Powerwave-Driven Well Stimulations Commence in Colombia
January 25 2018 - 6:00PM
Wavefront Technology Solutions Inc. (Wavefront or the Company)
(TSX-V: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 announce
that the Powerwave Odyssey Custom Well Stimulation (“POCS”)
campaign previously announced October 17, 2017 in Colombia has
commenced.
The client is a major global oil producer that
has been active in Colombia for more than 40 years and has
approximately 3,000 active producing and injecting wells in the
country. The Powerwave Odyssey Custom Well Stimulations are being
held in the La Cira field where there are approximately 1,400
active producing and injecting wells. The five well POCS campaign
is anticipated to be completed by March-April 2018. Due to
confidentiality the Company cannot release terms and conditions
associated with the POCS.
One of the greatest challenges in reservoir
stimulation (and a key strength of Wavefront’s Powerwave
technology) is placing the treatment fluid where it is needed most.
Superior fluid placement with Wavefront’s POCS approach is achieved
by creating high-energy fluid pulses that propel liquids deep into
the reservoir. These dynamic fluid pulses allow the treatment
fluids to be diverted away from established flow paths – something
typically not obtainable with other stimulation approaches. The
uniqueness of Powerwave is unparalleled in the oil field service
sector and the technology’s growing track-record of success is
driving customer acceptance and demand.
“Increasing global demand for Powerwave is a key
component of Wavefront’s strategy and we are very pleased to have
this five well POCS campaign get underway in Colombia,” said
Wavefront President and CEO Brett Davidson. “We are confident that
post-stimulation results associated with POCS will be as successful
as the results generated elsewhere and will lead to a larger uptake
of Powerwave by the client and other producers in Colombia.”
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS
INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO & Director
About Wavefront:
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.
For further information please
contact:
D. Brad Paterson, CFO at 780-486-2222 or write
to us at investor.info@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.
©2018 Wavefront Technology Solutions Inc. All
rights reserved.From Bit To Last Drop™, WaveAxe™, Powerwave™ and
Primawave™ are registered trademarks of Wavefront Technology
Solutions Inc., or its subsidiaries, or affiliates.
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.
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