VANCOUVER, British Columbia, Oct. 04, 2024 (GLOBE NEWSWIRE) — Pulse Oil Corp., (“Pulse” or the “Company”) (TSXV: PUL) is pleased to announce the results from its 2024 annual general meeting of shareholders (the “Meeting”) held on September 27, 2024, in Vancouver, B.C. Shareholders voted as follows on the matters before the Meeting.
Election of Directors
All five of the nominees listed in Pulse’s management information circular dated August 20, 2024 that were proposed by management for election to the board of directors at the Meeting were duly elected. The directors will remain in office until the next annual meeting of the Company’s shareholders or until their successors are elected or appointed.
Annual general meeting results:
| Election of Directors | |||||||
| Nominee | For | % For | Withheld | % Withheld | |||
| Garth Johnson | 210,864,881 | 99.24 | 1,621,000 | 0.76 | |||
| Drew Cadenhead | 194,227,301 | 93.58 | 13,329,942 | 6.42 | |||
| John Doyle | 212,079,881 | 99.81 | 406,000 | 0.19 | |||
| Daniel Bolstad | 212,079,881 | 99.81 | 406,000 | 0.19 | |||
| Patrick Harrison | 212,479,881 | 100 | 6,000 | 0.00 | |||
| The directors will remain in office until the next annual meeting of the Company’s shareholders or until their earlier resignation. | |||||||
| For | % For | Against | Against % | Withheld | Withheld % | ||
| Appointment of Auditors | 212,291,509 | 99.81 | N/A | N/A | 406,000 | 0.19 | |
| Other Business | 210,417,881 | 99.03 | 2,068,000 | 0.97 | N/A | N/A | |
Appointment of Auditors
Shareholders appointed MNP LLP as auditor of the Company for the upcoming year and authorized the directors of the Company to fix the remuneration of the auditor.
Change to Board of Directors
In other news, subsequent to the AGM discussed above, Pulse announces that Mr. Drew Cadenhead has tendered his resignation from the Board of Directors of Pulse Oil Corp.
Pulse CEO, Garth Johnson, commented, “Drew is a founding shareholder, director, and a former executive of Pulse Oil. After helping to fund the start-up of Pulse Oil, he was critical to business growth in 2015 while Pulse searched for attractive opportunities. He was instrumental through the acquisition and development of a number of opportunities, including our primary current focus, the Bigoray EOR program in Alberta. Drew remains a shareholder of Pulse and I would like to thank Drew for all he has done over the almost 25 years that we have worked together. I appreciate his availability for our team to continue to use Drew in the future as a valuable advisor, his 45-years of experience in our industry, both as a geoscientist and as a business developer will continue to be a resource Pulse can call upon.”
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 has instituted 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 just $2.96 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
garth@pulseoilcorp.com
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