Pink Sheets: WEESF
EDMONTON, Jan. 5 /CNW/ - Wavefront Energy and Environmental Services Inc.
("Wavefront"), a world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration is pleased to
announce that the Gulf Coast region, Powerwave-driven CO2 flood first
announced October 15, 2008 has been initiated.
Wavefront President and CEO Brett Davidson stated, "Today's fluctuating
oil prices are placing oil companies under increased pressure to reduce
operating costs while optimizing recovery. Powerwave allows oil companies to
maximize value from their oil production operations by "rescuing stranded oil"
trapped in inaccessible nooks and crannies of the producing reservoir.
Compared to the economic and environmental cost of drilling more oil wells,
Powerwave increases overall oil recovery with minimal investment."
Wavefront also announces that the Company will file, in accordance with
TSX Venture Exchange policy, a Summary Form disclosing the granting of an
aggregate of 600,000 incentive stock options pursuant to the Company's Stock
Option Plan. Of the 600,000 incentive stock options being granted, 500,000
incentive stock options are being granted to management and four directors of
Wavefront. The options will be exercisable at a price of $0.54 per share, for
a period of five years. The options are subject to a hold period of 4 months
and vesting period of 18 months, in accordance with the Company's Stock Option
Plan and Exchange policy.
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
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 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
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,