 |
 |
| PRESS RELEASE |
|
WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Pemex Poza Rica-Altamira 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 Five Single Well Powerwave Stimulations
EDMONTON, Alta Jan 13, 2010/ 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 Activo Integral Poza
Rica-Altamira an oil production asset of Pemex, has approved five single
well Powerwave stimulations pursuant to the non-binding Letter of Intent
announced October 27, 2009. The Activo Integral Poza Rica-Altamira well
stimulations represent the continuation of an extensive Powerwave
undertaking with Pemex. The Activo Integral Poza Rica-Altamira has scheduled
stimulation work to commence in early February in the Tampico region.
Pemex is currently recovering 7 per cent of the original volume of the
Chicontepec field with its 139 billion barrels of oil. On February 17,
2009, Mr. Carlos Morales Gil, then General Manager of Pemex, announced that
with the current technology, only an estimated 18 billion barrels could be
recovered. When asked about the rest of the reserves he responded, “It will
stay there because at this moment there is no technology that will allow us
to extract that reserve.”
“This is a very important step in the continuation of the relationship
between Wavefront and Pemex,” said Wavefront President and CEO Brett
Davidson. “Pemex has indicated to Wavefront that its longer term intent is
to use Powerwave in the Chicontepec field to help Pemex recover reserves
that would otherwise remain unrecoverable. We see this as a significant vote
of confidence in the performance of Powerwave.”
Wavefront would also like to announce that the first of four Powerwave
single well stimulations announced in December 2009 for the Samaria-Luna oil
production asset of Pemex was successfully completed. Production results
related to the stimulation work are pending. The remaining Powerwave
stimulation work is imminent.
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.