Total
0
Shares
Kelso Technologies Inc. (TSX:KLS) closes non-brokered private placement
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Pulse Oil (PUL) is currently working to reactivate previously shut-in wells at its Queenstown and Bigoray properties
  • Stronger commodity prices over recent months, and creditor and shareholder arrangements are behind the moves
  • As part of its reactivation program, Pulse has approved an operational plan to build its own oil processing and water injection facility at the Bigoray property
  • Subject to board approval and sufficient or additional cash reserves, another two Bigoray well reactivations later in the year
  • Pulse Oil is up 25 per cent on the day, with shares of the company trading at C$0.025 at 2:56 pm ET

Pulse Oil (PUL) is currently working to reactivate previously shut-in wells at its Queenstown and Bigoray properties.

The company says stronger commodity prices over recent months, and creditor and shareholder arrangements are behind the moves.

As part of its reactivation program and rights issue, Pulse has approved an operational plan to build its own oil processing and water injection facility on the Bigoray property.

The facility will include separators, water injection and disposal, sufficient oil tankage and road work, allowing Pulse to reactivate three oil and gas wells in the second and third quarter of 2021. Subject to board approval and sufficient or additional cash reserves, another two Bigoray well reactivations later in the year.

Pulse has come to arrangement with a vendor that has allowed it to reactivate four wells at the production area at its Queenstown property. As a result of the arrangement, Pulse is receiving 25 per cent of the net revenue attributable to this production with Pulse anticipating returning to 100 per cent of net revenue by late May 2021.

"Pulse is making good progress on its well reactivation plan. The Pulse team is happy to be back working in the field to build our production and cash flow while also proceeding towards the close of our announced $1.5 million Rights Offering as well. With the additional revenues generated from the re-activated production, the company anticipates becoming profitable from operations within the three months following the completion of the Rights Offering," said Pulse CEO Garth Johnson.

Pulse Oil is up 25 per cent on the day, with shares of the company trading at C$0.025 at 2:56 pm ET.

More From The Market Herald
Cameco (TSX:CCO) to explore small modular reactor collaboration

" Cameco (TSX:CCO) to explore small modular reactor collaboration

Cameco (CCO) is exploring opportunities for the potential deployment, fuelling and servicing of Xe-100 small modular reactors (SMRs).
Petrotal - CEO, Manuel Pablo Zuniga-Pflucker. - The Market Herald Canada

" PetroTal (TSXV:TAL) completes its 8H well production

PetroTal (TAL) has completed its 8H horizontal well with the production of nearly 8,000 barrels of oil per day.
ShaMaran Petroleum slashes budget

" ShaMaran Petroleum (TSXV:SNM) achieves oil production milestone

ShaMaran Petroleum Corp. (SNM) has reached a cumulative oil production milestone at the Atrush block in the Kurdistan region of northern Iraq.
Bengal Energy (TSX:BNG) updates its development and exploration programs

" Bengal Energy (TSX:BNG) updates its development and exploration programs

Bengal Energy (BNG) is pleased to provide an update on its planned natural gas and oil development programs.