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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Early Powerwave™ Data Indicates Anticipated Response
EDMONTON, Alta Jan 16, 2008/ 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 data gathered over the past ten weeks by an international
oil producer for Powerwave installations in Alberta indicates that the
process has led to a direct pressure response in the reservoir, often with
increases in fluid production rates, increased casing head pressures or
fluid levels in wells, and in a number of cases increased oil cuts and/or
oil production rate.
Wavefront President and CEO Brett Davidson stated, “These early results are
very meaningful as they indicate Powerwave is positively influencing
reservoir flow characteristics in the production patterns where the process
is utilized. A positive increase in a wells fluid level indicates greater
pressure in the reservoir. Similarly, increases in oil cuts and/or oil
production rates are related to greater mobility of the oil phase associated
with more uniform injection of water. All of the aforementioned reservoir
responses are expected in a Powerwave injection approach and should
ultimately lead to appreciable increases in total oil recovery. The next
steps for the client and Wavefront are to optimize productivity by
increasing individual pump rates to maximize production, and if applicable,
increase water injection rates to further enhance overall response thus
providing additional support for anticipated field wide deployment.”
Mr. Davidson also commented, “As an optimization process to industry
accepted production strategies, Powerwave can play a pivotal role in
maximizing oil recovery from reservoirs and these new results further
legitimize the value of the process to oil producers throughout the globe.
Powerwave, when properly implemented in secondary or tertiary oil recovery
programs such as waterfloods, CO2 floods, surfactant floods, etc., may
result in billions of additional barrels of oil being extracted from
reservoirs over a number of years. Invariably, this would represent a
staggering dollar amount to the oil industry.”
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
Cautionary Disclaimer –
Forward Looking Statements
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.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT
| © 2008 Wavefront Energy & Environmental Services Inc. All
rights reserved. Powerwave™ and Primawave™ are registered trademarks of
Wavefront Energy and Environmental Services, Inc. |
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