Wavefront Technology Solutions Inc.: Powerwave Increases Oil Recovery and Profitability at Permian Basin Field
Project pay-back in less than three months, rate of return more than 100 per cent
EDMONTON, ALBERTA, Sep. 29, 2010 (Marketwire) -- Wavefront Technology Solutions Inc. ("Wavefront") (TSX VENTURE:WEE) (PINK SHEETS:WFTSF), a world leader in providing innovative solutions for increasing oil field production and enhancing the treatment of contaminated groundwater is pleased to announce that the Powerwave program in a West Texas waterflood has significantly improved injection performance and generated an overall production increase of almost 50 per cent.
Current oil production has increased by 55 barrels of oil per day over the established production decline from 25 production wells influenced by 5 Powerwave-driven water injectors. For the 10 month period since Powerwave installation, cumulative oil production benefit is more than 6,500 barrels of oil. Oil production increases on an injection pattern basis ranged from 12 per cent to 57 per cent.
"We are certain the significant production improvements and increased profitability resulting from this Powerwave installation will prompt other operators to look closely at how Powerwave can maximize oil recovery in their fields," said Wavefront President and CEO Brett Davidson. "The Permian Basin is still one of the largest petroleum-producing basins in the U.S. and represents a significant opportunity for Wavefront where more than 10,000 injection wells exist for water and CO2 injection. We intend to actively pursue further Powerwave contracts in the region and we are looking forward to making future project announcements."
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", "believe", "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.
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Wavefront Technology Solutions Inc. CFO 780-486-2222 x224 investor.info@onthewavefront.com www.onthewavefront.com
Source: Marketwire Canada (September 29, 2010 - 6:00 PM EDT)
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