EDMONTON, Alberta, Nov. 12, 2018 (GLOBE NEWSWIRE) — Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: 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 this update on the Company’s international activities.
The Kingdom of Saudi Arabia
Wavefront continues to work with its local distributor in the Kingdom of Saudi Arabia on Powerwave custom stimulation programs, with approximately 40 custom stimulations completed in calendar 2018.
As at September 1, 2018 Wavefront entered into a revocable exclusive arrangement with its local distributor who must achieve a minimum set number of Powerwave Odyssey and Powerwave Self-Adjusting Nozzle (SAN) well stimulations corresponding to Wavefront’s financial quarters. Due to confidentiality specific terms cannot be disclosed.
Wavefront’s distributor currently has two coiled tubing units conducting Powerwave Odyssey work and a third coiled tubing unit has been outfitted with the Company’s Powerwave equipment to commence additional Odyssey and SAN work.
Kuwait
Wavefront continues to have a very strong relationship with its local distributor in Kuwait and more recently our two companies have been working towards the implementation of Wavefront’s WaveAxe process for micro-fracturing of unconventional reservoirs. To support WaveAxe work in Kuwait, the Company recently began collaborative work with two professors at the University of Waterloo to develop a micro-fracture model to predict possible fracture network density which will allow for a precise well stimulation program procedure to be designed. Barring any unforeseen issues with the initial well candidate being modelled Wavefront and its distributor anticipate the initial WaveAxe pilot work in the first calendar quarter of 2019.
Oman
Wavefront and its local Powerwave marketing partner continue to monitor the progress of the Powerwave-driven waterflood with the county’s state-owned oil and gas producer. If the Powerwave program is successful, the technology will be deemed commercial and a five-year contract for equipment and services will be made available to Wavefront and its marketing partner. Also in Oman, the Company’s marketing partner continues to execute on 14 Powerwave Odyssey stimulation programs with additional wells expected to be added in early 2019.
India
Wavefront’s distributor in India has completed two Powerwave Odyssey stimulations of the previously announced 10-well program. In addition, and outside the initial scope of work, the distributor has also successfully completed a SAN procedure to clean-out a water injection well where polymer inhibited injection. Given the success of the SAN work it is anticipated that SAN clean-outs will now become more frequent and aid in overall revenue generation in India.
Middle East North Africa (MENA) Region
Due to certain local factors, Wavefront’s distributor in Algeria has had a slow-down in Powerwave SAN activity. However, the Company has been advised that the distributor foresees a return to normal operating activities in the very near future where the SAN will be utilized approximately five to 10 times per month.
Elsewhere in MENA Wavefront continues to position Powerwave related technology with oil and gas operators in Qatar and United Arab Emirates (UAE). In the UAE Wavefront is currently gathering data to model and program Powerwave Odyssey stimulations for offshore oil producers.
Colombia
Wavefront, through its local distributor in Colombia, currently has contracts with three oil and gas producers to undertake Powerwave Odyssey stimulations. Wavefront anticipates the continuation and/or commencement of this previously announced work starting in the Company’s second fiscal quarter.
Norway
Wavefront recently entered into a distribution agreement with a Stavanger, Norway oil and gas firm to market Powerwave related technologies to oil and gas producers in that country. Most oil and gas production in Norway comes from offshore platforms in the North Sea. Though early in the process but based on Powerwave results elsewhere Wavefront and the distributor expect timely adoption of the Powerwave Odyssey stimulation in Norway where operators produce approximately 1,600,000 barrels of oil per day1.
United States
Activity levels with current clients in the United States are beginning to show positive signs of recovery; however the rate of recovery growth may be tempered by the recent slide in oil prices. The Company has been very active in marketing Powerwave related technology and recently added several new, high-profile clients to its roster who will be implementing Powerwave Odyssey stimulation work. All well stimulation work in the United States has thus far only involved the Powerwave SAN for wellbore cleaning. Given the success of the Powerwave Odyssey in the Middle East there is heightened interest in the Company’s proven approach which may have very positive impacts on Wavefront’s operating activities in the United States and its potential revenue generating ability.
“Wavefront’s positive results on a wide range of projects around the globe are helping to establish our Powerwave fluid injection technology as a powerful approach for increasing production and profits,” says Wavefront President and CEO Brett Davidson. “As our global footprint expands into even more territories, we see the potential for future growth, as well as additional expansion with our many satisfied customers.”
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
“D. Brad Paterson” (signed)
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.
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us at [email protected]
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.
©2018 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.
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1http://www.npd.no/en/news/Production-figures/; and https://en.wikipedia.org/wiki/List_of_countries_by_oil_production
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