FOR IMMEDIATE RELEASE: May 29, 2007
WEE To Apply The Powerwave™ Process In Pennsylvania
EDMONTON, Alta May 29,
2007/ Wavefront Energy and Environmental Services Inc.
(“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 a pre-commercialization
agreement with ARG Resources Inc. to implement the Powerwave Process
in an active waterflood in the Kane Field located in northwestern
Pennsylvania.
ARG Resources Inc. (“ARG Resources”) is an affiliate of the American
Refining Group (“ARG”) of Bradford, Pennsylvania. For 125 years
ARG’s Bradford facility has been a premier refiner of Pennsylvania
Grade Crude Oil (PENN-GRADETM) specialties and blender/packager of
lubricants including widely known brands Gulf® and Brad Penn®.
Initially three, (3) Powerwave Dragonfly tool systems will be
installed at ARG Resources Kane, Pennsylvania Operations at an
approximate total measured depth of 2,500 feet. ARG Resources’
interest in Powerwave is to improve water injectivity rates and
achieve more uniform water distribution as a means of increasing
overall oil productivity in a mature field. If this project is
successful, Wavefront, ARG and ARG Resources will pursue an
arrangement to jointly market Powerwave to crude oil producers in
the Pennsylvania Grade Crude Oil Region comprised of approximately
35,000 square miles, covering a geographic area running from
Southwestern New York, through Western Pennsylvania, and into
Eastern Ohio and West Virginia.
Wavefront President and CEO Brett Davidson stated, “ARG and ARG
Resources are forward thinking companies working to maximize oil
production from their operations and we are very pleased to have
entered into this agreement with them. It is becoming increasingly
difficult for oil companies to optimally produce mature assets hence
the growing need for technology to aid in the extraction of proven
oil reserves that are stranded in reservoirs. Powerwave is a
significant key to unlocking those proven oil reserves. Success in
Kane and the possibility of jointly marketing Powerwave with ARG and
ARG Resources in an area as historically important as the
Pennsylvania Crude Oil Region represents a sizable opportunity for
Wavefront.”
Mr. Davidson further commented, “Physical limitations on water
injection directly affect oil recovery rates and ultimate
recoverable volumes. If water injection rates can be increased and
greater uniformity of that water is achieved in the reservoir it
should transpire into both improved oil rates and increased ultimate
oil recovery. Given the importance of water injection rates on oil
recovery it is noteworthy that the success of the Dragonfly tool
systems for improving water injectivity under difficult flow
conditions has not only been a focal point of the Wavefront/ARG
Resources agreement but is also the basis for various discussions on
the application of Powerwave with a number of oil producers across
North America. Wavefront endeavors to report on those activities in
the near future.”
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.
For further information please 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 & Environmental Services Inc.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO and
Director
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Cautionary Disclaimer – Forward
Looking Statements
Certain statements contained herein regarding the Company and its operations
constitute “forward-looking statements” within the meaning of the United Sates
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”.
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