Wavefront Energy & Environmental Services Inc. enters into irrevocable licensing agreement for a secondary oil recovery method



    TSX-V: WEE
    Pink Sheets:   WEESF

    EDMONTON, March 7 /CNW/ - Wavefront Energy and Environmental Services
Inc. ("Wavefront"), a leader in technology development and implementation for
improved oil recovery and optimized groundwater remediation is pleased to
announce that it has reached a licensing agreement with Gas and Oil
Enhancement Tools, LLC a Phoenix, Arizona company ("GOET") for a secondary oil
recovery method based on seismic wave stimulation.
    The fully paid-up, irrevocable license granted by GOET for a total
consideration of US $100,000 was secured against the deposit previously issued
to the patent holder for the contemplated share purchase agreement announced
June 26, 2007 where Wavefront proposed to purchase 50% of the outstanding
membership units in Oil Enhancement Tools, LLC ("OET") an oil service company
operating in Cody, Wyoming. The change in approach in obtaining irrevocable
rights to the technology stemmed from Wavefront's due diligence related to the
proposed purchase, the dissolution of OET, and the patent holders desire to
continue a relationship with Wavefront.
    The patented process licensed by Wavefront is a stimulation method and
tool for improving the production of unswept and immovable oil from fields.
The closed wellbore technology generates a "shock" or seismic wave to induce
the flow of oil. The approach is best applied in fields with high water cuts
and large amounts of stranded oil and has been successfully demonstrated to
positively change oil and gas production in fields in the United States as
well as Mexico. The seismic technology differs from the Powerwave(TM) Process
given the goal is to generate a waveform in a wellbore having no fluid
connectivity to the oil reservoir. In contrast, the goal of the Powerwave(TM)
Process is to purposely move liquids, improve injection rates, as well as the
distribution of injected liquids in an oil reservoir. Downhole tools related
to the Powerwave(TM) Process are deployed in injection wells having full fluid
connectivity to the reservoir through perforations, screens, liners, or
open-hole completions.
    Wavefront President and CEO Brett Davidson stated, "One of Wavefront's
goals is to be the foremost provider of wave-based technologies to enhance and
improve oil recovery. The license agreement is a very positive outcome for
Wavefront as it provides irrevocable access to a demonstrated technology at
less than half of the original contemplated purchase price of the OET
membership units. Management believes that the licensed seismic stimulation
approach can, in certain reservoir types, be successfully integrated into
Wavefront's Powerwave(TM) Process."
    Mr. Davidson further commented, "It's a fact of our culture: Whether it
is plastics, clothing, or even toothpaste, we rely on petroleum products to
get us through our everyday lives. We need to do what we can to produce that
oil efficiently. With the addition of this license, the recent acquisition of
Top Gun, the proposed acquisition of ICI Solutions (www.ici.ca), and the
Powerwave(TM) Process, Wavefront has a suite of proven approaches that when it
comes to producing oil, we can get to it where others can't."
    Wavefront also wishes to announce that it will file, in accordance with
TSX Venture Exchange policy, a Summary Form disclosing the granting of an
aggregate of 205,000 incentive stock options pursuant to the Wavefront's Stock
Option Plan. Of the stock options being issued 90,000 are to four independent
directors with the balance being issued to employees. The options will be
exercisable at a price of $0.97 per share, for a period of five years. In
accordance with Wavefront's Stock Option Plan and Exchange policy, the
incentive stock options are subject to a hold period of 4 months and vesting
period of 18 months.

    About Wavefront Energy and Environmental Services Inc.

    Wavefront is a technology-based company with a focused, strategic plan to
leverage the value of our intellectual property in order to maximize oil
production recovery operations, as well as provide additional solutions for
environmental applications.

    ON BEHALF OF THE BOARD OF DIRECTORS

    WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.

    "D. Brad Paterson" (signed)

    D. Brad Paterson, CFO & Director


    
             Cautionary Disclaimer - Forward Looking Statements
             --------------------------------------------------
    

    Certain statements contained herein regarding the Company and its
operations constitute "forward-looking statements" within the meaning of the
United Sates Private Securities Litigation Reform Act of 1995. All statements
that are not historical facts, including without limitation statements
regarding future estimates, plan, objectives, assumptions or expectations or
future performance, are "forward-looking statements". 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. The Company expressly disclaims any
obligation to up-date any "forward-looking statements".

    -------------------------------------------------------------------------
    THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF
    THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT





For further information:

For further information: D. Brad Paterson, CFO, (780) 486-2222 x224 Tel,
investor.info@onthewavefront.com

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WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.

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