EDMONTON, ALBERTA -- (Marketwired) -- 11/14/16 -- Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE: WEE)(OTCQX: WFTSF), a global leader in the advancement of fluid injection technology for oil and gas well stimulation and improved/enhanced oil recovery, is pleased to announce that Wavefront has completed a field trial of WaveAxe which is intended to establish superior and more rapid fluid communication between Steam Assisted Gravity Drainage ("SAGD") well pairs.
Initial pilot testing of the WaveAxe stimulation approach was completed with the Company's intellectual property partner at its operations north of Fort McMurray, Alberta. WaveAxe operations were technically successful and the field operator will evaluate production results over the coming weeks. Several additional well candidates have been identified for further technology evaluation.
"We are very pleased with the positive technical results from the WaveAxe field trial with the Canadian integrated energy company," said Wavefront President and CEO Brett Davidson. "We are confident that WaveAxe will be a considerable advancement in accelerating well start-up times in SAGD operations as well as re-conditioning wells to maximize overall oil recovery."
New Powerwave well stimulation campaign in Kingdom of Bahrain - Middle East Powerwave focal area
Wavefront is also pleased to report that in association with its local distributor it has been awarded an initial seven well Powerwave stimulation campaign in the Kingdom of Bahrain. It is anticipated that the Powerwave well stimulation campaign will commence prior to December 1, 2016. Pending positive production results Wavefront may expect on-going Powerwave work on the order of five well stimulations per month.
The Company continues to execute its Powerwave well stimulation strategy in the Middle East and has recently stimulated its first oil producing well in Kuwait, where past stimulation work centered on water injectors. In the Kingdom of Saudi Arabia Wavefront has also successfully stimulated oil and gas wells by removing blockages that impeded inflow. Wavefront has an additional seven Powerwave stimulations pending in the Kingdom of Saudi Arabia with three stimulations slated for the week of November 14, 2016.
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.
©2016 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:
Brad Paterson
Wavefront CFO
1-780-486-2222 ext. 224
investor.info@onthewavefront.com
