FOR IMMEDIATE RELEASE: April 2, 2007
WEE Retains The Windward Agency For Investor Relations - Update On Operations At
Rodney South
EDMONTON, April 02, 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 effective March 20, 2007 and subject to regulatory
approval, it has retained the services of The Windward Agency, of
Charlotte, North Carolina. Windward, founded by its principal, Kelly
Boatright, will provide assistance with Wavefront’s Investor
Relations and Public Relations efforts. Windward has served the
natural resource sectors for more than two decades and maintains a
strong presence in Canada, the United States and Europe. As
Wavefront shapes a broader integrated investment relations and
communications strategy it has terminated its relationship with
M/C/C, an advertising agency and public relations firm based in
Dallas, TX.
Following an initial payment of US$6,500, which contains a set up
fee of US$1,500, Windward will receive a monthly all-inclusive
retainer of US$5,000. The agreement will progress on a monthly
basis, renewing automatically, and may be terminated by either party
by two-week written notice. Windward does not engage in market
making activities and will restrict its services to public relations
and investor relations counseling.
Windward maintains an extensive network of representatives and
account service specialists in Toronto, New York, Charlotte,
Atlanta, London, England and Zurich, Switzerland. In addition to
organizing broker road shows, Windward will also manage press
release dissemination, assist in the design of marketing materials,
and miscellaneous tasks related to the Company’s investor relations
and public relations programs.
Wavefront would also like to update the market on the development of
the first phase of the Rodney South project with Greentree Gas & Oil
Ltd. (“Greentree”) that commenced in September 2006. Greentree has
successfully completed the drilling of two horizontal producers and
eight injection wells. Both horizontal wells penetrated
approximately 170 meters (~560 feet) of oil pay. The new wells are
currently being integrated into updated facilities including
production and injection lines, central tank battery, and injection
system. In addition, six of eight vertical and one horizontal
production wells that were shut-in since the initiation of
development have been reactivated. The two remaining shut-in
vertical wells will be reactivated with the start-up of production
from the two new horizontal wells which is anticipated shortly. The
current operational plan is to produce all wells naturally to
establish a stabilized baseline production rate prior to commencing
waterflooding. Water injection will be accomplished using
Wavefront’s Powerwave Process, more specifically, the highly
successful solenoid-actuated Dragonfly tool as well as a new
mechanically operated waterflood tool known as the “Mantis”.
Under the terms of the Wavefront/Greentree Agreement announced
February 2, 2006 Wavefront is providing up to $2.25 million in
capital expenditures related to the first phase of development. In
consideration of Wavefront’s capital investment it shall earn a 70%
net overriding royalty interest in overall production in Rodney
South until payout of Wavefront’s initial $C 2.25 million capital
investment. Subsequent to payout, cash flow from operations will be
allotted 50% to each of Wavefront and Greentree.
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 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”.
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