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
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.
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