The Alberta-focused group reported net income for the year to December 31 of $46,172 compared to a net loss of $1.21 million in 2017 on revenue of $2.7 million - up 378% on the year previously.
"This was our first full year as a publicly traded company and we are happy to have achieved significant growth in revenue, cash flow from our operations, reserves and in net income. At the same time we accessed equity markets in a very difficult time and put that money to work," said Garth Johnson, CEO at Pulse.
"We have already drilled two wells at Queenstown that are now on permanent production via our recently installed facilities and pipelines. We also planned to advance our Bigoray EOR program and in Q1 2019 completed a Bigoray two well drilling program.
"We forecast solid results from both these programs that will enable us to advance our 2019 operations. As oil prices have strengthened, differentials have returned to normal levels, and a new government has been elected in Alberta, our timing to add production is lining up well and we look forward to working toward more success in the coming years."
Cash flow from operations
Cash flow from operations increased to $1.9 million in 2018 versus negative cash flow$877,504 last year. The company finished the year with over $10.2 million in cash and $7 million in working capital.
That compared to $859,656 in cash and $715,786 in working capital last year.
In November last year, Pulse closed a public offering and a private placement for total gross proceeds of around $11.3 million.
Pulse shares in Toronto added 2.70% to stand at $0.19 each.
Contact Giles at [email protected]