EDMONTON, ALBERTA–(Marketwired – July 18, 2017) – Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE:WEE) (OTCQX:WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced oil (“IOR/EOR”) recovery is pleased to provide an update on Powerwave activities in Kuwait.
Through its strategic marketing partner, Gulf Drilling and Maintenance Company (“GDMC”), Wavefront continues to build the Powerwave brand in Kuwait. Over the past several months GDMC has been carrying out very successful Powerwave well stimulation operations in challenging reservoir conditions that have garnered attention by engineers at the state owned national oil company. In certain instances these stimulations followed failed attempts by leading global service providers to stimulate the reservoir and improve oil production or water injection rates. Powerwave is also being promoted internally at the national oil company by “technology champions” who are organizing seminars and disseminating results through poster boards.
“Powerwave has provided impressive results to our client and the positive feedback we have received and heighted interest we are experiencing with respect to the fluid injection technology leads GDMC to believe that Powerwave will shortly become the reservoir stimulation method of choice in Kuwait,” said Mohammad Ali Al-Shatti, Operations Manager of GDMC. “We anticipate that increased Powerwave activity will also lead to an increase in market share for GDMC thus further revenue generating opportunity for both GDMC and Wavefront.”
“Powerwave was approved as a stimulation technology by the national oil company in Kuwait just over one year ago and GDMC has now moved to a full commercial phase.” said Wavefront President and CEO Brett Davidson. “With GDMC already having a market share in excess of twenty percent Wavefront anticipates that Powerwave will be used in twenty percent or more of acid well stimulations in Kuwait.”
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 on the OTCQX under the symbol WFTSF. 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.
©2017 Wavefront Technology Solutions Inc. All rights reserved.
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