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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Powerwave Increases Co2 Injection Rate 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
Mississippi operator seeks additional Powerwave tools for its injectors
EDMONTON, Alta June 22, 2009/ Wavefront Technology Solutions Inc.
(“Wavefront”), a world leader in providing innovative solutions for
increasing oil field production and enhancing the treatment of contaminated
groundwater is pleased to announce that Powerwave has improved injection
rates in a CO2 enhanced oil recovery program in Mississippi.
Powerwave’s versatility allows the use of a variety of fluid mediums to
increase oil recovery. Due to the compressibility of CO2, the pulsing action
of Powerwave produces different results compared to those achieved using
water because the transfer of energy into the reservoir is diminished. This
tends to produce lower injection benefits. Prior to implementing Powerwave
in this Mississippi CO2 flood the Powerwave simulator predicted a potential
CO2 injection increase of approximately 30 per cent more than historical
rates. The operator obtained recent data which indicates an injection
increase of 27 per cent. Based on these positive results, the operator now
plans to add Powerwave tools to more of its CO2 injectors.
“The ability to accurately predict potential Powerwave injection benefits
builds clients’ confidence in Wavefront’s ability to meet operational
objectives,” said Wavefront President and CEO, Brett Davidson. “Injection
rate is one key to the success of any flooding program as rate is
proportional to offsetting fluid production. Based on the injection rate
increase achieved in Mississippi, the client plans to order more Powerwave
tools.”
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.