Global Producer Places Initial Order for Neptune Pulsating Waterflood Regulator Valves and Odyssey Custom Well Stimulation
EDMONTON, Alberta, Oct. 17, 2017 (GLOBE NEWSWIRE) -- 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 announce that initial service orders for Powerwave Neptune pulsating selective injection valves and Powerwave Odyssey custom well stimulation have been received by the Company through Wavefront’s local distributor.
The client, a major global oil producer has been active in Colombia for over 40 years, having operations in the Llanos Norte Basin as well as working interests in the Middle Magdalena Basin. Due to confidentiality the Company cannot release terms and conditions of the service orders.
The Powerwave Neptune is an innovative pulsating selective injection waterflood regulator valve. Waterflood regulator valves are designed to inject water into a desired zone but are often faced with scaling issues which negatively impacts water injection and offsetting oil production. Wavefront’s Powerwave Neptune creates highly energized fluid pulses designed to ensure seamless, continuous injection, enabling oil producing companies to optimize oil recovery by maintaining water injection rates and improving water distribution in the oil-bearing formation. In Colombia the available market for the Powerwave Neptune is approximately 1,000 injection wells having five to seven selective injection valves within each well completion.
The Powerwave Odyssey tool provides for pin-point fluid injection and deeper fluid penetration along the entire length of the completed interval. Typical radius of penetration for Powerwave stimulated wells is ≥3 feet. The Company believes no other technology in the industry provides for (1) efficiency of distribution; or (2) depth of penetration without the need for fracturing or chemical jetting.
Financial benefits of the Powerwave Odyssey custom stimulation include: (1) reduced chemical costs associated with the elimination or vast reduction of certain chemicals normally used in conventional stimulation approaches; (2) greater post-stimulation sustainability thereby reducing on-going stimulation costs; and, (3) better overall post-stimulation performance (increased oil production or water injection) as a greater volume of the reservoir is contacted by the treatment chemical.
“We are very pleased to have these new orders from a major Colombian oil producer who is Wavefront’s largest client in the United States and who also has experienced the benefits of the Powerwave Odyssey custom stimulation approach in Oman,” said Wavefront President and CEO Brett Davidson. “The Company is gratified by the on-going market resurgence in Colombia and remains very optimistic about the Company’s long-term growth potential in the country.”
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 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.
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.
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.
