Powerwave Brings Production Boost To Harmattan Unit
Daily Oil Production At A Triaxon Operated Property Increases By 53% Or 70 Barrels
EDMONTON, Alta August 2, 2011- Wavefront Technology Solutions Inc. (“Wavefront” or the “Corporation”, TSX-V: WEE), a leader in fluid injection optimization for improved performance and profitability in the oil and environmental sectors, is pleased to announce a production update for the 6 Powerwave installations at the TriAxon operated Harmattan Unit.
Installation of 6 Powerwave systems in the Harmattan Unit occurred in December 2010. Production from the Harmattan Unit is from the Viking formation, a tight oil reservoir where maximizing oil productivity has been historically difficult. Incremental oil production attributed to Powerwave for the 6 producing patterns consisting of 27 production wells as at July 8, 2011 is 70 barrels of oil per day; a 53% increase above pre-Powerwave base line production. Using a net back of $60 per barrel the incremental production represents a daily cash flow increase of $4,200 to the Harmattan Unit.
“We are very pleased with the results at Harmattan and we are confident Powerwave will continue to provide production benefits and bring economic value to the Harmattan Unit,” said Wavefront President and CEO Brett Davidson. “Though the initial production gains are notable, with optimization we expect results to further improve. Powerwave has repeatedly, over a wide range of reservoir conditions, provided similar or better production gains at other locations throughout North America.”
"We are very encouraged by these early time results and therefore we are looking forward to realizing further upside through optimization and expansion within the Harmattan Pool”, said TriAxon Vice President of Engineering, Michael Scase.
On behalf of the Board Of Directors,
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO and 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 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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