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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Powerwave Drives CO2 Flood 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 Jan 5, 2009/ 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 the Gulf Coast region, Powerwave-driven CO2 flood first
announced October 15, 2008 has been initiated.
Wavefront President and CEO Brett Davidson stated, “Today’s fluctuating oil
prices are placing oil companies under increased pressure to reduce
operating costs while optimizing recovery. Powerwave allows oil companies to
maximize value from their oil production operations by “rescuing stranded
oil” trapped in inaccessible nooks and crannies of the producing reservoir.
Compared to the economic and environmental cost of drilling more oil wells,
Powerwave increases overall oil recovery with minimal investment.”
Wavefront also announces that the Company will file, in accordance with TSX
Venture Exchange policy, a Summary Form disclosing the granting of an
aggregate of 600,000 incentive stock options pursuant to the Company's Stock
Option Plan. Of the 600,000 incentive stock options being granted, 500,000
incentive stock options are being granted to management and four directors
of Wavefront. The options will be exercisable at a price of $0.54 per
share, for a period of five years. The options are subject to a hold period
of 4 months and vesting period of 18 months, in accordance with the
Company's Stock Option Plan and Exchange policy.
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.