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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Eastern Alberta Powerwave Update 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
Incremental Oil Production Reaches 168 Per Cent At Two-Year Mark
EDMONTON, Alta Oct 26, 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 provide an update on oil production results
related to Wavefront’s longest running commercial Powerwave program in
eastern Alberta.
Increased oil production attributed to Powerwave for the 24- month period
ending September 2009 is 51,597 barrels, which is up 168 per cent.
This 168 per cent increase in oil production 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. Oil decline
rate fell 68 per cent, decreasing from a pre-Powerwave rate of 3.4 per cent
per month to 1.1 per cent per month with Powerwave. Contributing to the fall
in oil decline rate was an increase in incremental oil cut (percentage of
oil per barrel of produced fluid). Oil cut increased by 239 per cent rising
from a pre-Powerwave value of 1.05 per cent to 2.54 per cent with Powerwave.
“Based on current oil production decline rates with Powerwave, Wavefront
estimates that the production life of the three oil producing patterns in
the Eastern Alberta project will be extended by more than 10 years, said
Wavefront President and CEO, Brett Davidson. “This extension of the
operating life of the asset, as well as the increased oil production,
creates significant additional revenues for the operator.”
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.