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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Powerwave™ To Be Deployed In Working Interest
Agreement With Energex Oil Inc. 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 13, 2008/ Wavefront Energy and Environmental Services
Inc. (“Wavefront”), a world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration announces 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 acquire a fifty percent working interest in an oil field lease situated
in Taylor County, Texas. Total consideration for the working interest will
be $40,000 USD.
The lease, comprised of more than six tracts totaling 500 acres, is
identified as the John McSherry Survey #129, Section 129, Taylor County,
Texas that is to be unitized as the Dyess field. Energex will act as
Operator of the Dyess field while Wavefront will be responsible for all
development plans, well programs, and engineering and geological reports.
Projected initial development costs are estimated at $2,700,000 USD; of
which Wavefront will be responsible for its proportionate interest of
$1,350,000 USD.
Wavefront President and CEO Brett Davidson commented, “The Dyess field
represents a strategic prospect for Wavefront and we look forward to
implementing a development plan that realizes the full potential of
Powerwave to maximize production of the remaining recoverable reserves.
Since the first agreement between the companies announced October 3, 2007,
Energex and Wavefront have been seeking additional opportunities to acquire
or co-develop assets with considerable recoverable reserves and where
Powerwave can be a focal point in field development. As part of Wavefront’s
overall corporate strategy the Company will continue to pursue favorable
opportunities such as the Dyess field to showcase Powerwave and draw
attention to the vast global potential the technology holds in maximizing
recoverable oil reserves.”
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.
| © 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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