EDMONTON, ALBERTA--(Marketwired - Jan. 4, 2017) - Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX VENTURE:WEE)(OTCQX:WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and improved/enhanced oil recovery is pleased to announce that Pan American Energy ("PAE") in Argentina will be purchasing seven new Powerwave downhole fluid pulsing systems at a contract value worth approximately US $303,000.
The purchase agreement with PAE is for the Los Flores Norte - Cerro Dragon oil field in southern Argentina and is the result of positive Powerwave performance during the initial field pilot programs which has to date seen an increase in estimated ultimate recovery or incremental oil of 3.5% over non-Powerwave production trends. Under the terms of the purchase agreement, PAE will purchase the downhole Powerwave tools and ancillary equipment and pay Wavefront a yearly licensing and maintenance fee.
"All of us at Wavefront are very pleased with the continued confidence PAE has in Powerwave to provide incremental oil production at the Cerro Dragon oil field", said Wavefront President and CEO Brett Davidson. "We are currently working with PAE engineering staff to review additional ways for Wavefront to expand even broader implementation of Powerwave across all PAE assets and we look forward to a long term, productive and collaborative relationship."
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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