EDMONTON, June 27 /PRNewswire-FirstCall/ -- Wavefront Energy and Environmental Services Inc. ("Wavefront"), a world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration is pleased to report early Powerwave results from installations on-going since April 2008 with a Fort Worth, Texas oil producer. Oil production from the eight wells influenced by two Powerwave systems in one location has increased by 21 bopd or 26%. Definitive well test production data at the second North Central Texas Powerwave location has not been completed however overall unit production figures indicate an upward trend. Additional upside potential at both locations may be realized with time as Powerwave influences a greater volume of the reservoirs.
Wavefront President and CEO Brett Davidson stated, "The early performance of the Texas Powerwave waterflood exceeds that of the Alberta Powerwave project for the similar time period where an 18% production increase was measured. Given results in Alberta where production has now doubled in the injection patterns influenced by Powerwave we expect additional production increases in North Central Texas."
Mr. Davidson further commented, "Since its inception, Wavefront has maintained that Powerwave could increase reservoir recovery factor (ultimate recovery) by 25% to 50%. The production increases seen in Texas and Alberta related to Powerwave supports those assertions. With approximately 60% of oil being stranded in reservoirs and over 200,000 wells used to inject fluids for oil recovery in North America, Wavefront sees significant growth opportunity for Powerwave."
About Wavefront Energy and Environmental Services Inc.
Wavefront is a technology-based company with a focused, strategic plan to leverage the value of our intellectual property in order to maximize oil production recovery operations, as well as provide additional solutions for environmental applications.
ON BEHALF OF THE BOARD OF DIRECTORS WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC. "D. Brad Paterson" (signed) 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", "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 http://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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