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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
WEE Enters Into Agreement With Energex Oil Inc. To
Implement The Powerwave™ Process In Texas
EDMONTON, Alta Oct 03, 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 an agreement with Energex Oil Inc.
(“Energex”), a privately held oil exploration and production company located
in Colorado Springs, CO to implement Powerwave in an oil field lease in Knox
County, Texas.
Under the terms of the agreement Wavefront will provide on-going technical
support for the development plan as well as six Powerwave tool systems.
Energex will act as the operator and will fund lease development. For its
participation in the development of the lease Wavefront will receive a five
percent gross overriding royalty on oil production.
The current development plan consists of a 330-acre unit with 21 wells
presently accessible for use in a waterflood. Historically, there were 30
wells drilled by Union Oil of California, which produced 1,256,495 barrels
of oil from the Tannehill sands that underlie this acreage at a depth of
approximately 2000 feet. The Tannehill sands are prolific producers in
numerous fields within the Permian basin and particularly in Knox County. In
1969, the acreage was unitized into the East Voss (Tannehill) Sand Unit and
a partial waterflood project was initiated for secondary oil recovery. To
date the secondary recovery of oil is approximately 837,000 barrels, thus
bringing the total recovery to just less than 2,100,000 barrels of oil from
the three Tannehill sands. Energex reports that a complete sand analysis of
the Tannehill sands using well logs and available core data indicates that
the 330-acre unit may have a total recoverable volume of approximately
2,633,000 barrels of oil equating to a possible 550,000 additional barrels
of oil over the current total produced amounts.
Wavefront President and CEO Brett Davidson stated, “Energex has thoroughly
reviewed Powerwave and the beneficial results that it can bring to mature
assets in order to maximize ultimate oil recovery. The prospect of
implementing Powerwave in Knox County is further endorsement of the process
and continues to demonstrate the credibility it is acquiring in the oil
sector. Wavefront is pleased to be working with Energex on this project, and
we fully anticipate both parties entering into similar agreements in the
near future.”
Energex President and CEO Douglas Pedrie commented, “We are very excited to
be working with Wavefront, its management, and team of professionals.
The Tannehill sand has historically been a good formation for waterflood and
with the additional benefit of Powerwave, we believe significant
improvements in production and recovery can be achieved. Energex and
Wavefront will be actively seeking additional opportunities for subsequent
applications of Powerwave in mature assets where secondary recovery was
abandoned or not attempted due to poor primary recovery.”
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 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
| © 2007 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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