EDMONTON, ALBERTA -- (Marketwired) -- 10/20/14 -- Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE: WEE)(OTCQX: WFTSF) a technology provider offering the highly effective Powerwave fluid delivery technology to energy producers for maximizing oil and gas reserves, is pleased to announce it has entered into a technology co-ownership agreement with a Canadian integrated energy company to adapt existing Powerwave technology for SAGD operations.
Wavefront and the Canadian integrated energy company have filed two patent applications related to the new stimulation approach, which accelerates communication between a SAGD well pair to reduce the time between well drilling/completion and well production.
The United States Patent and Trademark Office have granted Wavefront the trademark, "WaveAxe™" for this new technological approach that diversifies the strong application base established for Powerwave in Enhanced Oil Recovery and conventional well stimulation.
Under the terms of the agreement Wavefront and its partnering companies will be the sole providers of the technology to SAGD operators in the Western Canadian Sedimentary Basin. Pilot testing of the SAGD well pair stimulation approach will commence once all engineering facets of the technique have been completed, the appropriate well candidates identified by the operator(s), and a rigorous monitoring program defined to assess efficiency and future works.
"We are very pleased with the opportunity to work with this highly successful Canadian integrated energy company to co-develop a novel Powerwave-based technique for SAGD operations," said Wavefront President and CEO Brett Davidson. "In the same manner hydraulic fracturing opened vast production enhancements to unconventional oil and gas resources, the strengths of Powerwave will open a new era in SAGD production optimization for operators. We believe WaveAxe™ will be a considerable leap forward in accelerating well start-up times in SAGD operations."
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.
©2014 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.
Contacts:
Wavefront Technology Solutions Inc.
Cora Klein
Communications Co-ordinator
780-486-2222 ext. 229
investor.info@onthewavefront.com
www.onthewavefront.com
