Shares of Pulse Oil Corp. (TSX-V:PUL) are getting the week off on the right foot, surging ahead at Monday's opening bell on news of reinvigorating oil wells in Bigoray, Alberta.
Early last month, Pulse completed two acquisitions of the assets, located west of Edmonton, a move to consolidate promising properties in the area under its banner.
The plan is to implement low-risk, enhanced oil recovery techniques to liberate the oil in place. The plan is working, with the company re-establishing shut-in production, a term used in the oil industry to describe oil wells that could be pumping, but are not for one reason or another.
Daily production has jumped from about 70 barrels of oil equivalent per day (BOE/D) to above 300 BOE/D at the outset of the reactivation program. Pulse management thinks that the wells will eventually stabilize at rates about 250 BOE/D.
While that's happening, Pulse intends to reactivate another five to seven wells in the coming weeks at its 100% owned Bigoray Nisku D Enhanced Oil Recovery project.
The Calgary-based start-up is vying to bolster its position in the region also, saying that, subject to regulatory approvals, it is buying the PNG rights for 160 acres of land adjacent to its Bigoray recovery project.
Shares of PUL gapped ahead from a Friday close at 16 cents to 16.5 cents and have climbed to 19 cents for a gain of 19.8% a half an hour into Monday's session
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