Pan American Energy Powerwave Project Generating Positive Results
EDMONTON, Alta., May 29, 2013 Wavefront Technology Solutions Inc. (Wavefront or the Corporation, TSX-V: WEE; OTCQX: WFTSF) a developer of leading-edge technology for fluid injection optimization for performance drilling, well stimulation and mature field revitalization is pleased to provide an update on the Powerwave mature field revitalization project with Pan American Energy (“PAE”) in Argentina.
At the recent 5th conference on “Production and Development of Reserves” held in Rosairo, Argentina, PAE presented initial, early findings of the relatively new Powerwave project originally announced on February 22, 2012. Two Powerwave tools were installed in November 2012 and an additional tool was installed in April 2013. For the three Powerwave-driven waterflood patterns PAE noted positive results including:
Minimum incremental oil production of 10 m3/day (~63 bbls/day) associated with Powerwave in the 10 offsetting oil production wells surrounding the three water injectors. Production will continue to be carefully monitored to assess overall incremental increases as well as sustainability of decreased production decline;
An increase in oil cut and corresponding decrease in water cut (proportionate volume of oil and water produced per barrel of fluid pumped to surface); and,
Incremental improvement in well head pressure (ranging from 25 psi to 360 psi) for each water injector which confirms Powerwave is providing better contact of the injected water to a larger portion of the reservoir. Better contact of injected water allows previously by-passed oil to be mobilized and on a larger scale, greater potential for ultimate oil recovery.
“We are extremely pleased with the early results associated with the PAE project and PAE’s recognition of the benefits Powerwave is delivering,” said Wavefront President and CEO Brett Davidson. “Wavefront has long maintained that Powerwave is an operator’s best option for mature field revitalization and we are confident Powerwave will provide long-term benefits for PAE and PAE will expand Powerwave use in Argentina.”
Wavefront would also like to provide an update on activities related to the ~US $600,000 Ecopetrol project announced December 6, 2012 and April 29, 2013 respectively. Ecopetrol has now successfully completed the installation of Wavefront’s innovative pulsating selective injection waterflood regulator valve marketed as the “Neptune”.
Traditional waterflood regulator valves are designed to inject water into a desired zone but are often plagued by scaling issues which inhibit water injection. Wavefront’s Neptune is designed to ensure seamless, continuous injection, enabling oil producing companies to maintain water injection rates and improve water distribution in the oil-bearing formation. Injection rates and water distribution are crucial for maximizing overall oil recovery.
About Wavefront:
Wavefront is a technology based world leader in fluid injection technology for performance drilling, well stimulation, and mature field revitalization (EOR). 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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