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For Immediate Release |
TSX-V: WEE |
EDMONTON, August 31/ 2006 – Wavefront Energy and
Environmental Services Inc., a provider of innovative technologies for increased
oil production and groundwater remediation, has recorded on average 199 percent
production improvement related to waterflooding from Dragonfly installations in
a mature oil reservoir in Rogers County, Okla. The Dragonfly tool utilizes
Wavefront’s patented fluid flow process to improve oil recovery from low or
non-producing oilfields.
The results are based on oil production improvements ranging from a low of 25
percent to a high of 520 percent in patterns of wells directly affected by
individual Dragonfly installations. Production improvements were based on
barrels of oil per day produced during conventional waterflooding versus barrels
of oil per day produced by pulsed water injection using the Wavefront-powered
Dragonfly tool.
“These initial results demonstrate how effective Wavefront’s fluid flow process
can be in increasing oil production – particularly in mature assets,” Wavefront
President and CEO Brett Davidson said. “We are very encouraged with the
potential impact our proprietary technology may have in breathing new life into
mature oilfields.”
Based on the data from the Rogers County and previous installations, the dynamic
effects attributed to the Wavefront- powered Dragonfly technology may lead to
overall oil recovery improvement of 10 percent or greater. This increase in
production could have a considerable effect on the world’s oil production. For
example, BP’s statistical review of world oil reports that global oil production
for 2005 was 81,088,000 barrels per day. A 1 percent increase in daily
production would represent 810,880 barrels per day or 295,971,200 barrels of oil
over one year.
Use of the Dragonfly tool differs from the practice of single well stimulation,
which is used to improve oil production in single well applications. The goal of
the Dragonfly tool, as a permanently installed device, is to gain oilfield-wide
production improvements in waterfloodable mature assets – similar to those found
in Rogers County. The Wavefront-powered Dragonfly tool will yield longer term
production results whereas the immediate production gains seen in single well
stimulations such as those reported for acid placements in California are not
long term.
“There are substantial market opportunities for implementing the Company’s
proprietary technology,” Davidson said. “The ability to rescue additional
production from mature oilfields, many times without the need for further
drilling, can have a positive impact on domestic oil production in the United
States where the August 2006 issue of World Oil Magazine reports 374 Bbbl of
oil, or approximately 66% of discovered oil remains stranded in reservoirs”
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy
and environmental sectors. The Company’s proprietary technology for fluid flow
optimization has been demonstrated to increase oil recovery. Within the
environmental sector, the technology accelerates contaminant recovery and
improves in-ground treatment of groundwater contaminants thereby reducing
liabilities and restoring the site to its natural state more rapidly.
| Media Contact: | Sadie McCrary – M/C/C for
Wavefront 972-480-8383 ext. 222 Sadie_McCrary@mccom.com |
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Investor Contact: |
Brad Paterson, CFO and
Director 780-486-2222 ext. 224 Tel investor.info@onthewavefront.com |
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
“Brett Davidson”
(signed)
Brett Davidson, President, CEO, Director
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Cautionary Disclaimer – Forward Looking Statements |
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Certain statements contained herein regarding the Company and its operations constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plan, objectives, assumptions or expectations or future performance, are “forward-looking statements”. 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. The Company expressly disclaims any obligation to up-date any “forward-looking statements”. |
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT.