Mr. Garth Johnson reports

PULSE OIL CORP. PROPOSES EXTENSION OF WARRANTS AND UPDATES OPERATIONS

Subject to TSX Venture Exchange approval, Pulse Oil Corp. intends to extend the expiry dates of 211.87 million outstanding share purchase warrants by six months, to Nov. 16, 2023. The warrants were issued pursuant to a private placement announced on Feb. 17, 2022, and accepted for filing by the TSX-V on May 16, 2022. Each warrant is exercisable to purchase one common share of Pulse at 6.5 cents per share and is currently set to expire on May 16, 2023. All other terms of the warrants, including the exercise price, will remain unchanged. Upon receipt of the approval of the TSX-V of the warrant extension, a material change report in respect of the warrant extension will be filed by the company. As the warrants currently expire on May 16, 2023, and the date of receipt of TSX-V approval (if granted) is unknown, the material change report may be filed less than 21 days before the warrant extension occurs.

A total of 149 million of the affected warrants are held by parties considered to be related parties of the company under Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions. Therefore, the amendment of warrants constitutes a related party transaction as contemplated by MI 61-101 and TSX-V Policy 5.9 -- Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon by the company in respect of this matter as the fair market value of the warrants held by interested parties (as defined in MI 61-101) does not exceed 25 per cent of the market capitalization of the company as determined under MI 61-101.

EOR (enhanced oil recovery) operational advancements

Pulse has injected approximately 5,550 cubic metres of solvent into the first of its two pinnacle reef reservoirs (Nisku D) as of April 25, 2023, and will continue to inject solvent on a go-forward basis as planned in order to increase recovery rates and oil and gas production within Pulse's 100-per-cent-owned Bigoray field.

1. Pulse's solvent contract with a large mid-stream company expired on March 31, 2023, and Pulse has secured a continued supply of solvent with the same solvent supplier from April 1, 2023, to March 31, 2024, with savings of approximately 15 per cent per cubic metre of solvent purchased going forward.
2. Pulse is now taking a number of steps to optimize the forecasted timing for increased oil production, resulting from a successful solvent flooding process. Currently, Pulse plans to implement the following operations:
   1. Convert an existing shut-in well to a producing well in order to enhance the growth of oil and gas production over time as Pulse's solvent injection continues, increasing the solvent bank and sweeping it through the Nisku D pinnacle reef.
   2. Work over a current producer within the Nisku D pool in order to test its potential as a second injection well and determine its potential to increase the current rate of solvent injection into the Nisku D pool.
   3. If the solvent injection test noted above returns positive results, Pulse will convert this well into a full-time solvent injector in the Nisku D pool.
   4. Pulse is in the process of acquiring an existing water disposal well from an arm's-length party at no cost that will be able to dispose of additional produced water. Oil and water will be produced simultaneously during the solvent flood and additional water disposal capacity equates to additional oil production capacity.
3. Pulse will continue to identify other opportunities to further optimize the Bigoray EOR project and will constantly monitor the operations to determine if any additional operations will cost-effectively enhance the timing of production growth and overall recovery of the Bigoray EOR project.

About Pulse Oil Corp.

Pulse is a Canadian company incorporated under the Business Corporations Act (Alberta) that is primarily focused on a 100-per-cent 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 (natural gas liquid) 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-per-cent 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 with many peers in the industry in Western Canada, are very low.

We seek Safe Harbor.