WAVEFRONT TO CONDUCT FOUR SINGLE WELL POWERWAVE STIMULATIONS
Pink Sheets: WFTSF
EDMONTON, Dec. 15 /CNW/ - Wavefront Technology Solutions Inc. ("Wavefront"), a world leader in providing innovative solutions for increasing oil field production and enhancing the treatment of contaminated groundwater, is pleased to announce that the Samaria-Luna oil production asset of Petroleos Mexicanos, or Pemex, has approved four single well Powerwave stimulations pursuant to the non-binding Letter of Intent announced October 27, 2009. The Samaria-Luna well stimulations represent the start of an extensive Powerwave undertaking with Pemex.
A single well stimulation, or work-over, is a remedial operation performed on a producing well to restore or enhance productivity. In many instances a chemical is pumped into the well to stimulate a producing interval. However, during this operation the importance of placing the chemical efficiently is often underestimated. A single well stimulation is generally on the order of one day compared to flooding operations (i.e. water flooding) that can last much more than a decade.
The objective for the Samaria-Luna single well stimulations is to re-establish oil production to levels greater than current rates. As outlined in the October 27, 2009 news release, in the event of successful well stimulations, Wavefront could be awarded a 5-year open, sole source contract to supply Powerwave for well stimulation work done on newly drilled and existing wells across Pemex operations. Wavefront cautions that no such supply contract has been agreed to or entered into. Licensing fees for Powerwave well stimulations in a 5-year open contract are set at US $4,000 per day per well.
"Wavefront is very pleased to have the Samaria-Luna asset approve the Powerwave single well stimulation work as outlined in the Letter of Intent with Pemex", said Wavefront President and CEO Brett Davidson. "Wavefront continues to work with individual Pemex assets to finalize additional agreements for all remaining single well stimulations as well as Powerwave-driven waterflood locations."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
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", "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.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF
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SOURCE WAVEFRONT TECHNOLOGY SOLUTIONS INC.
For further information: For further information: D. Brad Paterson, CFO, (780) 486-2222 x224 Tel, firstname.lastname@example.org