 |
 |
| PRESS RELEASE |
|
WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Powerwave Breaks Into New Market, Approaches
Installed Units Milestone 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
First use of Powerwave for produced water disposal opens new market
opportunity
EDMONTON, Alta June 21, 2010 – Wavefront Technology Solutions Inc.
(“Wavefront” or the “Company”, TSX-V: WEE), a leader in technology
development and implementation for improved oil recovery and optimized
groundwater remediation is pleased to announce that a Calgary-based oil and
gas producer with operations in central Alberta and northeast British
Columbia will be implementing Powerwave in three produced water disposal
wells. This is the first application of Powerwave to aid in the disposal of
produced water generated during the production of oil and gas.
“All of us at Wavefront are excited about the prospects of entering into
this new market for Powerwave,” said Wavefront President and CEO Brett
Davidson. There are approximately 1,900 wells in Alberta capable of produced
water disposal, which is a very attractive opportunity for Wavefront.”
Produced water refers to specific common oilfield byproducts generated
during the production of oil and gas. For many operators, produced water is
an unwelcome cost of operating multiple disposal wells, which can be high,
and traditionally cuts heavily into potential profits.
“We are very confident that Powerwave will bring significant benefit to the
client by increasing the volume of water injected per well and decreasing
the total number of wells required for such operations. Additionally,
Powerwave should reduce the incidence of well plugging commonly associated
with disposal wells hence decreasing the costs associated with well
workovers to restore injection rates, said Davidson.”
Wavefront has executed 169 Powerwave licenses with 93 tools installed. Of
the 93 tools deployed, 53 are installed in Wavefront’s Eastern Alberta
client’s operation. The remaining 76 tools are scheduled for installation in
the near term.
“Wavefront will soon reach an important milestone of 100 tools installed,”
said Mr. Davidson. “We are very pleased with our results and the growing
reputation Powerwave is earning as end users are increasingly convinced of
the value of Powerwave. Often the proof is in industry response and the
petroleum industry is responding favourably to Powerwave. Wavefront fully
anticipates adding to the growing list of clients in the coming weeks as
pending licenses come to fruition.”
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.