing on EOR monetization opportunities as it continues to acquire core assets and restore past-producing wells
- Its oil and gas production over the past 30 days has averaged 355 BOE/D (64 per cent oil)
- Pulse is primarily focused on its Enhanced Oil Project in Alberta
- Pulse (PUL) is down by 8.33 per cent trading at $0.055 per share
Pulse (PUL) is off to a strong start in 2022 with its Bigoray Enhanced Oil Recovery (EOR) Project.
Its oil and gas production over the past 30 days has averaged 355 BOE/D (64 per cent oil). It reached 425 BOE/D (68 per cent oil) over the past week following recently completed operations in Bigoray and Queenstown.
Queenstown
In December 2021, Pulse cleaned out a horizontal well it drilled in 2018, moving the well from non-producing status to production rates of 75 BOE/D (71 per cent oil). Pulse is in the process of a second 100-per-cent interest horizontal well clean-out from the same surface pad and expects similar results.
Bigoray reactivation and EOR Project
The company reactivated a number of historical producing wells in the Bigoray area while continuing to acquire core assets. Many of its acquisitions are via abandoned or suspended pipelines and production facilities at little to no cost.
Pulse has made several investments at much lower cost than initially estimated to progress the EOR. The acquisitions and existing Bigoray facilities provide immediate monetization opportunities.
“Our prime goal is the initiation of the miscible flood in our two Bigoray oil pools. With all wells in that plan already drilled, we’re fortunate the drilling risk has been taken out of the equation, meaning we can see the goal-line, and by employing proven EOR technology, we can start focusing on monetization without any further drilling or associated reclamation liabilities,” stated Drew Cadenhead, Pulse’s President.
“The combination of Pulse’s strong team, surplus equipment in our areas and a readily available service workforce has allowed us to not only add additional oil production, but do so without drilling new wells or incurring any additional reclamation liabilities,” stated Garth Johnson, Pulse’s CEO.
“Going forward,” he added, “we forecast strong oil prices will continue to ramp up activity.”
Pulse is primarily focused on its Enhanced Oil Project in Alberta. The project includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years.
Pulse (PUL) is down by 8.33 per cent trading at $0.055 per share as of 10:57 am EST.