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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES INC.
TSX-V: WEE
Pink Sheets: WEESFE
For Immediate Release:
June 17, 2008
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Primawave™ To Be Deployed At Former Us Oil Refinery And Terminal
EDMONTON, Alta June 17, 2008/ Wavefront Energy and Environmental Services Inc. (“Wavefront”), a world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration is pleased to announce that four Primawave systems will be deployed in a commercial project to facilitate accelerated clean-up of an estimated 80-acre former oil refinery and terminal site operated by a major integrated oil and gas producer. The implementation schedule for the first Primawave systems in what is anticipated to be a multi-year, multi-system undertaking is being finalized by the consultant, the refiner, and State authority.
Wavefront President and CEO Brett Davidson stated, “At the former refinery, oil field waterflood methodology will be implemented as a new remedial approach to increase the speed and ultimate recovery of the ground water contaminate. As an integral component of that waterflood, Primawave will provide quicker and more uniform injection of the water to mobilize trapped refined product. The contract is based on the company’s conclusive outcomes elsewhere in remedial fluid injections as well as in waterfloods. Wavefront foresees decisive results in this program.”
Mr. Davidson further commented, “This is a substantive opportunity for Wavefront as in the United States there are 149 active oil refineries down from 301 oil refineries in 1982. The likelihood that some form of remediation is on-going at both active and closed sites is very high hence a vast market opportunity exists for Primawave. Wavefront is seeing sound growth in adaptation of our exceptional injection technology in both the energy and environmental sectors and the Company awaits the addition of new adopters in the near term.”
About Wavefront Energy and Environmental Services Inc.
Wavefront is a technology-based company with a focused, strategic plan to leverage the value of our intellectual property in order to maximize oil production recovery operations, as well as provide additional solutions for environmental applications.
For further information please contact:
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
TECHNOLOGIES - PRIMAWAVE
Following the same scientific principles as our Powerwave technology does in oil services, our Primawave process has proven itself as an effective method of environmental groundwater remediation of contaminated sites. To serve this market, Wavefront licenses service providers to use the process in conjunction with established methods to treat and eliminate hazardous chemicals from contaminated groundwater. Verified as an effective environmental remedial strategy by Environment and Industry Canada, the Primawave process can help in the cleanup of a vast percentage of all contaminated sites at little additional cost. Primawave technology is not only a smart way to restore a site to its natural state – it’s smart business, as well.
Primawave, which utilizes the innovative Hornet Environmental Tool, is designed as a surface-mounted system for wells and direct push-type injection systems. The technology has a simple, low-maintenance design that allows for on-the-fly adjustability and low operating costs.
In Primawave, the environmental sector has a powerful solution for contaminated sites:
Promotes earlier exits, reducing long-term financial obligations
Reduces the number of injection points, resulting in decreased drilling costs and less intrusion
Reaches difficult locations such as under buildings where no technology other than horizontal drilling can accomplish such tasks
TECHNOLOGIES - POWERWAVE
Wavefront’s patented Powerwave process is an injection technology that improves the flow of fluids in geological materials, including sedimentary soils and fractured rock. These materials are composed of a solid matrix and pore structure, which contain fluids such as gas and oil. These fluids move through the pore networks or preferential flow paths established during the formation of the geological material.
Powerwave generates a fluid pressure pulse that causes a momentary elastic flexure of the pore structure. This pressure pulse moves fluid into and out of a larger number of pore networks, obtaining a more uniform injection front and resulting in increasing oil recovery from production operations.
Powerwave increases oil recovery by optimizing the performance of existing methods such as chemical EOR technologies, liquid CO2 injection, water injection, and surfactant / polymer flooding. When effectively implemented, Powerwave is the most efficient way to accelerate fluid flow and disperse liquids through oil-bearing geological material.
In Powerwave, oil producers have found a profitable, effective advantage:
More ultimate recovery with prolonged field lives
Additional, secondary recovery in oil fields that have been largely depleted or even abandoned
Faster production, thanks to better well efficiency
Fewer wells for the same or better oil production
TECHNOLOGIES
Leveraging our unique process marketed as Powerwave and Primawave, Wavefront dramatically improves liquid flow in the ground for improved oil recovery (IOR) and environmental groundwater remediation. These identical processes generate a fluid pulse that momentarily expands the pore structure of rock and soil. Using this pressure pulse approach, these processes move fluid through the ground much like your heart pumps blood through your body. As a result, fluid that has never moved before flows freely. In the oil sector Powerwave can transform low-producing or even abandoned fields into newly profitable reservoirs. For environmental applications, Primawave technology is an effective technique for the cleanup of contaminated sites.
Wavefront Energy & Environmental Services Inc. - Applied Seismic Research ("ASR") agrees to a judgment of non-infringement of U.S. patents 5,586,602, 6,015,010, and 6,899,175
Tuesday October 17, 8:00 am ET
TSX-V: WEE Pink Sheets: WEESF
EDMONTON, Oct. 17 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of proprietary technology for improved oil recovery and groundwater remediation is pleased to announce that it has reached a favorable resolution of its lawsuit against ASR.
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In its lawsuit, Wavefront alleged that ASR tortiously interfered with the Company's existing and prospective business relationships with Oxy. Wavefront alleged that ASR made bad faith infringement statements to Oxy concerning Wavefront's technology and ASR's patents, one of which had expired, and that ASR's tortious interference caused Oxy to cancel the pilot study, resulting in monetary harm to Wavefront. Wavefront sought a declaration that it did not infringe US Patent 5,586,602, 6,015,010 and 6,899,175. Furthermore, Wavefront alleged that ASR engaged in unfair competition in violation of the Lanham Act and Texas common law.
In the Court's Memorandum of Opinion and Order filed on May 1, 2006, the case arose as a result of an email sent by William Stern of ASR to Occidental of Elk Hills Inc. ("Oxy") in which Mr. Stern informed Oxy that he believed Wavefront was infringing ASR's patents. The Wavefront tool charged with infringement that was to be installed at Oxy is known as the "Dragonfly" tool, which is a downhole tool that acts as a fast opening valve to release fluid that has been pumped and pressurized from a surface pump. Seven days after receipt of the email from Mr. Stern, Oxy terminated its relationship with Wavefront, and canceled a pilot study of the "Dragonfly" tool at one of Oxy's project sites. Wavefront's lawsuit followed shortly thereafter.
In a news release dated May 24, 2006 Wavefront reported that ASR filed a counterclaim against Wavefront claiming infringement of ASR's United States Patent # 6,899,175. ASR sought unspecified damages as a result of the alleged infringement.
In an order signed by United States District Judge for the Eastern District of Texas Leonard Davis, it was ordered, adjudged, and decreed that:
1. Wavefront's "Dragonfly" tool, either alone or in combination with any
other component or process or manner of use, does not infringe any
claim of the ASR patents under any theory of infringement, including
but not limited to direct or indirect infringement, and induced or
contributory infringement; and,
2. Each of the counterclaims asserted by ASR was dismissed with
prejudice.
Wavefront President and CEO Brett Davidson commented, "We are pleased to have reached a favorable resolution of this matter. Management has always maintained that it did not infringe any ASR patents. The court ordered judgment supports Wavefront's position. We look forward to moving ahead with our business plan without the specter of patent infringement and given the judgment, we reserve the right to seek monetary damages from ASR for its actions at a later date."
About Wavefront Energy and Environmental Services Inc.
Wavefront offers a patented fluid flow technology that improves oil production, oil well stimulation, and optimizes groundwater remediation. Within the energy sector, the Wavefront's strategy is to license the technology to service providers, provide site licenses to oil producers and to acquire or earn working interests in mature oilfields. In the environmental sector Wavefront's patented process is licensed to service providers who implement the technology to reduce long-term liabilities associated with contaminated sites.
Wavefront Energy & Environmental Services Inc. Announces Amendments to the Halliburton Patent License and Collaboration Agreements
Tuesday August 1, 6:33 pm ET
EDMONTON, Aug. 1 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) (http://onthewavefront.com/dw_what-is-deep-wave.htm) Technology for improved oil recovery and groundwater remediation is pleased to announce amendments to the Patent License and Collaboration Agreements entered into with Halliburton Energy Services Inc. on July 09, 2004.
The amendments reflect both the Company's needs in executing its business plan whilst providing Halliburton with greater security for their continued investment by extending the term. The material changes are as follows:
1. The term of the Patent License and Collaboration Agreements have been
extended from 7 years until the expiration of the last-to-expire
issued Wavefront patent. This equates to an approximate termination
date of 17 years.
2. Halliburton has agreed to allow Wavefront to operate in the exclusive
territory (outside of Canada and the United States), royalty free,
during the term of the Agreement in oil fields where the Company has
an ownership interest of ten percent (10%) or greater, has acquired
mineral rights of ten percent (10%) or greater, has acquired a
working interest of ten percent (10%) or greater, or undertakes a
farm-in of ten percent (10%) or greater.
Brett Davidson, President and CEO of Wavefront stated, "With the amendments to the Patent License Agreement the Company can now explore opportunities that are presenting themselves outside of Canada and the United States. We are very pleased to see the level of commitment Halliburton is placing on the technology and with the Company by agreeing to extend the Agreement to the expiration of the Company's last to expire patent. The Company has always maintained that DeepWave(SM) will have beneficial impacts on oilfield assets globally. Management believes Halliburton's long-term support is a strong endorsement of DeepWave(SM) as a stimulation and secondary oil recovery technique.
The Company is also pleased to announce, subject to TSX Venture Exchange approval, that it has retained the services of Mr. Jim Letourneau, author of the "The Big Picture Speculator" to act in the capacity of Investor Relations Consultant. Mr. Letourneau will be retained as a consultant in Calgary, Alberta, under a yearly agreement (the "Agreement") for a monthly retainer of $3,500 per month plus the issuance of a total of 75,000 incentive stock options. The Agreement may be terminated with 30-days notice any time after the initial five months. In addition to providing Investor Relations service, Mr. Letourneau will also undertake research and due diligence related to the acquisition of oilfields and / or oil companies.
Mr. Letourneau is the Editor of the Big Picture Speculator, a newsletter devoted to identifying "big picture" long-term investment trends. The focus is on energy, uranium, gold, and silver. Mr. Letourneau is a Professional Geologist (Alberta) and graduated with a B.Sc. in Geology from the University of Alberta in 1985.
"In my capacity as a newsletter writer, I'm exposed to hundreds of companies a year. It is extremely rare to find one with as much groundbreaking potential as Wavefront. My experience and expertise as a petroleum hydrogeologist over the last 20 years gives me a great deal of comfort with the reliability of Wavefront's technology and the science behind it."
Mr. Davidson further commented, "With continued positive developments management believes it is important to have well respected and experienced professionals assisting in the effort of conveying the importance of DeepWave(SM) and the value proposition of the Company to its potential business clients, partners, and financial market. By retaining Mr. Letourneau, management believes it has a key asset to communicate the Wavefront story. Mr. Letourneau has a large following, is well respected in the Canadian investment community, and is sought for presentations across the globe. Management welcomes the experience of both Mr. Letourneau and we look forward to the contributions and opportunities he will bring to the Company".
The Company also wishes to announce that it will file, in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 175,000 incentive stock options pursuant to the Company's Stock Option Plan. The options granted will be to a director of the Company and Mr. Letourneau and will be exercisable at a price of $1.76 per share, for a period of five years. The options are subject to a hold period of 4 months and vesting period of 18 months, in accordance with the Company's Stock Option Plan and Exchange policy.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
Wavefront Energy & Environmental Services Inc. - Letter of Intent to Acquire Top Gun Sand Pumps and Rentals
Tuesday June 6, 11:58 am ET
www.onthewavefront.com
TSX-V: WEE Pink Sheets: WEESF
EDMONTON, June 6 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) Technology (http://onthewavefront.com/dw_what-is-deep-wave.htm) for improved oil recovery and groundwater remediation is pleased to announce that is has entered into a Letter of Intent to acquire a 100% undivided interest (the "Acquisition") in Top Gun Sand Pumps and Rentals ("Top Gun"), an arms length privately held Saskatchewan company.
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Top Gun has been in operation since 1995 as an oil service company in the heavy oil industry, operating in western Canada. Top Gun offers rentals and sales of sand pumps and associated well bore pumping and cleaning equipment. Top Gun also possesses patents (and has patents pending) related to its Continuous Sand Extraction with Surge ("CSES") tools that permit large volumes of sand to be produced from heavy oil production wells where in many instances conventional pumping equipment fail. During the pumping process the CSES tools can, on the down stroke, inject liquids into the perforations by incorporating the Company's DeepWave(SM) technology, thereby allowing for longer-term sustainable production.
Total consideration for the Acquisition will not exceed One Million Two Hundred Thousand Dollars (Cdn $1,200,000) (the "Purchase Price"). Of the total Purchase Price, the Corporation will issue common shares in its capital, such value equal to fifty percent (50%) of the Purchase Price (i.e., up to CDN$600,000), based on the closing share price of Wavefront Energy's listed common shares on the TSX Venture Exchange on the trading day prior to the execution date of the Purchase Agreement(s). In addition, Top Gun's principals have agreed to have all shareholder advances, loans, debts, interest, etc. to be restructured as unsecured and non-interest bearing, to be repaid over three (3) years.
The Shares to be issued by Wavefront will be subject to the required hold periods, escrow restrictions, earn-out profits or other restriction that the TSX Venture Exchange may impose; however, at a minimum, the principals of Top Gun have agreed that all shares issued in connection with the Acquisition will be subject to a three year time release escrow, commencing from the date of final approval by the Exchange. No finders' fee will be paid in connection with this transaction.
Wavefront President and CEO Brett Davidson commented, "We are opening another chapter in our business plan to grow the Company and expand its technology offering. The acquisition of Top Gun fits well within the overall strategy of adding intellectual property that augments the Company's DeepWave(SM) process. Top Gun's CSES technology has been demonstrated to increase production in heavy oil wells producing large volumes of sand.
Mr. Davidson further commented, "Management has been following Top Gun's progress and is impressed with the penetration rate of their technology in the Canadian Heavy Oil Market. With an established track record of performance, management believes Top Gun is poised for considerable growth and the Company will look to expand operations as well as pursue licensing opportunities to gain royalty revenue. As the Company progresses in its business plan, we continue to evaluate the acquisition of oil field, production technologies, and companies that present opportunity to build shareholder value."
Top Gun President Tyler Scott stated, "We are very excited to become a member of the Wavefront group of companies. As an agent representing the Company over the past two years, we have seen first hand the results the DeepWave(SM) process has offered our customer. In our opinion, DeepWave(SM) is extremely valuable to the world energy markets. We recognize the technological strengths of the Company and maintain that working within the organization is the most effective approach to further Top Gun's technology offering and market potential."
Completion of the Acquisition is subject to a number of conditions, including but not limited to, Exchange acceptance, further due diligence by Wavefront, a definitive purchase agreement and Wavefront board approval. There can be no assurances that the transaction will be completed as proposed or at all.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Wavefront Energy & Environmental Services Inc. - Closing of $8.1 Million Private Placement
Tuesday May 30, 4:15 pm ET
TSX-V: WEE
EDMONTON, May 30 /CNW/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) (http://onthewavefront.com/dw_what-is-deep-wave.htm) technology for improved oil recovery and groundwater remediation, further to a Price Reservation Form filed and approved by the Board on April 27, 2006, is pleased to announce the completion of its sale of 4,485,115 Common Shares ("Shares") of the Company at a price of $1.80 per Share for gross proceeds of $8,073,360. The Shares were sold by way of a non-brokered private placement (the "Private Placement"). All Shares issued under the Private Placement are subject to a four-month hold period expiring on September 30, 2006.
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Pritchard Capital Partners and Sanders Wealth Management Group Ltd., will be paid a 6% cash finders fee of $153,700 on a portion of the Private Placement.
The net proceeds of the Private Placement are estimated to be approximately $7,880,160, and will be used to support Halliburton Energy Services Inc.'s ("Halliburton") marketing efforts, Wavefront's collaboration efforts with Halliburton for new DeepWave(SM) systems development, the development of mineral right properties to showcase DeepWave(SM) and to initiate the manufacturing of an inventory of DeepWave(SM) systems for a field wide implementation, with the remainder to be set aside for unallocated working capital.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's patented DeepWave(SM) Technology is a proven and verified fluid flow optimization technique. Within the energy sector the Company's strategy is to license the technology to service providers, provide site licenses to oil producers, and to acquire or earn working interests in mature oilfields. In the environmental sector, DeepWave(SM) is licensed to service providers who implement the technology to reduce long-term liabilities associated with contaminated sites.
WEESF: Wavefront Appoints Vice President of Operations and Additional DeepWave Business Development
Monday May 15, 12:54 pm ET
EDMONTON, May 15 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) (http://onthewavefront.com/dw_what-is-deep-wave.htm) Technology for improved oil recovery and groundwater remediation is pleased to announce that Mr. John Warren has accepted the position of Vice President of Operations and Business Development.
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Based in Houston, Mr. Warren will be responsible for marketing DeepWave(SM) in the global oil and gas industry, overseeing United States based oil production operations, as well as growing the Company's Houston based operations. Mr. Warren comes to Wavefront from his position of Product Manager, Water Shut-off at Halliburton. For the past two years in his position with Halliburton Mr. Warren has worked closely with the Company's management and staff spearheading both DeepWave(SM) marketing and development.
Wavefront President and CEO Brett Davidson stated, "We are very excited about John becoming a member of Wavefront and its management team. John brings a wealth on domestic and international experience to the Company. As we progress in the development of our oil field assets and the positioning of DeepWave(SM) in the marketplace he will be a significant asset to the Company. His intimate knowledge of the Company's staff and core technology will be an immediate benefit".
The Company is also pleased to announce that its licensee, Halliburton, has completed a royalty bearing well intervention in California. The acid placement was performed outside of Bakersfield, California with a repeat client who examined two previous tracer tests conducted with DeepWave(SM) and concluded, "In both presentation, the two wells indicate that both iron (Fe) acid and the mud acids were dispersed throughout the wellbore and also indicate deep penetration over portions of the wellbore. Previous investigation work after stimulating bull head (i.e., open ended coil tubing) indicated majority of stimulation fluid exiting out of very short pay zone, typically where a fracture or dolomite episode occurs. Therefore, the DeepWave tool did demonstrate dispersion and deep penetration". The Company is pleased to note that further well stimulations involving unique monitoring techniques employing fiber optic temperature sensing to analyze the affects of DeepWave(SM) are planned with this operator.
Wavefront President and CEO Brett Davidson commented, "The Company has continuously maintained that DeepWave(SM) will provide greater dispersion and deeper penetration of any injected fluid. Third-party testimonials as outlined above support the Company's position. We look forward to continued success from the Company's licensee, Halliburton and the California operator".
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
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Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plan, objectives, assumptions or expectations or future performance, are "forward-looking statements". 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. The Company expressly disclaims any obligation to up-date any "forward-looking statements".
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THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF
THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT
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Source: Wavefront Energy and Environmental Services Inc.
Wavefront Energy & Environmental Services Inc. Announces Second Quarter Results
Friday April 28, 7:06 pm ET
DeepWave(SM) Dragonfly Tool Installed in Rogers County
TSX-V: WEE Pink Sheets: WEESF
EDMONTON, April 28 /CNW/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) (http://onthewavefront.com/dw_what-is-deep-wave.htm) Technology for improved oil recovery and groundwater remediation announces its financial and operating results for the second quarter ended February 28, 2006.
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The second quarter saw increased field applications of the DeepWave(SM) technology. Halliburton, a licensee of the technology, continued to have successful applications of the technology providing further evidence as to both its efficacy and its potential applications. With an increased emphasis on DeepWave(SM) implementation coupled with a reduction in resources being allocated to integrated monitoring projects, approximately 57% of the Company's second quarter revenue was derived from DeepWave(SM). Revenue for the six months ended February 28, 2006 was $265,329 contrasted to revenue of $741,281 for the comparative period ended February 28, 2005.
Total operating expenses for the period ended February 28, 2006 were $1,026,377 versus $970,501 for the comparative period in 2005. The increased operating expenses of $55,867, were primarily due to increases in wages expense of $126,902, travel and promotion expenses of $32,245, listing and public company fees of $17,272, and professional fess of $11,772. As well the operating cost included $153,761 in stock option expenses. Off-setting these increases were decreases in research and development expenses of $62,444, interest expense of $44,706 and consultant expenses of $42,670.
The Company's consolidated net loss for the six months ended February 28, 2006 was $925,221 or $0.03 per share compared to a consolidated net loss for February 28, 2005 of $760,281, or $0.03 per share.
As at February 28, 2006, current assets totaled $10,078,171 as compared to $278,093 at August 31, 2005. The Company had working capital of $9,412,732 for the reporting period as compared to a working capital deficit of $1,237,260 at August 31, 2005. The increase in working capital is a result of closing two non-brokered private placements and the exercise of convertible securities. Total assets have increased to $11,108,846 from $932,567, at August 31, 2005, principally due to increases in cash, accounts receivable and capital assets related to DeepWave(SM).
Management expects the financial results to move towards profitability as oil production revenues increase. Development expenses will continue at Rogers County to meet the exploitation plan. In addition, as Halliburton continues global marketing of DeepWave(SM) it is anticipated that licensing royalties will continue to grow.
The above financial highlights should be read in conjunction with the unaudited consolidated financial statements and management discussion and analysis of results for the Company's most recently completed quarter, ended February 28, 2006, which have been filed of SEDAR.
The development of mineral property interests continues to be the cornerstone of the Company's strategy in showcasing DeepWave(SM). To this end the Company is also pleased to announce that the first DeepWave(SM) Dragonfly tool has been deployed in a water injector in Rogers County, OK. The Dragonfly tool, so named for its speed of operation, provides the Company a state-of-the-art device to implement DeepWave(SM) over the broadest spectrum of reservoirs. The development of the Dragonfly provides the ability to stimulate reservoirs such as those with extremely low flow characteristics which contain abundant amounts of oil and were problematic to produce. The Dragonfly tool significantly increases opportunities for the Company and its licensed providers to implement the technology over the broadest spectrum of reservoir conditions. In Management's opinion it is the continued development and installation of tools such as the Dragonfly and those under current design with Halliburton that will allow the Company to maximize the value proposition of the technology while building shareholder value.
It is anticipated that with the installation of the Dragonfly tool at Rogers County improvements in water injectivity will initially occur giving rise to production related results in the eight offsetting wells nearest the injection point. Management looks forward to providing a market update on results as they are received.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
WEESF: Wavefront Energy and Environmental Services Inc. DeepWave(SM) well stimulation performed in Rogers County, Oklahoma
Tuesday April 25, 10:37 am ET
TSX-V: WEE Pink Sheets: WEESF
EDMONTON, April 25 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) (http://onthewavefront.com/dw_what-is-deep-wave.htm) Technology for improved oil recovery and groundwater remediation is pleased to announce that the first of seven DeepWave(SM) acid stimulations has been successfully completed in the Company's oil field lease in Rogers County, Ok.
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The stimulation was performed as a preparatory stage to the installation of the Company's DeepWave(SM) waterflood injection tool, which is being commercialized as the "Dragonfly". Background production and injectivity data has been obtained and the installation of the Dragonfly tool is imminent. Five additional acid stimulations are to be conducted in water injectors where four future Dragonfly installations are planned as well as the installation of a new concept waterflood tool being collaboratively developed with the Company's licensed service provider. The installation of the new concept tool is expected in several months. The seventh stimulation is planned for the recently completed horizontal production well.
Wavefront President and CEO Brett Davidson stated, "We are pleased with the progress we have made in Rogers County and anxiously await the installation of the Dragonfly tool. The next several months will be very exciting for the Company as the positive results we expect come to fruition. Additionally, the installation of a new concept tool developed in collaboration with our licensed provider continues to demonstrate the strong commitment each party has in successfully entrenching the technology as the injection technology of choice in the global oil and gas sector. The Company looks forward to updating the market on continued progress."
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
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