Wavefront's Powerwave Generates 120.6 Percent Production Increase
22 Février 2011 - 11:19PM
Marketwired
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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