EDMONTON, Alberta, Dec. 13, 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 a new, seven well Powerwave Odyssey custom stimulation campaign has been initiated in the Kingdom of Saudi Arabia.
This new round of Powerwave stimulations follows the recent historically long horizontal well stimulations completed by Wavefront and its local distribution partner. The Powerwave stimulations are lengthy in duration and technically challenging, each stimulation requiring five to seven days to complete. Barring any unforeseen planning or operational issues, Wavefront anticipates all wells will be completed by the end of February 2018.
Powerwave brings significant financial benefits to well stimulation without impacting results including:
- Reduced chemical costs compared to conventional stimulation approaches;
- Greater post-stimulation sustainability thereby reducing on-going stimulation costs; and,
- Better overall post-stimulation well performance as a greater volume of the reservoir is contacted by the treatment chemical.
“Wavefront sees an increasing trajectory for well stimulation activities in the Middle East region,” said Wavefront President and CEO Brett Davidson. ”With current oil prices, we are also anticipating renewed growth in calendar 2018 in the United States well stimulation market.”
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.
©2017 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.
