EDMONTON, ALBERTA--(Marketwired - April 29, 2013) - Wavefront Technology Solutions Inc. (TSX VENTURE:WEE) (OTCQX:WFTSF) a developer of leading-edge technology for fluid injection optimization in the primary focus areas of performance drilling; well stimulation; and mature field revitalization is pleased to announce that Powerwave Neptune valve installations with Ecopetrol, Colombia have now commenced.
Ecopetrol is the largest petroleum company in Colombia and is one of the 25 largest petroleum companies in the world. Ecopetrol operates 163 production fields in Colombia, directly and/or in association with other important domestic or multinational operators. The approximate US $600,000 Powerwave contract is being led by the Flow Assurance Group of Ecopetrol.
The 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 plagued by scaling issues which inhibit water injection. This type of injection system is widely used in South America and Asia with as many as 21 valves in a single water injection well.
"We are very confident that the Powerwave Neptune valve will generate the anticipated results for Ecopetrol leading to wide spread use," said Wavefront President and CEO Brett Davidson. "With approximately 17,000 water regulator valves installed in South America this represents a significant opportunity for Wavefront in the region."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
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 .
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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.
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