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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Pemex Samaria-Luna Asset Approves Powerwave
Stimulations 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
Wavefront To Conduct Four Single Well Powerwave Stimulations
EDMONTON, Alta Dec 15, 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 the Samaria-Luna oil production
asset of Petroleos Mexicanos, or Pemex, has approved four single well
Powerwave stimulations pursuant to the non-binding Letter of Intent
announced October 27, 2009. The Samaria-Luna well stimulations represent the
start of an extensive Powerwave undertaking with Pemex.
A single well stimulation, or work-over, is a remedial operation performed
on a producing well to restore or enhance productivity. In many instances a
chemical is pumped into the well to stimulate a producing interval. However,
during this operation the importance of placing the chemical efficiently is
often underestimated. A single well stimulation is generally on the order of
one day compared to flooding operations (i.e. water flooding) that can last
much more than a decade.
The objective for the Samaria-Luna single well stimulations is to
re-establish oil production to levels greater than current rates. As
outlined in the October 27, 2009 news release, in the event of successful
well stimulations, Wavefront could be awarded a 5-year open, sole source
contract to supply Powerwave for well stimulation work done on newly drilled
and existing wells across Pemex operations. Wavefront cautions that no such
supply contract has been agreed to or entered into. Licensing fees for
Powerwave well stimulations in a 5-year open contract are set at US $4,000
per day per well.
“Wavefront is very pleased to have the Samaria-Luna asset approve the
Powerwave single well stimulation work as outlined in the Letter of Intent
with Pemex”, said Wavefront President and CEO Brett Davidson. “Wavefront
continues to work with individual Pemex assets to finalize additional
agreements for all remaining single well stimulations as well as
Powerwave-driven waterflood locations.”
For further information please contact:
D.
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.