 |
 |
| PRESS RELEASE |
|
WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Positive Results Prompt Alberta Client To Increase
Use Of Powerwave 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 Initially Provide 35 To 50 Additional Powerwave Systems
EDMONTON, Alta Dec 17, 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 based on convincing Powerwave
results obtained in Eastern Alberta the client is expanding the use of
Powerwave to three locations from one. For competitive reasons the client
and field locations cannot be named.
After 24 months of operation in Eastern Alberta, the 3 Powerwave-driven
injection patterns in the field, influencing 16 production wells, have shown
a 68 per cent drop in oil production decline rate; a 240 per cent increase
in oil cut (proportion of oil per barrel of produced fluid); and more than
51,700 barrels of incremental oil.
Wavefront and the client are in active discussion towards a master agreement
for long term use of Powerwave across the client’s assets. As discussions
continue, the two parties have agreed to amend the existing 3-system
Agreement for Eastern Alberta to include two additional locations where
Powerwave can improve the performance of existing waterfloods. Under the
terms of the amended Agreement, Wavefront will initially provide a minimum
of 35 to 50 Powerwave systems with approximately two-thirds of those systems
slated for the existing Eastern Alberta operation.
“All of us at Wavefront would like to thank the client for its early
adoption of Powerwave and the confidence they have shown in the technology
by extending the use of Powerwave to multiple locations,” said Wavefront
President and CEO Brett Davidson. “We are looking forward to the successful
conclusion of discussions on a much wider roll-out of Powerwave with the
client.
“Powerwave represents a genuine game changing technology that helps oil
producers improve oil production rates, extend field life, and maximize
asset value,” said Mr. Davidson. “The larger roll-out of Powerwave with the
Eastern Alberta client sends a strong signal to big and small energy
producers that Powerwave can get more oil out of their existing fields.
Wavefront has long maintained that Powerwave is an operator’s best option
for fluid injection in secondary and tertiary oil recovery strategies. The
Eastern Alberta results clearly support this position.”
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.