Pulse Oil Corp. Announces Closing of $11,300,520 Equity Financing, Including Exercise of Over-Allotment Option, and Start of EOR, Reactivations and Drilling

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CALGARY, Nov. 20, 2018 /CNW/ - Pulse Oil Corp.  ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announced the closing of its previously announced (November 12, 2018) public offering (the "Offering") led by Mackie Research Capital Corp. and Pulse's concurrent strategic private placement (the "Placement") for gross proceeds of $11,300,520, including the exercise of the over-allotment option under the Offering.

Pulse will immediately begin to carry out its business plan to grow production, cashflow and reserves through an expedited investment in the Company's 100% controlled Bigoray Enhanced Oil Recovery ("EOR") project, Bigoray well reactivations and Pulse's 100% controlled Queenstown drilling program of which Pulse will provide detailed updates in the near future, as required.

Pursuant to the Offering, Pulse will issue 11,137,600 flow-through common shares of the Corporation ("FT Shares") at a price of C$0.22 per FT Share and 15,953,555 units of the Corporation at a price of C$0.21 per Unit for aggregate proceeds of C$5,800,519, inclusive of the proceeds from the over-allotment option.

Each Unit was comprised of one common share in the capital of the Corporation (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"), and each FT Share was a Common Share issued on a "flow-through" basis within the meaning of the Income Tax Act (Canada). Each Warrant entitles the holder thereof to acquire one Common Share (each, a "Warrant Share") at an exercise price of C$0.30 per Warrant Share for a period of 24 months following the closing of the Offering.

In addition, Pulse has concurrently completed a concurrent private placement with certain strategic investors, issuing, 26,714,285 units (the "Private Placement Units") of the Company at a price of approximately $0.2058 per Unit for aggregate gross proceeds of $5,500,001.11. At closing, Pulse also paid an investment fee equal to 7% of the Placement by issuing an additional 1,309,524 Units of Pulse.

Pulse CEO, Garth Johnson, commented, "We would like to thank all our past investors, our new investors that participated in this recent financing and Mackie Research Capital Corp. We will use the proceeds of the equity financing to execute our operations plan immediately. A strong, debt-free balance sheet allows us to execute a cost-effective operational program that we feel is best suited to provide long-term value growth. We look forward to advancing our Queenstown drilling operations, our Bigoray reactivations and the EOR implementation at this very exciting time for Pulse Oil and our shareholders."

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About Pulse Oil Corp.

Pulse is a debt-free, Canadian company incorporated under the Business Corporations Act (Alberta) that is fully funded for its next year of operations including the Bigoray EOR program and drilling in Queenstown. Pulse owns 100% interests in the Bigoray area of Alberta, which includes two Nisku oil Pinnacle Reefs as well as 100% interests in producing assets. Pulse is moving forward to grow production and execute an Enhanced Oil Recovery project to unlock significant value for shareholders through control of approximately 65 net sections of land across the Mannville, Cardium, Pekisko/Shunda, Nisku and Duvernay Shale trends in Western Canada. Pulse will also continue to focus on acquiring affordable, small to medium sized proven oil and gas assets with significant upside. The Company plans to achieve further growth through low-risk, technically diligent drilling within its Queenstown assets, infrastructure ownership and reserve growth utilizing proven enhanced oil recovery techniques and implementation of technology.

Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has neither approved nor disapproved of the contents of this press release.

READER ADVISORY

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  Such statements include, without limitation, statements pertaining to Pulse's expectations to achieve regulatory approval relating to the well reactivations as well as  the planned  operations and anticipated results related to the Bigoray assets, including the anticipated timing to reactivate the wells and Pulse's Queenstown drilling. Statements relating to "reserves" are also deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves can be profitably produced in the future.

The forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effect on the Company based on information currently available to management. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Pulse will be those anticipated. Statements in this press release containing forward-looking information include but are not limited to the Bigoray or Queenstown projects, the availability of sufficient funds to meet Pulses's planned capital expenditure program, the planned development of the Bigoray and Queenstown projects and Pulse's operations. Forward-looking information involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Important factors that could cause actual results to differ materially from those in the forward looking statements include, but are not limited to: the volatility of commodity prices, product supply and demand, competition, access to and cost of capital, the assumptions underlying production forecast, the quality of technical data; environmental and weather risks, including the possible impacts of climate change, the ability to obtain environmental and other permits and the timing thereto, government regulation or action, the costs, timing and results of drilling operations; the availability of equipment, services, resources and personnel required to complete the Company's planned operating activities; access to and availability of transportation, processing and refining facilities, acts of war or terrorism; and general economic conditions and other financial, operational and legal risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Pulse Oil Corp.

Pulse Oil Corp.: Garth Johnson, CEO, Phone: [phone], [email protected]; Drew Cadenhead, President and COO, Phone: [phone], [email protected]