Wavefront Energy & Environmental Services Inc. – Powerwave Expected to Improve West Texas Waterflood
EDMONTON, Aug. 14 /PRNewswire-FirstCall/ — Wavefront Energy and Environmental Services Inc. (“Wavefront”), a world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration is pleased to announce that Powerwave will be implemented in an active waterflood in Gaines County Texas by an independent oil and gas producer whose average production is approximately 40,000 barrels of oil equivalent (boe)/day.
“This agreement represents the third commercial contract for Powerwave that Wavefront has received in the past four days”, stated Wavefront President and CEO, Brett Davidson. “It is clear that there is a strong and growing appetite for Powerwave for both secondary and tertiary oil recovery. Powerwave-driven injection results in bypassed oil being accessed, production decline rates positively altered, field life extended, and recovery factor vastly improved. Wavefront is in advanced stages of discussion with additional oil companies to apply Powerwave and management anticipates similar announcements shortly.”
About Wavefront Energy and Environmental Services Inc.
Wavefront is a technology-based company with a focused, strategic plan to leverage the value of our intellectual property in order to maximize oil production recovery operations, as well as provide additional solutions for environmental applications.
ON BEHALF OF THE BOARD OF DIRECTORS WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC. "D. Brad Paterson" (signed) D. Brad Paterson, CFO & Director Cautionary Disclaimer - Forward Looking Statements --------------------------------------------------
Certain statements contained herein regarding Wavefront and its operations constitute “forward-looking statements” within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are “forward-looking statements”. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology. We caution that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront’s Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront’s continuous disclosure filings, available on SEDAR at http://www.sedar.com/. Wavefront expressly disclaims any obligation to up-date any “forward-looking statements”, other than as required by law.
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