Powerwave Odyssey Custom Stimulation Campaign Continues to Grow
February 13, 2018 - 6:33 PM EST
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Powerwave Odyssey Custom Stimulation Campaign Continues to Grow
Campaign in the Kingdom of Saudi Arabia Expanded to 18 Wells From the Original Seven
EDMONTON, Alberta, Feb. 13, 2018 (GLOBE NEWSWIRE) -- 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 provide an update on the Powerwave Odyssey Custom Stimulation (POCS) campaign in the Kingdom of Saudi Arabia.
The original seven well POCS campaign had already been expanded to 12 wells, and the number of wells in the campaign has recently been further expanded to 18 wells. To date, the Company’s local distribution partner has completed eight POCS. The original Kingdom of Saudi Arabia seven well Powerwave POCS campaign had an approximate value of US $250,000. It is anticipated that more wells will be granted shortly and the back-to-back execution of the POCS campaign will continue until all anticipated wells from this single production asset are completed.
“Very favorable POCS results are providing increased opportunities for Wavefront to showcase Powerwave in the Kingdom of Saudi Arabia and across the Middle East region,” said Wavefront President and CEO Brett Davidson.
The Company is also announcing that its marketing partner in Oman has advised Wavefront that it has 30 POCS pending and in the approval stage with four separate operating companies for calendar year 2018. Six POCS are currently being modelled and programmed by Wavefront for implementation. For the period January 1, 2015 to December 31, 2017 thirty-nine POCS were completed in Oman having a total approximate value of US $499,935. As individual charges vary from well to well the overall value of this new 30-well POCS campaign will not be known until the campaign is completed.
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.
