Stocks & Investing
Stocks and Investing
Stocks and Investing
Tue, June 23, 2009
Mon, June 22, 2009 Wavefront Technology Solutions Inc.: Wavefront Technology Solutions Inc.: Powerwave Increases CO2 Injection Rate
EDMONTON, ALBERTA--(Marketwire - June 22, 2009) - [ Wavefront Technology Solutions Inc. ] ("Wavefront") (TSX VENTURE:WEE) (PINK SHEETS:WEESF), a world leader in providing innovative solutions for increasing oil field production and enhancing the treatment of contaminated groundwater is pleased to announce that [ Powerwave ] has improved injection rates in a CO2 enhanced oil recovery program in Mississippi.
Powerwave's versatility allows the use of a variety of fluid mediums to [ increase oil recovery ]. Due to the compressibility of CO2, the pulsing action of Powerwave produces different results compared to those achieved using water because the transfer of energy into the reservoir is diminished. This tends to produce lower injection benefits. Prior to implementing Powerwave in this Mississippi [ CO2 flood ] the Powerwave simulator predicted a potential CO2 injection increase of approximately 30 per cent more than historical rates. The operator obtained recent data which indicates an injection increase of 27 per cent. Based on these positive results, the operator now plans to add Powerwave tools to more of its CO2 injectors.
"The ability to accurately predict potential Powerwave injection benefits builds clients' confidence in Wavefront's ability to meet operational objectives," said Wavefront President and CEO, Brett Davidson. "Injection rate is one key to the success of any [ flooding ] program as rate is proportional to offsetting fluid production. Based on the injection rate increase achieved in Mississippi, the client plans to order more Powerwave tools."
About Wavefront Technology Solutions Inc.
Wavefront specializes in designing and developing leading-edge techniques for oil well stimulation, improved oil recovery, and environmental groundwater remediation.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
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'', ''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.
The TSX Venture Exchange neither approves nor disapproves the contents of this release which was prepared solely at the discretion of management
