Ecopetrol Awards Wavefront US $1.3 Million Powerwave Contract
January 30 2014 - 4:27PM
Marketwired
Ecopetrol Awards Wavefront US $1.3 Million Powerwave Contract
Second Powerwave Contract Received From the Largest Petroleum
Company in Colombia
EDMONTON, ALBERTA--(Marketwired - Jan 30, 2014) - Wavefront
Technology Solutions Inc. (TSX-VENTURE:WEE)(OTCQX:WFTSF) (Wavefront
or the Corporation), a leading provider of fluid injection
processes primarily for mature field revitalization (Enhanced Oil
Recovery or "EOR") as well as oil and gas well stimulation is
pleased to announce that Ecopetrol has awarded Wavefront (through
its Colombian Agent, Gesca Corp Colombia S.A.S.) a new contract
worth approximately US $1.3 Million to implement a suite of
Powerwave applications.
Ecopetrol is the largest petroleum company in Colombia and is
one of the 25 largest petroleum companies in the world. Ecopetrol
operates 163 production fields in Colombia, directly and/or in
association with other important domestic or multinational
operators. The Powerwave project is being led by Ecopetrol's Flow
Assurance Group.
The application of Powerwave for Ecopetrol features Wavefront's
pulsating selective waterflood regulator valve; Wavefront's
conventional waterflood tool; and, Wavefront's well stimulation
tools for near wellbore clean-up and deep fluid penetration.
Wavefront is also pleased to announce the Corporation has
recently sold pulsating selective waterflood regulator valves worth
approximately US $98,000 to the Colombian arm of a leading global
oil and gas service provider.
"This second Ecopetrol contract is another important
international development for Wavefront and we are very pleased in
the confidence Ecopetrol has in our Powerwave products to deliver
results," said Wavefront President and CEO, Brett Davidson.
"Colombia is fast becoming a major focal point for the Corporation
as demand continues to grow for innovative technologies that can
help increase recovery of the vast amount of oil remaining
in-place."
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.
©2014 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop™, Powerwave™ and Primawave™ are registered
trademarks of Wavefront Technology Solutions Inc. Privacy
Statement
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.
Wavefront Technology Solutions Inc.Cora KleinCommunications
Co-ordinator780-486-2222 ext.
229investor.info@onthewavefront.comwww.onthewavefront.com
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