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

Wavefront Energy &Amp; Environmental Services Inc. Enters Into Agreement With Energex Oil Inc. To Implement the Powerwave(TM) Process in Texas

Posted on: Wednesday, 3 October 2007, 09:00 CDT

Wavefront Energy and Environmental Services Inc. (TSX-V: WEE) (PINKSHEETS: WEESF) ("Wavefront"), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation is pleased to announce that it has entered into an agreement with Energex Oil Inc. ("Energex"), a privately held oil exploration and production company located in Colorado Springs, CO to implement Powerwave in an oil field lease in Knox County, Texas.

Under the terms of the agreement Wavefront will provide on-going technical support for the development plan as well as six Powerwave tool systems. Energex will act as the operator and will fund lease development. For its participation in the development of the lease Wavefront will receive a five percent gross overriding royalty on oil production.

The current development plan consists of a 330-acre unit with 21 wells presently accessible for use in a waterflood. Historically, there were 30 wells drilled by Union Oil of California, which produced 1,256,495 barrels of oil from the Tannehill sands that underlie this acreage at a depth of approximately 2000 feet. The Tannehill sands are prolific producers in numerous fields within the Permian basin and particularly in Knox County. In 1969, the acreage was unitized into the East Voss (Tannehill) Sand Unit and a partial waterflood project was initiated for secondary oil recovery. To date the secondary recovery of oil is approximately 837,000 barrels, thus bringing the total recovery to just less than 2,100,000 barrels of oil from the three Tannehill sands. Energex reports that a complete sand analysis of the Tannehill sands using well logs and available core data indicates that the 330-acre unit may have a total recoverable volume of approximately 2,633,000 barrels of oil equating to a possible 550,000 additional barrels of oil over the current total produced amounts.

Wavefront President and CEO Brett Davidson stated, "Energex has thoroughly reviewed Powerwave and the beneficial results that it can bring to mature assets in order to maximize ultimate oil recovery. The prospect of implementing Powerwave in Knox County is further endorsement of the process and continues to demonstrate the credibility it is acquiring in the oil sector. Wavefront is pleased to be working with Energex on this project, and we fully anticipate both parties entering into similar agreements in the near future."

Energex President and CEO Douglas Pedrie commented, "We are very excited to be working with Wavefront, its management, and team of professionals. The Tannehill sand has historically been a good formation for waterflood and with the additional benefit of Powerwave, we believe significant improvements in production and recovery can be achieved. Energex and Wavefront will be actively seeking additional opportunities for subsequent applications of Powerwave in mature assets where secondary recovery was abandoned or not attempted due to poor primary recovery."

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 www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements," 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.

Distributed by Filing Services Canada and retransmitted by Marketwire

 For further information please contact:  D. Brad Paterson CFO 780-486-2222 x 224 Tel Email Contactwww.onthewavefront.com

SOURCE: Wavefront Energy and Environmental Services Inc.

Source: MARKET WIRE

More News in this Category