Halliburton Here is copy and paste from Sedar re Halliburton.
Not sure I clearly understand the terminology of this agreement. The patent limitations in terms of years and how they are shared? Is it not WEE holding the patents and for how long, is it limited to 17 years in total for WEE?
How are the royalties applied?
What is the history to cause this agreement?
The exclusive territory the Halliburton has royalty rights to appears to be all the world excluding Canada and USA?
COPY AND PASTE:
WEE AnnouncesAmendments to the Halliburton Patent License
and Collaboration Agreements
EDMONTON, Alta., August 01, 2006/ Wavefront Energyand Environmental Services Inc., a provider and licensor of its proprietaryDeepWaveSM(https://onthewavefront.com/dw_what-is-deep-wave.htm)Technology for improved oil recovery and groundwater remediation is pleased toannounce amendments to the Patent License and Collaboration Agreements enteredinto with Halliburton Energy Services Inc. on July 09, 2004.
The amendments reflect both the Company’s needs in executing it business planwhilst providing Halliburton with greater security for their continuedinvestment by extending the term. The material changes are as follows:
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The term of the Patent License and Collaboration Agreements have been extended from 7 years until the expiration of the last-to-expire issued Wavefront patent. This equates to an approximate termination date of 17 years.
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Halliburton has agreed to allow Wavefront to operate in the exclusive territory (outside of Canada and the United States), royalty free, during the term of the Agreement in oil fields where the Company has an ownership interest of ten percent (10%) or greater, has acquired mineral rights of ten percent (10%) or greater, has acquired a working interest of ten percent (10%) or greater, or undertakes a farm-in of ten percent (10%) or greater.
Brett Davidson, President and CEO of Wavefront stated, “With the amendments tothe Patent License Agreement the Company can now explore opportunities that arepresenting themselves outside of Canada and the United States. We are verypleased to see the level of commitment Halliburton is placing on the technologyand with the Company by agreeing to extend the Agreement to the expiration ofthe Company’s last to expire patent. The Company has always maintained thatDeepWaveSMwill have beneficial impacts on oilfield assets globally. Management believesHalliburton’s long-term support is a strong endorsement of DeepWaveSMas a stimulation and secondary oil recovery technique.
The Company is also pleased to announce, subject to TSX Venture Exchangeapproval, that it has retained the services of Mr. Jim Letourneau, author of the“The Big Picture Speculator” to act in the capacity of Investor RelationsConsultant. Mr. Letourneau will be retained as a consultant in Calgary, Alberta,under a yearly agreement (the “Agreement”) for a monthly retainer of $3,500 permonth plus the issuance of a total of 75,000 incentive stock options. TheAgreement may be terminated with 30-days notice any time after the initial fivemonths. In addition to providing Investor Relations service, Mr. Letourneau willalso undertake research and due diligence related to the acquisition ofoilfields and / or oil companies.
Mr. Letourneau is the Editor of the Big Picture Speculator, a newsletter devotedto identifying “big picture” long-term investment trends. The focus is onenergy, uranium, gold, and silver. Mr. Letourneau is a Professional Geologist(Alberta) and graduated with a B.Sc. in Geology from the University of Albertain 1985.
"In my capacity as a newsletter writer, I'm exposed to hundreds of companies ayear. It is extremely rare to find one with as much groundbreaking potential asWavefront. My experience and expertise as a petroleum hydrogeologist over thelast 20 years gives me a great deal of comfort with the reliability ofWavefront's technology and the science behind it."
Mr. Davidson further commented, “With continued positive developments managementbelieves it is important to have well respected and experienced professionalsassisting in the effort of conveying the importance of DeepWaveSMand the value proposition of the Company to its potential business clients,partners, and financial market. By retaining Mr. Letourneau, management believesit has a key asset to communicate the Wavefront story. Mr. Letourneau has alarge following, is well respected in the Canadian investment community, and issought for presentations across the globe. Management welcomes the experience ofboth Mr. Letourneau and we look forward to the contributions and opportunitieshe will bring to the Company”.
The Company also wishes to announce that it will file, in accordance with TSXVenture Exchange policy, a Summary Form disclosing the granting of an aggregateof 175,000 incentive stock options pursuant to the Company's Stock Option Plan.The options granted will be to a director of the Company and Mr. Letourneau andwill be exercisable at a price of $1.76 per share, for a period of five years.The options are subject to a hold period of 4 months and vesting period of 18months, in accordance with the Company's Stock Option Plan and Exchange policy.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energyand environmental sectors. The Company’s patented DeepWaveSMTechnology is a proven and verified fluid flow optimization technique. Withinthe energy sector the Company’s strategy is to license the technology to serviceproviders, provide site licenses to oil producers, and to acquire or earnworking interests in mature oilfields. In the environmental sector, DeepWaveSMis licensed to service providers who implement the technology to reducelong-term liabilities associated with contaminated sites.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
“D. ” (signed)
D. ,CFO & Director