Ecopetrol in Colombia to Utilize the Highly Successful Powerwave Custom Well Stimulation Approach
September 25 2018 - 5:47PM
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 Company’s local distributor has received an initial
service order from Ecopetrol having an approximate value of
US$110,000.
Ecopetrol is the largest petroleum producer in
Colombia and is one of the 50 largest petroleum companies in the
world. In Colombia Ecopetrol operates 163 production fields
directly or in partnership with other domestic or multi-national
oil and gas companies. In addition, Ecopetrol has production
interests or activities in Brazil, Peru, and the Gulf of
Mexico.
The current service order is for the Tibu oil
production field where Powerwave has been successfully employed to
enhance oil production in an on-going waterflood project. The Tibu
field encompasses a large oil producing area and the production
block where the Powerwave custom stimulations are to be executed
contains 530 oil producing wells. Each of these wells can be
considered candidates for future Powerwave custom stimulations.
“We are very pleased to have this new, initial
order from Ecopetrol who has been a major contributor to
Powerwave’s acceptance in Colombia,” said Wavefront President and
CEO Brett Davidson. “Wavefront remains confident that consistent
positive results will lead to increased Powerwave activity in all
jurisdictions where the Company maintains a presence and we look
forward to receiving additional orders from Ecopetrol in the near
term.”
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 world leader in fluid injection
technologies for improved/enhanced oil recovery. 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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