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Pulse Oil Corp. Announces 2018 Year-End Results: A Year of Growth; Second Bigoray Well Drilled and Cased for Production
Pulse Oil Corp. Announces 2018 Year-End Results: A Year of Growth; Second Bigoray Well Dri...
About this update from Pulse Oil Corp.
[{"type":"text","content":"\n\n\n\nPulse Oil Corp. Announces 2018 Year-End Results: A Year of Growth; Second Bigoray Well Drilled and Cased for Production\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 1, 2019\n\n\n\nCALGARY, May 1, 2019 /CNW/ - Pulse Oil Corp. (\"Pulse\" or the \"Company\") (TSX-V: PUL and PUL.WT) is pleased to report the Company's consolidated financial statements for the year ended December 31, 2018 (\"FY 2018\") and accompanying management's discussion and analysis are now filed and available for viewing under the Company's profile at www.sedar.com. Pulse's first full year as a public company resulted in significant growth in all measured corporate financial metrics, including its 2018 year-end reserves as evaluated by McDaniel and Associates Ltd. (\"McDaniel\"). Below are highlights of FY 2018, Pulse encourages readers to access full versions of the filings at www.sedar.com. \n2018 Financial Highlights:\nPulse increased its revenue by 378% to $2,670,743. Cash flow from operations increased to $1,908,860 for FY 2018 compared to negative cash flow from operations of $877,504 last year. On November 20, 2018, Pulse concurrently closed a best-efforts public offering and a private placement for total gross proceeds of $11,300,520. Pulse ended FY 2018 with $10,286,827 in cash and $7,034,526 in working capital compared to $859,656 in cash and $715,786 in working capital last year. The company recorded net income for the year of $46,172 compared to a net loss of $1,211,932 last year.2018 Operating Highlights:\nIncreased proved (\"1p\") reserve value by 40% and 2p by 37% when compared to FY 2017. Reserve estimates, with an effective date of December 31, 2018, on Pulse's interests within the Bigoray and Queenstown operating areas were assessed by McDaniel, a qualified independent reserves evaluator, in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook (the \"Assessments\").  The Assessments resulted in a pre-tax net present value of future net revenue of $33.4 million of prov...