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WEE Wavefront Technology Solutions Inc

0.02
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Wavefront Technology Solutions Inc TSXV:WEE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.02 0.02 0.025 0 01:00:00

Wavefront's Powerwave Generates 120.6 Percent Production Increase

22/02/2011 10:19pm

Marketwired


Wavefront Technology Sol... (TSXV:WEE)
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Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation") (TSX VENTURE: WEE) (PINK SHEETS: WFTSF), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation is pleased to report positive Powerwave results from a Michigan CO2 flood operational since October 2009 with Core Energy.

The goal of this Powerwave project was to provide the means for broader distribution of the CO2, allowing for more effective oil recovery with the combined strategy. Production data to January 12, 2010 indicates that the production rate has increased by 45.99 barrels of oil per day ("bopd") to 84.13 bopd or 120.6 percent more than the pre-Powerwave baseline production of 38.14 bopd. Production decline rate has also decreased from a pre-Powerwave rate of 6.1 percent per month to a rate of 2.0 percent per month with Powerwave. Results are from three production wells surrounding the sole CO2 injector.

"As an oil producer Core is continuously looking to optimize operations, increase production, and maximize recovery of original oil in place," said Core Energy President Robert Mannes. "After 16-months of evaluation Core engineers confirm the above results and will be reviewing other assets for further Powerwave deployment to replicate the production results of the pilot program."

"The production gains at Core's operations are within Wavefront's expectations for optimizing water and CO2 floods and are consistent with outcomes elsewhere," said Wavefront President and CEO Brett Davidson. "We are looking forward to working with Mr. Mannes and his team on additional Powerwave deployments."

The Corporation would also like to announce that 90 of the 107 installed Powerwave systems are currently being invoiced. The increase in invoiced systems is related to a reduction of various incentives and inducements offered to clients in the early stage of Powerwave adoption.

"Powerwave's track record of positive results is becoming well known throughout the industry, and we are pleased to see the reduced need for incentives and inducements to entice prospective clients to deploy Powerwave," said Mr. Davidson. "Wavefront will continue to leverage strong Powerwave results generated in multiple locations to advance market penetration with producers who have a focus on maximizing reserves and asset value."

ON BEHALF OF THE BOARD OF DIRECTORS

WAVEFRONT TECHNOLOGY SOLUTIONS INC.

D. Brad Paterson, CFO & 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.

Cautionary Disclaimer - Forward Looking Statement

Certain statements contained herein regarding Wavefront and its operations constitute "forward-looking statements" within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking statements". In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "believe", "continue" or the negative of these terms or other comparable terminology. We caution that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront's Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront's continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Wavefront Technology Solutions Inc. Brett Davidson President and CEO 780-486-2222 Wavefront Technology Solutions Inc. D. Brad Paterson CFO 780-486-2222 investor.info@onthewavefront.com www.onthewavefront.com

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