 |
 |
| PRESS RELEASE |
|
WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Powerwave™ Boosts Production Levels In Alberta
Project Cautionary Disclaimer –
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
EDMONTON, Alta May 20, 2008/ Wavefront Energy and Environmental Services
Inc. (“Wavefront”), a world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration is very pleased
to communicate Powerwave results from installations on-going since October
2007 with an international oil producer in Alberta. Oil production from the
three patterns increased by 57 bopd (11
m3/d) from 132 bopd (21
m3/d)
to 189 bopd (31
m3/d). The increased
oil recovery is apportioned to fifteen producing wells in three production
patterns where the technology is actively deployed and further upside
potential may be realized by increasing gross fluid production.
Wavefront President and CEO Brett Davidson stated, “At any price point,
fifty-seven extra barrels of oil production per day from just three
Powerwave locations is significant. These oil gains stem from positive
changes in the ratio of oil to water produced per barrel of fluid. Increased
oil cut percentages in this waterflood substantiate Powerwave’s ability to
mobilize stranded oil thereby improving recovery to positively affect
natural production decline, extend field life, and boost anticipated
ultimate oil recovery (recovery factor). Wavefront looks forward to the
implications of an entire field being equipped with Powerwave.”
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
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
Certain statements contained herein regarding Wavefront and its operations
constitute “forward-looking statements” within the meaning of Canadian
securities laws and the United States Private Securities Litigation Reform
Act of 1995. All statements that are not historical facts, including without
limitation statements regarding future estimates, plans, objectives,
assumptions or expectations or future performance, are “forward-looking
statements”. In some cases, forward-looking statements can be identified by
terminology such as ‘‘may’’, ‘‘will’’, ‘‘should’’, ‘‘expect’’, ‘‘plan’’,
‘‘anticipate’’, ‘‘believe’’, ‘‘estimate’’, ‘‘predict’’, ‘‘potential’’,
‘‘continue’’ or the negative of these terms or other comparable terminology.
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. Such factors
include fluctuations in the acceptance rates of Wavefront’s Powerwave and
Primawave Processes, demand for products and services, fluctuations in the
market for oil and gas related products and services, the ability of
Wavefront to attract and maintain key personnel, technology changes, global
political and economic conditions, and other factors that were described in
further detail in Wavefront’s continuous disclosure filings, available on
SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to
up-date any “forward-looking statements”, other than as required by law.