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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Pengrowth To Apply The Powerwave™ Process
EDMONTON, Alta July 31, 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
the heavy oil business unit of Pengrowth Corporation (“Pengrowth”) to
implement the Powerwave Process in an active waterflood.
Initially three, (3) Powerwave Mantis tool systems will be installed at an
undisclosed Pengrowth operation in Alberta. Pengrowth’s interest in
Powerwave is to improve water injection rates and achieve more uniform water
distribution in the reservoir as a means of increasing overall oil recovery.
Wavefront President and CEO Brett Davidson stated, “As one of North
America’s leading energy income trusts and we are very pleased that the
heavy oil business unit of Pengrowth has chosen to apply Powerwave.
Pengrowth now joins Encana and ARG Resources to the growing list of oil
producers who have entered into agreements with Wavefront to utilize
Powerwave to unlock more oil from their reservoirs. Wavefront continues to
pursue additional high-profile opportunities and anticipate similar
announcements in the coming weeks.”
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:
D. Brad Paterson, CFO
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
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”.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT