WAVEFRONT TECHNOLOGY SOLUTIONS INC. July 27, 2011
TSX-V: WEE
Pink Sheets: WFTSF
For Immediate Release:
July 27, 2011
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Powerwave Adds Economic Benefit To Coleville Operations
44 Barrels Of Incremental Oil Production Per Day
EDMONTON, Alta July 27, 2011- Wavefront Technology Solutions Inc. (“Wavefront” or the “Corporation”, TSX-V: WEE), the 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 4 Powerwave installations at Penn West’s Coleville operations.
Installation of 4 Powerwave systems in the Bakken (sand) formation containing 12o to 14o gravity oil commenced in October 2010. Incremental oil production attributed to Powerwave for the 4 producing patterns consisting of 21 production wells as at April 2011 is 1,330 barrels of oil per month; a 50% increase above pre-Powerwave base line production. Using a net back of $33 per barrel the incremental oil production represents a net monthly cash flow increase of $43,890 to the Coleville operations.
“Powerwave consistently provides access by-passed oil, slows the rate of production decline, and adds economic value to mature assets without the need to rely solely on the drill bit to increase proven reserves”, said Wavefront President and CEO Brett Davidson. “We are very pleased with initial results at Coleville and similar to Wavefront’s other North American Powerwave projects we expect the economic benefits at Coleville to improve with time.”
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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