Mr. Garth Johnson reports

PULSE OIL ANNOUNCES OPERATIONAL RESULTS, EOR PROGRESS UPDATE, AND PROVIDES RESULTS OF INDEPENDENT RESERVE EVALUATION

Pulse Oil Corp. has completed Pulse Oil's first new drilling operation since 2019.

Pulse Oil is pleased to announce that the drilling and subsequent completion of Pulse Oil's 100-per-cent-owned 103/15-04 well, located in Pulse Oil's Bigoray Nisku D pool, have resulted in production rates over the past seven days averaging 162 barrels of oil equivalent per day, consisting of 151 barrels of oil per day and 63,000 cubic feet per day of gas. The well was drilled over 11 days to a depth of 2,639 metres 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 program that Pulse Oil initiated in December, 2022. In the EOR process, Pulse Oil 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 movable 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 increasing oil and gas production immediately.

Pulse Oil 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 its new well, Pulse Oil 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 per cent of the gas is injected solvent from the EOR program while the rest is natural gas and other forms of gas routinely produced. The sweep efficiency of the oil that the company is seeing early on has resulted in a change in the oil-water cut from approximately 97 per cent water in the company's existing production to approximately 54 per cent in the new well. Pulse Oil is currently evaluating additional wells within the pool that will be able to take advantage of the improved efficiency and plans to restart another two existing wells to increase production as the solvent sweeps through the D pool.

As previously announced, the well will assist the company in accomplishing certain goals:

1. Increase near-term production, which is currently at 382 boe/d (76 per cent oil) and improve cash flow moving forward;
2. Demonstrate the success of Pulse Oil'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 Oil also announces that an independent qualified reserves evaluator (as defined in National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities)) with the firm of McDaniel & Associates Consultants Ltd. has completed a reserves assessment, effective Dec. 31, 2023, on Pulse Oil's interests within the Bigoray and Queenstown core operating areas, which was prepared in accordance with the Canadian oil and gas evaluation handbook (as defined in NI 51-101), and resulted in a pretax net present value of $76.95-million for Pulse Oil's proven plus probable reserves and $41.73-million for Pulse Oil's proven reserves, using a 10-per-cent discount rate to Pulse Oil's net working interest. This represents an increase in the value of 2P reserves of 38.1 per cent and an increase in the value of 1P reserves of 71.7 per cent when compared with Dec. 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) and the definitions, standards and procedures contained in the Canadian oil and gas evaluation handbook. McDaniel evaluated 100 per cent 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 Dec. 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 attached corporate reserves table is a summary of the company's estimated reserves as at Dec. 31, 2023, as evaluated in the McDaniel report.

Net present values of future net revenue before income taxes discounted at (per cent per year) (1) (2) (3) (4) (5)

The attached net present value table is a summary of the estimated net present values of future net revenue (before income taxes) associated with Pulse Oil's reserves as at Dec. 31, 2023, discounted at the indicated percentage rates per year, as evaluated in the McDaniel report.

Pulse Oil chief executive officer 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 under way 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 Oil Corp.

Pulse Oil 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 has instituted a proven recovery methodology (natural gas liquids 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 Oil is moving forward to execute the EOR project and unlock significant value for shareholders. Pulse Oil's total reclamation liabilities are just $2.96-million, which, when compared with many peers in the industry in Western Canada, are very low.

We seek Safe Harbor.