CALGARY, Alberta, April 16, 2024 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (the "Company" or "Pulse") (TSXV:PUL) reports the completion of Pulse's first new drilling operation since 2019. Pulse is pleased to announce that the drilling, and subsequent completion of Pulse's 100% owned 103/15-04 well, located in Pulse's Bigoray Nisku D pool has resulted in production rates over the last seven days averaging 162 boe/d, consisting of 151 barrels of oil per day and 63 mcf/d of gas. The well was drilled over 11 days to a depth of 2,639 meters and was done so on budget. The completion targeted the upper portion of the Nisku D reef to take advantage of the progress achieved through the Enhanced Oil Recovery (EOR) program that Pulse initiated in December 2022. In the EOR process, Pulse is injecting solvent into the upper portion of the D pool, creating a bank of solvent that will be pushed through the reef. The injected solvent then becomes miscible with the oil, thereby decreasing the viscosity of the oil and allowing oil to be produced that was not moveable in earlier development within the D pool. The well was targeted to be ideally located within the Nisku D pool to improve the efficiency of the EOR program while also growing oil and gas production immediately. Pulse is also happy to announce that early indications are that the EOR solvent flood has started to move through the D pool and is showing results more efficiently than originally estimated. After independent lab analysis of the oil and gas being produced from our new well, Pulse is happy to report that the results of the testing have shown that the API gravity of the produced oil has improved from approximately 36 to 42 due to the miscibility of solvent with the oil within the pool. In addition, independent analysis of the gas produced has shown that approximately 10% of the gas is injected solvent from the EOR program while the remainder is natural gas and other forms of gas routinely produced. The sweep efficiency of the oil that we are seeing early on has resulted in a change in the oil-water cut from approximately 97% water in the Company's existing production to approximately 54% in the new well. Pulse is currently evaluating additional wells within the pool that will be able to take advantage of the improved efficiency and plans to re-start another two existing wells to grow production as the solvent sweeps through the D pool. As previously announced, the well will assist the Company in accomplishing certain goals: Grow near-term production, which is currently at 382 BOE/d, (76% oil) and improve cashflow moving forward. Demonstrate the success of Pulse's EOR program and assist in moving the program forward by continuing to find additional efficiencies. Materially increase production rates and ultimate reserve recovery within the Nisku D Pool. 2023 Reserves Summary Pulse also announces that an independent qualified reserves evaluator (as defined in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101")) with the firm of McDaniel & Associates Consultants Ltd. ("McDaniel") has completed a reserves assessment, effective December 31, 2023, on Pulse's interests within the Bigoray and Queenstown core operating areas which was prepared in accordance with the COGE Handbook (as defined in NI 51-101), resulted in a pre-tax net present value of $76.95 million for Pulse's proved plus probable ("2P") reserves and $41.73 million for Pulse's proved ("1P") reserves, using a 10% discount rate to Pulse's net working interest. This represents an increase in the value of 2P reserves of 38.1% and an increase in the value of 1P reserves of 71.7% when compared to December 31, 2022. The reserves forecast summarizes certain information contained in McDaniel's report, which was prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the definitions, standards, and procedures contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook"). McDaniel evaluated 100% of the Company's reserves. The McDaniel Report is based on forecast prices and costs and applies McDaniel's forecast escalated commodity price deck and foreign exchange rate and inflation rate assumptions as at December 31, 2023. Estimated future net revenue is stated without any provisions for interest costs, other debt service charges, or general and administrative expenses, and after the deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs. Summary of Corporate Reserves (1)(2)(3)The following table is a summary of the Company's estimated reserves as at December 31, 2023, as evaluated in the McDaniel Report. Reserves Category Light Oil Natural Gas Natural GasLiquids Total   (Mbbl) (MMcf) (Mbbl) (Mboe) Proved         Developed Producing 304.80 766.20 53.30 485.90 Developed Non-Producing 2,658.70 1,050.10 106.60 2,940.30 Undeveloped 398.00