Wavefront Technology Solutions Inc.: First Powerwave Well Stimulation Completed in Saudi Arabia
April 22 2014 - 6:27PM
Marketwired
Wavefront Technology Solutions Inc.: First Powerwave Well
Stimulation Completed in Saudi Arabia
Two-Year Supply Contract Signed With Servicios Petrotec S.A de
C.V. to Service Pemex
EDMONTON, ALBERTA--(Marketwired - Apr 22, 2014) - Wavefront
Technology Solutions Inc. (Wavefront or the Corporation)
(TSX-VENTURE:WEE)(OTCQX:WFTSF) a leading provider of fluid
injection processes primarily for mature field revitalization
(Enhanced Oil Recovery or "EOR") as well as oil and gas well
stimulation is pleased to provide an update on recent Powerwave
activities.
Wavefront has placed a strong focus on well stimulation with
these efforts bolstering activity in the product line. For the
period September 1, 2013 to March 31, 2014 the Corporation has
completed 616 Powerwave stimulations worldwide. According to a June
2011 Bcc Research report the well stimulation market is in excess
of $1 billion annually as virtually all wells periodically (18 to
36 month time frame) require some form of stimulation to enhance
production or injection. Wavefront's clients have included major
oil and gas companies as well as all of the major oil field service
contractors.
In Saudi Arabia Wavefront, through its marketing partner
Engineering & Industrial Technology Company successfully
completed the first Powerwave well stimulation. The stimulation
involved removing fill from a well that impeded production. Based
on initial customer feedback Wavefront anticipates that with the
success of this stimulation that the Corporation's Powerwave
technology will become a standard whenever a fill clean-out is
required.
In Mexico Wavefront, through its marketing partner Attainment
International Ltd. entered into a 2-year contract to supply
Servicios Petrotec S.A de C.V., a leading service company to Pemex,
with Powerwave stimulation tools for the area of Samaria,
Comalcalco y Agua Dulce. It is anticipated that this agreement will
yield a minimum of 5 stimulations per month to a maximum of 20
stimulations per month.
"We are very pleased in the confidence the market continues to
place in Powerwave and the attributed growth in the Corporation's
well stimulation portfolio," said Wavefront President and CEO Brett
Davidson. "With our growing network of marketing partners and
internal sales professionals we anticipate escalating market
penetration in the global well stimulation market."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
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.
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. ©2013 Wavefront Technology Solutions Inc.
All rights reserved. From Bit To Last Drop™, Powerwave™ and
Primawave™ are registered trademarks of Wavefront Technology
Solutions Inc. Privacy Statement
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 Solutions Inc.Cora KleinCommunications
Co-ordinator780-486-2222 ext.
229investor.info@onthewavefront.comwww.onthewavefront.com
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