EDMONTON, ALBERTA–(Marketwired – April 24, 2017) – Wavefront Technology Solutions Inc. (Wavefront or the Company), (TSX VENTURE:WEE)(OTCQX:WFTSF) an Oil Field Service (“OFS”) provider focused on enhancing hydrocarbon recovery through the lifecycle of a production asset is pleased to announce that broader field deployment of Wavefront’s core fluid injection technology, Powerwave, will be undertaken in the Sultanate of Oman.
A Powerwave-driven waterflood targets stranded or bypassed oil in a reservoir which is very difficult to produce due to various physical limitations. Based on positive results from a limited field trial of Powerwave Wavefront’s distribution partner in Oman was awarded the approximate US $500,000 contract for expanded Powerwave use. This previously anticipated Powerwave program was delayed due to lower and volatile oil prices over the past few years. Powerwave deployment is in the client’s scheduling phase and is anticipated to commence in the second half of calendar 2017.
“Wavefront is confident it can replicate or better initial field pilot results which saw oil production decline rates fall by approximately 4% and overall oil production rates within the field pilot area improve by up to 47%,” said Wavefront President and CEO Brett Davidson. “We believe that demonstrating Powerwave efficacy on a broader scale across varied geological settings will result in general commercialization of Powerwave with this client.”
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.
From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.
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.
D. Brad Paterson
CFO
780-486-2222
[email protected]
www.onthewavefront.com
