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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Powerwave Installation Increases Oil Production By
34,000 Barrels 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
Considerable incremental oil production demonstrates Powerwave’s ability to
enhance oil field economics
EDMONTON, Alta June 9, 2009/ Wavefront Energy
and Environmental Services Inc. (“Wavefront”), a world leader in providing
innovative solutions for increasing oil field production and enhancing the
treatment of contaminated groundwater is pleased to provide an update on oil
production results related to Powerwave with an Alberta-based oil and gas
producer.
Increased oil production attributed to Powerwave at three installations,
operational since October, 2007 is 34,000 barrels. The 86 per cent increase
in oil recovery is above that which would have been produced based on the
natural production decline rate established for the three water injection
patterns where Powerwave is deployed. The incremental oil production is also
apportioned to 16 producing wells which surround the Powerwave
installations.
“The considerable incremental oil production in this Alberta project
demonstrates Powerwave’s ability to enhance the economics of an oil field,”
said Wavefront President and CEO, Brett Davidson. “Compared to the economic
and environmental cost of establishing more oil wells, Powerwave
dramatically increases overall oil recovery with minimal investment.”
In the Powerwave-driven waterflood injection patterns there has also been a
notable decrease in the historical oil production decline rate of 3.4 per
cent per year prior to Powerwave to a present 1.0 per cent per year with
Powerwave.
“Wavefront has long maintained that Powerwave will positively affect the
reservoir’s natural production decline rate, extend field life, and help
increase overall oil recovery,” said Mr. Davidson. “The 2.4 per cent
reduction in the rate of production decline in the Alberta Powerwave project
validates the confidence we have in Powerwave’s capability. Results like
these, as well as successful results elsewhere are helping to make Powerwave
an operator’s best option for fluid injection in secondary and tertiary oil
recovery strategies.”
About Wavefront Technology Solutions Inc.
Wavefront specializes in designing and developing leading-edge techniques
for oil well stimulation, improved oil recovery, and environmental
groundwater remediation.
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.