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WEE Wavefront Technology Solutions Inc

0.02
0.00 (0.00%)
27 Dec 2024 - Closed
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 00:00:00

Wavefront Technology Solutions Inc.: Powerwave Brings Production Boost to Harmattan Unit

02/08/2011 9:34pm

Marketwired Canada


Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation") (TSX
VENTURE:WEE), a 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 6 Powerwave installations at the TriAxon operated
Harmattan Unit.


Installation of 6 Powerwave systems in the Harmattan Unit occurred in December
2010. Production from the Harmattan Unit is from the Viking formation, a tight
oil reservoir where maximizing oil productivity has been historically difficult.
Incremental oil production attributed to Powerwave for the 6 producing patterns
consisting of 27 production wells as at July 8, 2011 is 70 barrels of oil per
day; a 53% increase above pre-Powerwave base line production. Using a net back
of $60 per barrel the incremental production represents a daily cash flow
increase of $4,200 to the Harmattan Unit.


"We are very pleased with the results at Harmattan and we are confident
Powerwave will continue to provide production benefits and bring economic value
to the Harmattan Unit," said Wavefront President and CEO Brett Davidson. "Though
the initial production gains are notable, with optimization we expect results to
further improve. Powerwave has repeatedly, over a wide range of reservoir
conditions, provided similar or better production gains at other locations
throughout North America."


"We are very encouraged by these early time results and therefore we are looking
forward to realizing further upside through optimization and expansion within
the Harmattan Pool", said TriAxon Vice President of Engineering, Michael Scase.


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.


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