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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
International Oil Producer Taps Powerwave To
Increase Output 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, 2009/ Wavefront Technology Solutions Inc., a
world leader in providing innovative solutions for increasing oilfield
production, announces that one of the world’s top-five oil producers has
deployed the first of four Powerwave systems in its Alaskan operations.
Powerwave is an injection technology that can increase production and
reserves from existing oil fields – the Holy Grail for energy producers as
reserves become harder to find. Recent results have shown that Powerwave can
increase oil production rates by over 80 per cent as well as reducing
overall production decline by more than 2 per cent per month. These results
signal a significant increase in recoverable reserves and Wavefront is
confident Powerwave will increase ultimate oil recovery by 10 to 20 per
cent.
“Energy producers big and small are turning to technology to get more oil
out of their existing fields as opposed to simply looking for new reserves,
which is getting harder and more expensive to do”, said Wavefront President
and CEO Brett Davidson. “Three of the top five global oil producers
operating in Alaska have been searching for an appropriate technology to
economically produce billions of barrels of undeveloped reserves. We are
confident these initial deployments of Powerwave in Alaska will demonstrate
Powerwave’s viability as an economical approach to tapping those reserves.”
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.