SOURCE: Wavefront Energy and Environmental Services Inc.
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October 01, 2007 08:30 ET
Wavefront Energy & Environmental Services Inc.: Powerwave™ Process to Be Implemented With Top Five Global Oil Producer
EDMONTON, AB--(Marketwire - October 1, 2007) - Wavefront Energy and Environmental Services
Inc. (TSX-V: WEE) ("Wavefront"), a leader in technology development and
implementation for improved oil recovery and optimized groundwater
remediation is pleased to announce that it will implement Powerwave in two
separate active waterfloods with a top five global oil producer.
The two pre-commercialization programs are the outcome of positive results
generated from a comprehensive laboratory study previously conducted for
the client as announced in December 2006. Powerwave will be implemented at
undisclosed locations in North America and the United Kingdom respectively,
and will be the first such installations undertaken by a major global
producer.
Wavefront President and CEO Brett Davidson stated, "It has been widely
publicized that an imminent decline in world oil production is looming. As
such, it is imperative for oil producers, large or small, to incorporate
into their operations technologies that can boost production and lead to
greater ultimate oil recovery. The top five global oil producer which is
implementing Powerwave has a track record for adopting innovative
approaches and we look forward to positive outcomes that may lead to
large-scale commercialization of the process."
Mr. Davidson further commented, "Having the opportunity to establish
Powerwave as a technology of choice in a major oil producer's operations is
a considerable step towards broader adaptation. In an industry where there
exists approximately 167,000 water injection wells used for secondary oil
recovery in the United States alone, the prospects for Powerwave are
significant."
About Wavefront Energy and Environmental Services Inc.
Wavefront is a technology-based company with a focused, strategic plan to
leverage the value of our intellectual property in order to maximize oil
production recovery operations, as well as provide additional solutions for
environmental applications.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
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,"
"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.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF
THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT