PRESS RELEASE February 27, 2012
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
TSX-V: WEE
OTCQX: WFTSF
For Immediate Release:
February 27, 2012
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Colombian Producer Equion Approves Powerwave Stimulations Wavefront To Conduct Five Single Well Powerwave Workovers
EDMONTON, Alta February 27, 2012- Wavefront Technology Solutions Inc. (“Wavefront” or the “Corporation”, TSX-V: WEE; OTCQX: WFTSF), the leader in fluid injection optimization for improved performance and profitability in the oil and environmental sectors, would like to announce that Equion Energia Limited will initially run 5 Powerwave stimulations in their Cusiana production field.
Equion is jointly owned by the Colombian oil and gas leader, Ecopetrol S.A., and Canadian producer Talisman Energy. Equion produces approximately 45 thousand barrels of oil per day and 270 million cubic meters of gas. Equion has proved oil reserves of 94 million barrels. Equion has reported that its goal in the next 10 years is to become the most important oil and gas producer in Colombia. To meet this challenge Equion is looking to apply the most innovative production technologies available in the industry and is planning to invest approximately US $2.5 billion during that time frame.
A single well stimulation, or workover, is a remedial operation performed on a producing well to restore or enhance productivity. In many instances a chemical is pumped into the well to stimulate the producing interval. However, during this operation the importance of placing the chemical efficiently is often underestimated. A single well stimulation is generally on the order of one day compared to flooding operations (i.e. waterflooding) that can last much more than a decade.
“Well stimulation is a multi-billion dollar per year global business and as the leader in injection technologies and processes there is considerable revenue potential for Wavefront in the stimulation market, said Wavefront President and CEO, Brett Davidson.” Wavefront is very pleased to add Equion as its first Colombian client and we are very confident that Powerwave will show significant economic benefit in both well stimulation and enhanced oil recovery operations. Wavefront embraces the opportunity to assist Equion in its efforts to become the most important oil and gas producer in Colombia.”
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 Corporation’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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