Pulse Oil Corp. Announces 2022 Year End Reserve Report

Vancouver, British Columbia, March 31, 2023 – Pulse Oil Corp., (“Pulse” or the “Company”) (TSX-V: PUL) is pleased to provide summary results of its third-party December 31, 2022 year-end reserve report.

Reserve Results Highlights:

1. Proved and Probable reserves increased to 5.711 million barrels of oil equivalent (“BOE”) of which 91.4% is oil, condensate and natural gas liquids (“NGL’s”) from 2.17 million BOE  (FY 2021) of which 83.1% is oil, condensate and NGL’s, an increase of 163%.

1. Net present value of proved and probable reserves (NPV10%) increased to $55.718 million net to Pulse, up from $34.589 million in 2021, an increase of 61.1%.

1. Proved reserves increased to 3.987 million BOE up from 1.38 million BOE in 2021, an increase of 188.6%.

The Company’s 2022 reserve that are 100% located in Alberta, were evaluated by independent reserves evaluator McDaniel & Associates Consultants Ltd. The gross Company reserves as of December 31, 2022 and 2021 are summarized by volume and net present value (before tax) discounted at 10% (“NPV10”).

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 plans to institute 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 less than $3 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 Johnson
CEO
‎604-306-4421‎
[email protected]

Drew Cadenhead
Director‎
[email protected]

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.

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 30, 2023.

Abbreviations

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

M Thousands

MM Millions

Mcf Thousands of standard cubic feet

bbl Barrels

NGL Natural gas liquids

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 Pulse’s proved and probable reserves, Pulse’s operations and its oil and gas resources. 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, 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. 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.‎