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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Four Powerwave™ Systems Taken By Energy Trust 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 June 10, 2008/ Wavefront Energy and Environmental Services
Inc. (“Wavefront”), a world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration is pleased to
announce that a major Canadian conventional oil and natural gas energy trust
will install four Powerwave systems in a mature waterflood development.
Based on production improvements, the client envisions full-field
implementation of approximately one hundred injection wells. The
implementation schedule for the initial four Powerwave systems is being
determined.
Wavefront President and CEO Brett Davidson stated, “The goal of this
Powerwave program is to improve “sweep efficiency”, which is the ability of
our technology to provide more uniform distribution of the injected water to
mobilize stranded oil. In mature waterfloods much of the recoverable oil is
produced at very high water fractions (i.e. about 90% water per barrel of
fluid). Lowering the water fraction hence increasing the oil fraction not
only improves oil productivity rates but also contributes to changing the
rate of production decline, extending field life and increasing proven
reserves. Previously reported results for an on-going project in Alberta
demonstrate Powerwave’s ability to mobilize stranded oil with an increase in
oil fraction from 3.0% to 4.6%. As disclosed in Wavefront’s May 20, 2008
news release, the positive change in oil fraction equates to an increase in
oil recovery of 57 barrels of oil per day. With positive results seen
elsewhere Wavefront is very optimistic of field-wide expansion in this new
project.”
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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