Two-Year Supply Contract Signed With Servicios Petrotec S.A de C.V. To Service Pemex
EDMONTON, Alta., April 22, 2014 - Wavefront Technology Solutions Inc. (Wavefront or the Corporation, TSX-V: WEE; OTCQX: WFTSF) a leading provider of fluid injection processes primarily for mature field revitalization (Enhanced Oil Recovery or “EOR”) as well as oil and gas well stimulation is pleased to provide an update on recent Powerwave activities.
Wavefront has placed a strong focus on well stimulation with these efforts bolstering activity in the product line. For the period September 1, 2013 to March 31, 2014 the Corporation has completed 616 Powerwave stimulations worldwide. According to a June 2011 Bcc Research report the well stimulation market is in excess of $1 billion annually as virtually all wells periodically (18 to 36 month time frame) require some form of stimulation to enhance production or injection. Wavefront’s clients have included major oil and gas companies as well as all of the major oil field service contractors.
In Saudi Arabia Wavefront, through its marketing partner Engineering & Industrial Technology Company successfully completed the first Powerwave well stimulation. The stimulation involved removing fill from a well that impeded production. Based on initial customer feedback Wavefront anticipates that with the success of this stimulation that the Corporation’s Powerwave technology will become a standard whenever a fill clean-out is required.
In Mexico Wavefront, through its marketing partner Attainment International Ltd. entered into a 2-year contract to supply Servicios Petrotec S.A de C.V., a leading service company to Pemex, with Powerwave stimulation tools for the area of Samaria, Comalcalco y Agua Dulce. It is anticipated that this agreement will yield a minimum of 5 stimulations per month to a maximum of 20 stimulations per month.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO & Director.
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:
Cora Klein, Communications Co-ordinator at 780-486-2222 ext. 229 or write to us at investor.info@onthewavefront.com.
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