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For Immediate Release |
TSX-V: WEE |
EDMONTON, Alta March 30, 2006/ Wavefront Energy and Environmental Services
Inc., a provider and licensor of its proprietary DeepWaveSM
(http://onthewavefront.com/dw_what-is-deep-wave.htm)
Technology for improved oil recovery and groundwater remediation is
pleased to provide an update on two well stimulations conducted near
Bakersfield, California in December 2005 and January 2006.
Production from the first well stimulation reported on December 15, 2005 and
updated January 31, 2006 has now stabilized. Oil production rates have tailored
off from those reported immediately following the stimulation but remain 11
times better than pre-stimulation levels. Other noted improvements are the water
inflow, which has dropped, and the gas production, which has more than doubled.
Prior to the stimulation, the well was producing 2 barrels of oil per day, 86
barrels of water per day, and 3 thousand cubic feet of gas per day. Two months
following the stimulation, the well is producing 22 barrels of oil per day, 76
barrels of water per day, and 8 thousand cubic feet of gas per day.
Initial production results from the second well stimulation reported on January
31, 2006 and updated February 15, 2006 show improvements in oil, water and gas
production. As previously reported, this well was run with a tracer study that
confirmed distribution of the stimulation acid over 100 percent of the
perforations. Prior to the stimulation, the well was producing 7 barrels of oil
per day, 144 barrels of water per day, and 694 thousand cubic feet of gas per
day. Following the stimulation, the well is producing 22 barrels of oil per day,
117 barrels of water per day, and 817 thousand cubic feet of gas per day. This
is a three-fold increase in production combined with a reduction in water inflow
as well as an increase in gas production.
Production and tracer study results for the third stimulation conducted near
Bakersfield are not available at this time.
Brett Davidson, President and CEO stated, "A key benefit of DeepWaveSM
is that it is a method that provides for intense mixing, greater distribution,
and greater penetration depth of liquids being injected into the ground.
Chemical treatment companies focus on the chemistry, but not mixing,
distribution or penetration depth. DeepWaveSM, combined with chemical
applications, forms a very effective synergistic approach to reservoir
stimulation. This synergistic effect is well established with documented case
histories as far back as 2001 where well stimulations that combined DeepWaveSM
with treatment chemicals were found to outperform prior well stimulations by a
factor of five1.
A typical chemical placement by pressure injection may affect 40-60% of the
perforated interval however our most recent results show that DeepWaveSM
distributed the chemical across 100% of the perforated interval. No other
placement technique has previously enabled treatment of all perforations.”
Mr. Davidson further stated, “From its inception the Company has always
maintained that DeepWaveSM
is a game changing technology that will result in the rethinking of how liquids
can be optimally placed in the ground. From the results outlined above and those
we have garnered since 1998 the technology is proven to be repeatable and
scalable for broad application in the oil and gas industry. The Company has yet
to see a comparable technology that provides for intense mixing, greater
distribution, and greater penetration depth of injected liquids.”
Mr. Davidson went on to note, "DeepWaveSM
is of strategic importance to the Company and its licensee’s as it allows an
integrated solution to be offered to clients that competitors cannot match.
Management believes that with consistent results and sustainable post-treatment
production rates as demonstrated in California, DeepWaveSM
will be the placement technique of choice in an industry where chemical sales in
the areas of well stimulation, production and enhanced oil recovery commanded
over 1.7 billion in the United States in 2004 and are expected to reach US$2.2
billion by 20092.
Global sales of all oilfield chemicals have been projected to hit US$10 billion
in 20083.”
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy
and environmental sectors. The Company’s patented DeepWaveSM
Technology is a proven and verified fluid flow optimization technique. Within
the energy sector the Company’s strategy is to license the technology to service
providers, provide site licenses to oil producers, and to acquire or earn
working interests in mature oilfields. In the environmental sector, DeepWaveSM
is licensed to service providers who implement the technology to reduce
long-term liabilities associated with contaminated sites.
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For further information please
contact: |
D. Brad Paterson, CFO 780-486-2222 x224 Tel investor.info@onthewavefront.com |
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
“D.
D.
1 Paper 2001-57, Petroleum Society CIM International Conference,
Calgary, AB, June 12-14, 2001.
2 Oilfield Chemicals to 2009 (published 11/2005, 287 pages), The
Freedonia Group, Inc.
3 World Oilfield Chemicals to 2008 (published 4/2005, 362 pages), The
Freedonia Group, Inc.
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