EDMONTON, ALBERTA -- (Marketwired) -- 05/29/13 -- Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE: WEE) (OTCQX: WFTSF) a developer of leading-edge technology for fluid injection optimization for performance drilling, well stimulation and mature field revitalization is pleased to provide an update on the Powerwave mature field revitalization project with Pan American Energy ("PAE") in Argentina.
At the recent 5th conference on "Production and Development of Reserves" held in Rosairo, Argentina, PAE presented initial, early findings of the relatively new Powerwave project originally announced on February 22, 2012. Two Powerwave tools were installed in November 2012 and an additional tool was installed in April 2013. For the three Powerwave-driven waterflood patterns PAE noted positive results including:
1. Minimum incremental oil production of 10 m3/day (approx. 63 bbls/day)
associated with Powerwave in the 10 offsetting oil production wells
surrounding the three water injectors. Production will continue to be
carefully monitored to assess overall incremental increases as well as
sustainability of decreased production decline;
2. An increase in oil cut and corresponding decrease in water cut
(proportionate volume of oil and water produced per barrel of fluid
pumped to surface); and,
3. Incremental improvement in well head pressure (ranging from 25 psi to
360 psi) for each water injector which confirms Powerwave is providing
better contact of the injected water to a larger portion of the
reservoir. Better contact of injected water allows previously by-passed
oil to be mobilized and on a larger scale, greater potential for
ultimate oil recovery.
"We are extremely pleased with the early results associated with the PAE project and PAE's recognition of the benefits Powerwave is delivering," said Wavefront President and CEO Brett Davidson. "Wavefront has long maintained that Powerwave is an operator's best option for mature field revitalization and we are confident Powerwave will provide long-term benefits for PAE and PAE will expand Powerwave use in Argentina."
Wavefront would also like to provide an update on activities related to the approx. US $600,000 Ecopetrol project announced December 6, 2012 and April 29, 2013 respectively. Ecopetrol has now successfully completed the installation of Wavefront's innovative pulsating selective injection waterflood regulator valve marketed as the "Neptune".
Traditional waterflood regulator valves are designed to inject water into a desired zone but are often plagued by scaling issues which inhibit water injection. Wavefront's Neptune is designed to ensure seamless, continuous injection, enabling oil producing companies to maintain water injection rates and improve water distribution in the oil-bearing formation. Injection rates and water distribution are crucial for maximizing overall oil recovery.
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 performance drilling, well stimulation, and mature field revitalization (EOR). Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.
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.
Contacts:
Wavefront Technology Solutions Inc.
Cora Klein
Communications Co-ordinator
780-486-2222 ext. 229
investor.info@onthewavefront.com
www.onthewavefront.com
