Pulse Oil Corp: A Year of Change and Opportunity

Pulse Oil Corp. (TSXV: PUL) recently announced the results of its 2024 annual general meeting and a subsequent board change, signaling a year of transformation for the company. The meeting, held on September 27, 2024, saw strong shareholder support for the company's management team, with all five nominees for the board of directors elected with overwhelming approval.

The directors, including Garth Johnson, Drew Cadenhead, John Doyle, Daniel Bolstad, and Patrick Harrison, were re-elected with approval rates ranging from 93.58% to 100%. Notably, Drew Cadenhead, a founding shareholder and former executive of Pulse Oil, received a significant number of withheld votes (6.42%), leading to his resignation from the board shortly after the meeting.

Following the AGM, Pulse Oil announced that MNP LLP would replace Manning Elliott LLP as the company's auditor, effective as of June 6, 2023. This change was approved by the company's board of directors and its audit committee, with no reservations or modified opinions in the reports of Manning Elliott on the Company’s financial statements.

The change in auditor is expected to have minimal impact on Pulse Oil's financial reporting and investor confidence, as there were no reportable events or unresolved issues during Manning Elliott's tenure. MNP LLP, a full-service accounting and business advisory firm, is well-suited to support Pulse Oil as it continues its Enhanced Oil Recovery (EOR) project in Bigoray, Alberta.

Pulse Oil's total reclamation liabilities remain low at $2.96 million, comparing favorably to many of its peers in the industry. This financial stability, coupled with the company's focus on a 100% working interest enhanced oil project, positions Pulse Oil for significant value creation for shareholders.

The resignation of Drew Cadenhead, while unexpected, may open opportunities for new perspectives on the board. Pulse Oil will likely seek a new board member with relevant industry experience, strategic vision, and a strong commitment to shareholder value. The company's ongoing EOR project in Bigoray, Alberta, is expected to continue uninterrupted, as Pulse Oil remains focused on unlocking significant value for its shareholders.

In conclusion, Pulse Oil Corp.'s 2024 annual general meeting and subsequent board change reflect a year of transformation and opportunity for the company. With strong shareholder support, a new auditor, and a focus on financial stability, Pulse Oil is well-positioned to continue its enhanced oil recovery project and create value for its shareholders.