Wavefront Corporate Update
June 04 2019 - 6:32PM
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 provide
this update on the Company’s activities.
Recently, in the Kingdom of Saudi Arabia
Wavefront added a new distributor to promote specific Wavefront
tools for wellbore cleaning. Over its lifetime a producing or
injection well will likely be subject to some type of well
intervention as in many instances damage induced by fines, scales,
waxes, asphaltenes or other blocking mechanisms reduces a wells
performance potential. An increasing number of coiled tubing
stimulation and cleanout interventions conducted in recent years
have pushed engineers to explore more innovative technology to
improve and optimize results. In this regard Wavefront’s wellbore
cleaning tools have an extensive history of success and it is
anticipated that having multiple distributors will increase market
penetration and revenue generating activities. Wavefront continues
to explore the addition of new distributors in the Kingdom of Saudi
Arabia to expand its network of certified Wavefront technology
providers.
In Kuwait Wavefront continues to advance both
Powerwave-based and WaveAxe technologies. In the current coiled
tubing tender document for the national oil company both the
Powerwave SAN and Odyssey tools were identified as
tools/technologies in which bidders were to consider the inclusion
of competitive pricing for the aforementioned Wavefront products.
Although Wavefront has a well established and valued relationship
with its exclusive local distributor, Gulf Drilling &
Maintenance Co., the Company believes the insertion of such
language within the coiled tubing tenders speaks highly of the
efficacy of both the Powerwave SAN and Odyssey product lines and
may lead to further market penetration as well as the adoption of
new Wavefront products by the national oil company.
A focus of Wavefront is to bolster our presence
in the United States with past clients and the addition of new
clientele. The Company has recently mobilized personnel and tools
to attend to new work with a past client in California who is the
largest oil and gas producer in the State of California. During the
recent past oil price slump, work in the State of California
plummeted and the Company was inactive in the region for a period
of approximately 24 months. With the advent of more favourable oil
pricing tied to the success Wavefront has garnered elsewhere the
California producer is looking to the Company to optimize its
stimulation procedures and extend post-stimulation oil production
or water injection sustainability. Historically, Wavefront
conducted 15 or more well stimulations per month in California from
this producer and achieving the stated goal may result in
consistent and repetitive well stimulation work as previously
experienced.
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 global leader in the advancement
of fluid injection technology for oil and gas well stimulation and
Improved/Enhanced Oil (“IOR/EOR”) 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.
©2019 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.
Wavefront Technology Sol... (TSXV:WEE)
Historical Stock Chart
From Nov 2024 to Dec 2024
Wavefront Technology Sol... (TSXV:WEE)
Historical Stock Chart
From Dec 2023 to Dec 2024