EDMONTON, ALBERTA--(Marketwired - Feb. 1, 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 ("IOR/EOR") recovery is pleased to provide an update on Powerwave activities in the Middle East.
Wavefront has been making convincing progress in the marketing and branding of Wavefront's core technology, Powerwave, in the Middle East over the past eighteen months. The benefits of Wavefront's focused efforts in the Middle East and the positive Powerwave performance are producing additional opportunities that are now being presented to the Company. Within the focus areas of the Kingdom of Saudi Arabia; Kuwait; Oman; and Bahrain there are approximately 10,000 oil and gas and water injection wells applicable to well stimulation where Powerwave could be employed.
Wavefront was recently informed by a Middle East client group that the use of Powerwave during an acid well stimulation resulted in an overall cost savings of thirty per cent (30%) related to chemical costs; reduction in acid storage tanks; reduction in acid mixing and pumping time; reduced consumption of diesel; and, overall job optimization. Furthermore, the client group noted that the costs savings do not come at the expense of post-stimulation performance outcomes of the stimulated wells. It has been observed that Powerwave provides for better and more sustainable post-stimulation performance compared to conventional stimulation approaches. Based on the cost savings and associated Powerwave performance the Company is hopeful that this client group, who represents only one of multiple production assets, will recommend Powerwave for all well stimulations involving the placement of acid to enhance production or injection.
"We are very optimistic about Wavefront's opportunities to expand the use of Powerwave in the Middle East," said Wavefront President and CEO Brett Davidson. "Based on the magnitude of cost savings per stimulation and provided stimulation outcomes continue to remain positive, we are confident about a quick progression from Powerwave introduction to Powerwave commercialization in the region."
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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