Petróleo Brasileiro S.A. (Petrobras) To Apply Powerwave
Wavefront Receives 12-Month Contract Worth An Approximate Us $1.25 Million
EDMONTON, Alta Aug 30, 2012- Wavefront Technology Solutions Inc. (Wavefront or the Company, 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 that Petrobras has awarded Wavefront a 12-month contract worth approximately US $1.25 million to implement Powerwave in the Riachuelo oil field in the State of Sergipe, Brazil.
With proven reserves of 15.71 billion barrels of oil, Petrobras is the largest company in Latin America; the 8th largest publicly traded company in the world; and, the world’s 5th largest integrated oil company. Petrobras represents 90% of Brazilian oil production, and 20% of global deep water and ultra deep water production.
“The Petrobras contract represents another significant international market development for Wavefront that includes Petroleum Development Oman in Oman; Pluspetrol and Pan American Energy in Argentina; Equion Energy in Colombia; and, Weatherford de Mexico (for Pemex) in Mexico. We are extremely pleased that Petrobras recognizes the strength of Powerwave to bolster production and add reserve barrels,” said Wavefront President and CEO Brett Davidson. “Wavefront is planning on the Petrobras Powerwave installations to commence fall 2012.”
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 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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