Approximate US $258,000 Program Marks Wavefront’s First Ever Project in India
EDMONTON, Alberta, May 04, 2018 (GLOBE NEWSWIRE) -- Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX-V:WEE) (OTCQX:WFTSF) a global leader in the advancement of dynamic fluid injection technology for oil and gas well stimulation and Improved/Enhanced oil (“IOR/EOR”) recovery is pleased to announce the Company, through its local distributor, has expanded its global reach with the award of an initial 10-well Powerwave well stimulation campaign in India.
The 10-well campaign consists of Powerwave-driven acid stimulations on various well types and in certain cases, complex well completions where Powerwave has not been previously utilized. The stimulation campaign has an approximate value of US $258,000. To date three wells have been chosen for stimulation and Powerwave modeling and operational programming has been completed. The timing of the additional well stimulations will soon be set and the initial work is anticipated to commence within 60 days.
“The global well stimulation market is a multi-billion dollar1 per year business and Wavefront is quickly becoming internationally recognized for its leading edge Powerwave custom stimulation approach to optimized fluid placement,” said Wavefront President and CEO, Brett Davidson. “We are very pleased to add this new client to our growing roster of satisfied customers and are also pleased they have expressed great confidence in Powerwave to address the challenging reservoir conditions they incur.”
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.
1 Well Stimulation Materials - Demand and Sales Forecasts, Market Share, Market Size, Market Leaders (published 06/2014, 335 pages), The Freedonia Group, Inc.
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