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For Immediate Release |
TSX-V: WEE |
EDMONTON, Alta March 20, 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 activities at Rogers County, Oklahoma.
The Company has recently completed 1 horizontal production well and 5 water
injectors. The horizontal well was terminated at 327 feet in lateral length at a
measured depth of 481 feet. Initial fluid production measured from the
horizontal well was 35 barrels per day at approximate 30 percent water cut. The
horizontal well is currently being optimized for productivity. Of the 5 new
water injectors 4 offset the horizontal well and active waterflooding has
commenced. The Company will be initiating a large scale drilling operation this
month where an additional 6 horizontal wells and 17 water injection wells will
be drilled and completed. Based on the successful completion of the drilling
operation, the first of numerous
DeepWaveSM
installations in water injectors is scheduled for April 2006.
Wavefront President and CEO Brett Davidson stated, “Over the past several months
the Company has been upgrading facilities, reactivating production wells, and
establishing baseline production prior to implementing
DeepWaveSM
stimulation. We have made significant progress at Rogers County and have laid
the groundwork for aggressive oil recovery using the Company’s
DeepWaveSM
technology. The next few months should prove very exciting as management
anticipates significant production improvements related to the technology.”
With the Company’s acquisition of the 90% working interest in the existing
production, equipment, and 420-acre mineral lease from an arms length party for
total consideration of US $190,000.00, and the focus on production at Rogers
County, as well as the imminent start of drilling operations at Greentree Gas
and Oil, the Company has allowed the lease it held in Milam County, Texas to
expire.
The Company also wishes to announce that a
DeepWaveSM
stimulation was completed near Red Deer, AB. The client, a major Canadian oil
and gas company, is a first time user of
DeepWaveSM
and applied the technology to reduce drilling induced formation damage.
Production results for the stimulation are not available at this time.
Mr. Davidson further commented, “We are enthused by yet another new user of
DeepWaveSM
and the potential number of new and existing wells the client has that could
potentially be stimulated. The Company and its licensee continue to see
increased interest in the DeepWaveSM
stimulation service and management is seeing this interest translate into
inquiries for permanent DeepWaveSM
installations during waterflooding.”
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.
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Cautionary Disclaimer – Forward
Looking Statements |
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