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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Texas Based Producer Sees Production Lift Related To
Powerwave 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 27, 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
report early Powerwave results from installations on-going since April 2008
with a Fort Worth, Texas oil producer. Oil production from the eight wells
influenced by two Powerwave systems in one location has increased by 21 bopd
or 26%. Definitive well test production data at the second North Central
Texas Powerwave location has not been completed however overall unit
production figures indicate an upward trend. Additional upside potential at
both locations may be realized with time as Powerwave influences a greater
volume of the reservoirs.
Wavefront President and CEO Brett Davidson stated, “The early performance of
the Texas Powerwave waterflood exceeds that of the Alberta Powerwave project
for the similar time period where an 18% production increase was measured.
Given results in Alberta where production has now doubled in the injection
patterns influenced by Powerwave we expect additional production increases
in North Central Texas.”
Mr. Davidson further commented, “Since its inception, Wavefront has
maintained that Powerwave could increase reservoir recovery factor (ultimate
recovery) by 25% to 50%. The production increases seen in Texas and Alberta
related to Powerwave supports those assertions. With approximately 60% of
oil being stranded in reservoirs and over 200,000 wells used to inject
fluids for oil recovery in North America, Wavefront sees significant growth
opportunity for 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.
| © 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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