EDMONTON, ALBERTA--(Marketwire - July 5, 2012) - Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation") (TSX VENTURE:WEE) (OTCQX:WFTSF), the leader in fluid injection optimization for improved performance and profitability in the oil and environmental sectors, announces that Weatherford, under contract from Pemex, has successfully completed an initial four of six planned Powerwave stimulations at the Pemex operated Chicontepec field in Mexico.
A single well stimulation, or work-over, is a remedial operation performed on a producing well to restore or enhance productivity. In many instances a chemical is pumped into the well to stimulate a producing interval. During this operation the importance of placing the chemical efficiently is critical to success. Powerwave enables this targeted placement and has repeatedly generated significant results in well stimulations in Canada, and the United States. A single well stimulation using Powerwave can generally be completed in one day compared to flooding operations (i.e. waterflooding) that can take much more than a decade.
"Powerwave's growing track record of success in optimizing waterfloods, miscible CO2 floods, or chemically-aided floods in all types of reservoirs has demonstrated the potential for this technology to add billions of barrels of oil to the world's recoverable reserves," said Wavefront President and CEO Brett Davidson.
Well stimulation is a multi-billion dollar per year global business and Wavefront has a strategic focus in this area from drilling operations to remedial stimulation procedures. During the period March 1, 2012 to June 15, 2012 Wavefront conducted 179 single well stimulations in Canada and the United States.
"Oil production at Chicontepec is exceptionally challenging and complicated by low reservoir recovery rates. With the wells at Chicontepec being exceedingly difficult to stimulate, Weatherford and Pemex looked to Powerwave, as a proven stimulation technique that provides deep penetration of the stimulation fluids allowing for greater post stimulation production rates," said Davidson. "We are very pleased to have this opportunity to showcase Powerwave and confident Powerwave will show significant benefit over other techniques that have been employed at Chicontepec and lead to the use of Powerwave on the vast majority of future stimulations at Chicontepec."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
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.
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.