EDMONTON, ALBERTA--(Marketwire - Dec. 6, 2012) - Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE:WEE) (OTCQX:WFTSF) the global leader in fluid injection optimization for improved performance and profitability in the oil and gas and environmental sectors is pleased to announce Colombia's largest oil producer, Ecopetrol, has awarded Wavefront a contract worth approximately US $600,000 to implement Powerwave.
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 lead by the flow assurance group (GAF) of Ecopetrol and features another innovative development from Wavefront: a Pulsating Selective Waterflood Regulator Valve (PSWRV). Waterflood regulator valves are specially designed to ensure a steady flow of water is injected into a desired zone. This type of injection system is widely used in South America and Asia with as many as 21 such valves in a single completion. The new PSWRV system is designed to ensure seamless, continuous injection, enabling oil producing companies to maintain water injection rates and improve water distribution in the oil-bearing formation. Injection rates and water distribution are crucial for maximizing overall oil recovery.
"The Ecopetrol contract is another important international market development for Wavefront that includes Petrobras in Brazil; Petroleum Development Oman in Oman; as well as Pan American Energy and Pluspetrol in Argentina among others initiatives," said Wavefront President and CEO Brett Davidson. "Our corporate vision, "From Bit to Last Drop(TM)" encompasses Wavefront's market focus and the continuous development of innovative fluid pulsating techniques to meet the diverse needs of our global client base."
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.
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.