Pulse Oil said that its first exploration well, PUL HZ QUEENSTN 16-15-19-21 W4, has reached a total measured depth of 3322m, including 1282m of lateral section cased with frac ports in preparation for completion.
The lateral section successfully targeted a new 3-D seismic interpretation intended to focus on the highest porosity / permeability lithic deposits within the Mannville-aged channel trend in the Queenstown area of Southern Alberta.
This first well was spudded on December 6, 2018 and took 10-days to complete drilling operations as planned. The indicative results of this first well has led the Company to commit immediately to a second well; the Nabors #28 drilling rig will now be re-positioned on the same surface location and will begin drilling operations on the second Pulse well within the next few days.
Once both wells have been drilled, the drilling rig will be released and multi-stage frac operations will be conducted. The wells are expected to be completed and tested in January with new production established immediately in 1st Quarter 2019.
Pulse president Drew Cadenhead said: “Our first new well as a company has drilled nearly 1300m of horizontal section through what we interpret as the best-quality reservoir envisioned. Our new seismic interpretation has put us into the high porosity lithic sandstone section we were hoping for, with visual drill cutting porosities measured consistently up to 18%.
“The entire lateral section is oil stained, we are excited about completing an approximately 15-stage frac job on this first well. The discovery also gives us great confidence in the second well, 12-9, about to be drilled down the heart of this same reservoir, but in the opposite lateral direction from the first well.
“Drilling operations on the 16-15 well were completed safely, on time and on budget. With realized October oil prices of CDN $79/bbl, we look forward to the completion results on this well, hopefully the second well, and the cash flow potentially awaiting us from these new discoveries.”
Pulse is also pleased to announce the appointment of Daniel Bolstad to the Company’s board of directors effective December 18, 2018. Daniel is a successful lawyer, an experienced investor, and a long-term shareholder of Pulse, having participated in Pulse’s 2017 and 2018 equity financings.
Pulse CEO Garth Johnson said: “Our executive team has gotten to know Daniel over the past several years and we feel his skill set will be a strong addition to Pulse’s experienced board. Daniel’s personal investment in Pulse and the enthusiasm he has for building value through the execution of a well thought out business plan, aligns with our entire team and of course our shareholders.”
Source: Company Press Release.