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Pulse Oil obtains 3D seismic data set in goal to unlock oil from the Nisku reefs

The Calgary-based oil and natural gas producer said the seismic data set will result in substantial savings and provide information about Bigoray Nisku D and E pools

The company’s oil project is focused on the Bigoray area of central-west Alberta

Pulse Oil Corp (CVE:PUL) announced that it has purchased a 3D seismic data set covering 2,916 acres, which encompasses a significant chunk of the company’s oil project – the Nisku reefs.

The Calgary-based oil and natural gas producer said the seismic data set is a critical component of the three-phase petrotechnical modelling of the Bigoray Nisku D and E pools. A contract was recently awarded to Schlumberger Canada Ltd. to complete these phases.

WATCH: Pulse Oil Corp kicking off 'exciting' phase 1 of Bigoray asset

"Making this acquisition of existing 3-D seismic, rather than acquiring new seismic, will result in substantial savings and, as previously mentioned, will allow Pulse to make the right parametric decisions in our EOR (enhanced oil recovery) program,” said president and chief operating officer, Drew Cadenhead.

“This is critical to maximizing the value of this project for our shareholders, making sure we have done all we can to ensure successful, long-term maximum recovery of the proven oil in place within our Nisku oil pools." 

Shares were down 2.50% to C$0.20 on Monday afternoon. 

Quick facts: Pulse Oil Corp

Price: 0.03 CAD

Market: TSX-V
Market Cap: $4.55 m

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on 04/12/2019

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