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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Powerwave Installations Generate Significant
Increase In Oil Recovery And Revenues 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 Dec 01, 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 significant, positive results have been realized from three
Powerwave installations, operational since October 2007 with an
international oil producer in Alberta.
In the 12-month period ending October 2008, incremental oil production from
the three Powerwave injection patterns totaled almost 14,500 barrels of oil.
This level of increased oil recovery is above that which would have been
produced based on the natural production decline rate established for the 16
production wells influenced by Powerwave within the injection patterns.
“The incremental oil produced to date in the Alberta Powerwave project is
considerable and clearly demonstrates Powerwave’s ability to boost oil
production from aging waterfloods,” said Wavefront President and CEO Brett
Davidson. “The results confirm that the cost of Powerwave implementation is
low compared to the returns. The cumulative cash flow resulting from twelve
months of increased production in the longest running commercial Powerwave
project is an indication of the solid case for considering the use of
Powerwave in all flooding approaches. Wavefront is working closely with the
Alberta oil producer to assess the optimal placement of subsequent Powerwave
systems on order for the field.”
Wavefront is also pleased to announce that the installation of four
Powerwave systems with an Alberta-based energy trust first announced June 9,
2008 has now been completed. The goal of this Powerwave program is to
improve the distribution of the injected water to contact more of the
in-place oil to improve overall recovery. Based on results elsewhere
Wavefront anticipates a positive response in the Powerwave-driven waterflood
area.
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.