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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Eight Powerwave Systems To Energize Waterflood 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 Sep 15, 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 Calgary-based, oil and gas company will deploy eight
Powerwave systems in a commercial project located in the
Alberta/Saskatchewan heavy oil belt.
Wavefront President and CEO Brett Davidson stated, “We are excited at the
potential this project may lead to in the Alberta/Saskatchewan heavy oil
belt where November 2008 marks the tenth anniversary of the first Powerwave
field trial. The successful outcome of that program saw oil production rates
increase by 37%. The initial trial was very satisfying given estimates on
oil production improvement ranged from 30% to 40%. We have amassed more
significant results since that vital proof of concept. During the
intervening ten-year development period over 225 well stimulations and 11
flooding projects have permitted Wavefront to refine and improve its
technical understanding of Powerwave as well as the predictive model and
systems that drive the process. Past and present field results demonstrate
that Powerwave can potentially lead to appreciable gains in oil production
rates, impact recovery factor, and positively effect field economics.”
Mr. Davidson further commented, “The addition of this 25th client brings the
total number of Powerwave systems installed, to be installed, and pending
contract execution to 106. This is a notable milestone for Wavefront in that
8 systems were installed as at January 2008 and indicates the growing
acceptance of the technology in the oil industry. Though client scheduling
dictates installation dates, management anticipates the majority of those
systems will be deployed by the end of the calendar year.”
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.