Wavefront Energy & Environmental Services Inc. – Eight Powerwave Systems to Energize Waterflood
EDMONTON, Sept. 15 /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 a Calgary-based, oil and gas company will deploy eight Powerwave systems in a commercial project located in the Alberta/Saskatchewan heavy oil belt.
Wavefront President and CEO Brett Davidson stated, “We are excited at the potential this project may lead to in the Alberta/Saskatchewan heavy oil belt where November 2008 marks the tenth anniversary of the first Powerwave field trial. The successful outcome of that program saw oil production rates increase by 37%. The initial trial was very satisfying given estimates on oil production improvement ranged from 30% to 40%. We have amassed more significant results since that vital proof of concept. During the intervening ten-year development period over 225 well stimulations and 11 flooding projects have permitted Wavefront to refine and improve its technical understanding of Powerwave as well as the predictive model and systems that drive the process. Past and present field results demonstrate that Powerwave can potentially lead to appreciable gains in oil production rates, impact recovery factor, and positively effect field economics.”
Mr. Davidson further commented, “The addition of this 25th client brings the total number of Powerwave systems installed, to be installed, and pending contract execution to 106. This is a notable milestone for Wavefront in that 8 systems were installed as at January 2008 and indicates the growing acceptance of the technology in the oil industry. Though client scheduling dictates installation dates, management anticipates the majority of those systems will be deployed by the end of the calendar year.”
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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