Wavefront Technology Solutions Inc.: Powerwave Adds Economic Benefit to Coleville Operations 44 Barrels of Incremental Oil Pr...
July 27 2011 - 4:18PM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO UNITED STATES NEWS
WIRE SERVICES.
Wavefront Technology Solutions Inc. (TSX VENTURE:WEE) ("Wavefront" or the
"Corporation"), the leader in fluid injection optimization for improved
performance and profitability in the oil and environmental sectors, is pleased
to announce a production update for the 4 Powerwave installations at Penn West's
Coleville operations.
Installation of 4 Powerwave systems in the Bakken (sand) formation containing 12
degrees to 14 degrees gravity oil commenced in October 2010. Incremental oil
production attributed to Powerwave for the 4 producing patterns consisting of 21
production wells as at April 2011 is 1,330 barrels of oil per month; a 50%
increase above pre-Powerwave base line production. Using a net back of $33 per
barrel the incremental oil production represents a net monthly cash flow
increase of $43,890 to the Coleville operations.
"Powerwave consistently provides access by-passed oil, slows the rate of
production decline, and adds economic value to mature assets without the need to
rely solely on the drill bit to increase proven reserves", said Wavefront
President and CEO Brett Davidson. "We are very pleased with initial results at
Coleville and similar to Wavefront's other North American Powerwave projects we
expect the economic benefits at Coleville to improve with time."
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 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.
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