Wavefront Technology Solutions Inc.: Eastern Alberta Client Expands Powerwave Program
13 Octobre 2010 - 3:26PM
Marketwired
Wavefront Technology Solutions Inc. ("Wavefront" or the "Company");
(TSX VENTURE: WEE) (PINK SHEETS: WFTSF), a world leader in
providing innovative solutions for increasing oil field production
and enhancing the treatment of contaminated groundwater is pleased
to announce that the longest running Powerwave program located in
Eastern Alberta will be expanded by 10 additional systems this
year, as well as an additional project expansion anticipated in the
client's 2011 budgetary plan. The 10 additional systems will bring
the total number of Powerwave systems installed with the Eastern
Alberta client to 63. Under the terms of the agreement the client's
name, exact field location, and financial terms cannot be released.
The original three Powerwave-driven waterflood injection
patterns, installed in October, 2007, continue to demonstrate a
significant and unprecedented benefit - an increase in oil
production rate, as well as a decrease in the historical oil
production decline rate. Production decline is a measure of the
rate at which the reservoir is being depleted of recoverable oil.
Prior to Powerwave implementation, the two-year historical
production decline was 3.4 per cent per month. At the end of the
two-year pilot program using Powerwave, production decline
significantly improved to 1.1 percent per month. New data
representing the full three-year history since Powerwave inception
shows the production decline rate has reduced even further to 0.2
percent per month.
"Powerwave results in Eastern Alberta have exceeded expectations
and we are very pleased to see expansion of the program," said
Wavefront President and CEO, Brett Davidson. "Successfully reducing
oil production decline in the original three Powerwave injection
patterns confirms that Powerwave can extend field life and increase
ultimate oil recovery. Based on the three-year history we fully
expect an independent qualified reserves evaluator to book more
proven reserves in those three Powerwave-driven injection
patterns."
Approximately 85,000 barrels of increased oil production have
been attributed to Powerwave at the three original installations
over the three-year period. This represents a 322 per cent increase
in oil recovery above that which would have been produced based on
the natural production decline rate established for the 3 water
injection patterns where Powerwave is deployed. The incremental oil
production is apportioned to 16 producing wells which surround the
Powerwave installations.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
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. D. Brad Paterson
CFO 780-486-2222 x224 investor.info@onthewavefront.com
www.onthewavefront.com
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