PUL Pulse Oil Corp

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:

1. Grow near-term production, which is currently at 382 BOE/d, (76% oil) and improve cashflow moving forward.
2. Demonstrate the success of Pulse’s EOR program and assist in moving the program forward by continuing to find additional efficiencies.
3. 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.

Notes:(1) Reserves are presented on a “company gross” basis, which is defined as Pulse's working interest share before deduction of royalties and without including any royalty interest of the Company.(2) Based on McDaniel’s December 31, 2023 forecast prices and costs. McDaniels’s commodity price forecasts as of December 31, 2023, which were used in the McDaniel Report, can be found at https://mcdan.com/price-forecasts/.(3) Oil equivalent amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil. See “Cautionary Statements – Barrels of oil equivalent” below.

Net Present Values of Future Net Revenue Before Income Taxes Discounted at (%/year) (1)(2)(3)(4)(5)The following table is a summary of the estimated net present values of future net revenue (before income taxes) associated with Pulse’s reserves as at December 31, 2023, discounted at the indicated percentage rates per year, as evaluated in the McDaniel Report.

Notes:(1) Based on McDaniel’s December 31, 2023 forecast prices and costs. McDaniel’s commodity price forecasts as of December 31, 2023, which were used in the McDaniel Report, can be found at https://mcdan.com/price-forecasts/.(2) Estimated future net revenues are stated without any provision for interest costs, other debt service charges or general and administrative expenses, and after deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs.(3) Estimated future net revenue, whether discounted or not, does not represent fair market value.(4) Net present values of future net revenue after income taxes are estimated to approximate the before income tax values based on the estimated future revenues, available tax pools and future deductible expenses.(5) Columns may not add due to rounding of individual items.

Pulse CEO, Garth Johnson, commented, “We are pleased with the progress we are making. Obviously, we are happy with the new well adding oil and gas production but even more importantly, we have independent scientific proof that our EOR program in the D pool is working and based on the results, management of Pulse believe that the EOR program is working more efficiently than first estimated. We look forward to continued solvent injection sweeping even more oil through the D pool, reducing water production and increasing oil production. Planning is also underway to prepare to get our E pool EOR project started as soon as cash flow permits. Finally, we are also pleased with the increase in reserves as assessed independently by McDaniel & Associates Consultants Ltd. We feel with the new production and proof of concept that the EOR is working in 2024, we will continue to grow these reserves into the future.”

About Pulse:

Pulse is a Canadian company incorporated under the Business Corporations Act (Alberta) that is primarily focused on a 100% Working Interest Enhanced Oil Project Located in West Central Alberta, Canada. The project includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years.

The Company has instituted a proven recovery methodology (NGL solvent injection) to further enhance the ultimate oil recovery from these two proven pools. With under 10 million barrels of oil recovered to date, and representing approximately 30% recovery factor from the pools, Pulse is moving forward to execute the EOR project and unlock significant value for shareholders. Pulse’s total reclamation liabilities are just $2.96 million which, when compared to many peers in the industry in Western Canada, are very low.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Pulse Oil Corp.

Garth JohnsonCEO‎604-306-4421‎garth@pulseoilcorp.com

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis.

Reserves Advisory

This news release includes information pertaining to the Evaluation of Crude Oil and Natural Gas Reserves as of December 31, 2022, prepared by independent reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”). The report was prepared by qualified reserves evaluators in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51- 101") and is based on McDaniel pricing effective December 31, 2022. Additional reserve information as required under NI 51- 101 is included in the Company's Annual Information Form filed on SEDAR. Statements relating to reserves are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. Estimates with respect to reserves that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar types of reserves, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations, which may be material, in the estimated reserves.

Future Net Revenue and Net Present Value (NPV10), both of which are discounted at 10% are an estimate based on numerous assumption, do not represent fair market value and are subject to change without notice. The estimate of reserves and future net revenue have been made assuming that development of each property, in which the estimate is made, will occur without regard to the likely availability to Pulse of the funding required for that development.

References herein to barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mcf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation. “Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved reserves. “Probable” reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves.

"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved reserves.

"Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves.

Additional reserves information as required under NI 51-101 will be included in the Company's statement of reserves data and other oil and gas information on Form 51-101F1, which is expected to be filed on SEDAR by April 29, 2024.

Abbreviations

The following is a summary of abbreviations used in this news release:

Forward-Looking Statements:‎

This news release contains “forward-looking information” within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In this news release, such statements include but are not limited to the independent reserves estimates, conditions facing Pulse at the time of planned expenditure included in the reserve evaluation and in advancing and optimizing the Bigoray EOR project, conducting operations on time and on budget and growing reserves, resources, production, revenue and cash flow anticipated from these operations. This also applies to Pulse’s latest drilling and production rates, drilling program, its oil and gas resources and the Bigoray EOR to continue to make positive progress. There can be no assurance that such forward-‎looking information will prove to be accurate, and actual results and future events could differ materially from ‎those anticipated in such forward-looking information.

This forward-looking information reflects ‎Pulse’s current beliefs and is based on information currently available to Pulse and on ‎assumptions Pulse believes are reasonable. These assumptions include, but are not limited to, 5-09 production rates, anticipated drilling results, conditions facing Pulse at the current time and in advancing and optimizing the Bigoray EOR project, conducting operations on time and on budget and growing reserves, resources, production, revenue and cash flow anticipated from these operations. Forward-looking information is ‎subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of ‎activity, performance or achievements of Pulse to be materially different from those expressed or ‎implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general ‎business, commodity prices, economic, competitive, political and social uncertainties; general capital market conditions and market prices ‎for securities; consistent production and cash flow from current operations, the actual results of future operations; ‎competition; changes in legislation, including environmental legislation, affecting Pulse; the timing and availability of ‎external financing on acceptable terms; and loss of key individuals‎. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Pulse’s disclosure documents on the SEDAR website at www.sedar.com. Although ‎Pulse has attempted to identify important factors that could cause actual results to differ materially ‎from those contained in forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. ‎Readers are further cautioned not to place undue reliance on forward-looking information as there can be no ‎assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking ‎information contained in this news release is expressly qualified by this cautionary statement. The forward-‎looking information contained in this news release represents the expectations of Pulse as of the date ‎of this news release and, accordingly, is subject to change after such date. However, Pulse expressly ‎disclaims any intention or obligation to update or revise any forward-looking information, whether as a result ‎of new information, future events or otherwise, except as expressly required by applicable securities law.

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