EDMONTON, Alberta, Jan. 25, 2018 (GLOBE NEWSWIRE/KOREA IT TIMES) -- 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 the Powerwave Odyssey Custom Well Stimulation (“POCS”) campaign previously announced October 17, 2017 in Colombia has commenced.
The client is a major global oil producer that has been active in Colombia for more than 40 years and has approximately 3,000 active producing and injecting wells in the country. The Powerwave Odyssey Custom Well Stimulations are being held in the La Cira field where there are approximately 1,400 active producing and injecting wells. The five well POCS campaign is anticipated to be completed by March-April 2018. Due to confidentiality the Company cannot release terms and conditions associated with the POCS.
One of the greatest challenges in reservoir stimulation (and a key strength of Wavefront’s Powerwave technology) is placing the treatment fluid where it is needed most. Superior fluid placement with Wavefront’s POCS approach is achieved by creating high-energy fluid pulses that propel liquids deep into the reservoir. These dynamic fluid pulses allow the treatment fluids to be diverted away from established flow paths – something typically not obtainable with other stimulation approaches. The uniqueness of Powerwave is unparalleled in the oil field service sector and the technology’s growing track-record of success is driving customer acceptance and demand.
“Increasing global demand for Powerwave is a key component of Wavefront’s strategy and we are very pleased to have this five well POCS campaign get underway in Colombia,” said Wavefront President and CEO Brett Davidson. “We are confident that post-stimulation results associated with POCS will be as successful as the results generated elsewhere and will lead to a larger uptake of Powerwave by the client and other producers in Colombia.”
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.
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us at investor.info@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.
©2018 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.
