• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Wavefront Technology Solutions Inc. - Powerwave installation increases oil production by 34,000 barrels

Posted on: Tuesday, 9 June 2009, 10:35 CDT

EDMONTON, June 9 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc. ("Wavefront"), a world leader in providing innovative solutions for increasing oil field production and enhancing the treatment of contaminated groundwater is pleased to provide an update on oil production results related to Powerwave with an Alberta-based oil and gas producer.

Increased oil production attributed to Powerwave at three installations, operational since October, 2007 is 34,000 barrels. The 86 per cent increase in oil recovery is above that which would have been produced based on the natural production decline rate established for the three water injection patterns where Powerwave is deployed. The incremental oil production is also apportioned to 16 producing wells which surround the Powerwave installations.

"The considerable incremental oil production in this Alberta project demonstrates Powerwave's ability to enhance the economics of an oil field," said Wavefront President and CEO, Brett Davidson. "Compared to the economic and environmental cost of establishing more oil wells, Powerwave dramatically increases overall oil recovery with minimal investment."

In the Powerwave-driven waterflood injection patterns there has also been a notable decrease in the historical oil production decline rate of 3.4 per cent per year prior to Powerwave to a present 1.0 per cent per year with Powerwave.

"Wavefront has long maintained that Powerwave will positively affect the reservoir's natural production decline rate, extend field life, and help increase overall oil recovery," said Mr. Davidson. "The 2.4 per cent reduction in the rate of production decline in the Alberta Powerwave project validates the confidence we have in Powerwave's capability. Results like these, as well as successful results elsewhere are helping to make Powerwave an operator's best option for fluid injection in secondary and tertiary oil recovery strategies."

About Wavefront Technology Solutions Inc.

Wavefront specializes in designing and developing leading-edge techniques for oil well stimulation, improved oil recovery, and environmental groundwater remediation.

ON BEHALF OF THE BOARD OF DIRECTORS WAVEFRONT TECHNOLOGY SOLUTIONS 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 www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking atements", other than as required by law.

------------------------------------------------------------------------- THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT

SOURCE Wavefront Technology Solutions Inc.

Source: PR Newswire

More News in this Category