 |
 |
| PRESS RELEASE |
|
WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Texas Independent Turns To Powerwave To Boost
Production And Reserves 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
Installing 16 Powerwave Systems In Utah Operation
EDMONTON, Alta April 05, 2010 – Wavefront Technology Solutions Inc.
(“Wavefront”), a world leader in providing innovative solutions for
increasing oil production rates and ultimate oil recovery as well as
enhancing the treatment of contaminated groundwater, is pleased to announce
that a Houston-based independent oil and gas operator will be installing 16
Powerwave systems in an active waterflood in Utah.
The Utah field is approximately 180,000 net acres with more than two billion
barrels of oil in place. The estimated recovery factor is 20 percent. There
are approximately 1,400 producing oil wells in the asset with an additional
500 water injection wells. The client’s objectives for 2010 are to increase
production rates by 15 percent through a combination of drilling and
improved water injection.
“Wavefront is very pleased to be adding this important new client, who has
additional operations in locations throughout the globe,” said Wavefront
President and CEO Brett Davidson. “We are confident that Powerwave will
bring significant benefit to the client by increasing current production
rates, and more importantly, maximizing ultimate oil recovery well beyond
those currently estimated for the field.”
Wavefront would also like to provide an update on where the Company is now
and where it is headed in the later half of fiscal 2010 and beyond.
Wavefront has currently secured 166 Powerwave licenses. There are an
additional 93 licenses pending. Of the secured licenses, 56 Powerwave
systems are installed with the remaining backlog of tools slated for
installation in the near term. The Company’s immediate action items are to
install the backlog of tools and to convert the 93 pending licenses to
confirmed licenses and revenue generating installations.
Diverse opportunities for both Powerwave and Primawave continue to unfold in
Europe, including the North Sea region, South America, Australia, Asia
Pacific and the Middle East. To prepare for the eventuality of contracts in
these locations, Wavefront is in the process of appointing local
representation and agents, as well as evaluating the
establishment of regional infrastructure.
“Strong results continue to bolster the commercial acceptance of both
Powerwave and Primawave in many areas of the world,” commented Mr. Davidson.
“Wavefront management is focused on increasing international exposure,
harvesting new prospects, deploying capital to the best opportunities,
ensuring operational excellence, and maintaining a strong balance sheet.
This is an important expansion period for Wavefront that will drive future
growth and yield long-term rewards.”
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.