- Published: 17 December 2009
- Written by Editor
Positive Results Prompt Alberta Client to Increase Use of Powerwave Wavefront to Initially Provide 35 to 50 Additional Powerwave Systems
Wavefront Technology Solutions Inc. (TSX-V:WEE ) (PINK SHEETS:WFTSF) ("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."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
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.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT
Contact:
Contacts:
Wavefront Technology Solutions Inc.
D. Brad Paterson
CFO
(780) 486-2222 x224
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www.onthewavefront.com