Largest Colombian Oil Producer To Apply Powerwave - Ecopetrol Awards Wavefront With Contract Worth Approximately US $600,000
EDMONTON, Alta., December 06, 2012 Wavefront Technology Solutions Inc. (Wavefront or the Corporation, TSX-V: WEE; OTCQX: WFTSF) the global leader in fluid injection optimization for improved performance and profitability in the oil and gas and environmental sectors is pleased to announce Colombia’s largest oil producer, Ecopetrol, has awarded Wavefront a contract worth approximately US $600,000 to implement Powerwave.
Ecopetrol is the largest petroleum company in Colombia and is one of the 25 largest petroleum companies in the world. Ecopetrol operates 163 production fields in Colombia, directly and/or in association with other important domestic or multinational operators.
The Powerwave project is being lead by the flow assurance group (GAF) of Ecopetrol and features another innovative development from Wavefront: a Pulsating Selective Waterflood Regulator Valve (PSWRV). Waterflood regulator valves are specially designed to ensure a steady flow of water is injected into a desired zone. This type of injection system is widely used in South America and Asia with as many as 21 such valves in a single completion. The new PSWRV system is designed to ensure seamless, continuous injection, enabling oil producing companies to maintain water injection rates and improve water distribution in the oil-bearing formation. Injection rates and water distribution are crucial for maximizing overall oil recovery.
“The Ecopetrol contract is another important international market development for Wavefront that includes Petrobras in Brazil; Petroleum Development Oman in Oman; as well as Pan American Energy and Pluspetrol in Argentina among others initiatives,” said Wavefront President and CEO Brett Davidson. “Our corporate vision, “From Bit to Last DropTM” encompasses Wavefront’s market focus and the continuous development of innovative fluid pulsating techniques to meet the diverse needs of our global client base.”
About Wavefront:
Wavefront is a technology based world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.
For further information please contact:
Brett Davidson, President and CEO or D. Brad Paterson, CFO at 780-486-2222 or write to us at investor.info@onthewavefront.com.
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