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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Wavefront Completes Second On-Shore Stimulation For
Pemex 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
Powerwave Single Well Stimulation Use Also Growing in Canada and United
States
EDMONTON, Alta June 28, 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 the second of five
Powerwave single well stimulations planned for the Samaria Luna asset has
been completed. The objective of a single well stimulation is to
re-establish oil production beyond current rates. Oil production results for
the initial two Powerwave stimulations showed increased benefit over
conventional approaches. Pemex has asked that exact results of the
stimulation work not be released until Wavefront completes the entire
stimulation program.
“Wavefront continues to make progress in executing on the Pemex non-binding
Letter of Intent announced October 27, 2009,” said Wavefront President and
CEO Brett Davidson. “Pemex is a very attractive opportunity for Wavefront
and we are actively screening the vast number of wells that are presented
for stimulation across various assets. For waterflood applications,
Wavefront is also working to identify the best targets for Powerwave
deployment.”
Wavefront would also like to announce a significant increase in Powerwave
single well stimulations. During the third quarter of fiscal 2010, 32
Powerwave single well stimulations were performed in Canada and the United
States compared to two performed in the second fiscal quarter.
“We are very happy with the increased interest and confidence in Powerwave
for single well stimulations,” said Mr. Davidson. “There is considerable
revenue opportunity for Wavefront to leverage the benefits of Powerwave in
the stimulation market. “Single well stimulations are a great first step for
many operators to experience the benefits of Powerwave prior to implementing
permanent Powerwave installations for secondary and tertiary oil recovery.”
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.