NewsWavefront Energy & Environmental Services Inc.: Powerwave(TM) Process to Be Implemented With Top Five Global Oil Producer
10/1/2007
EDMONTON, AB, Oct 01, 2007 (MARKET WIRE via COMTEX News Network) --
Wavefront Energy and Environmental Services Inc. (TSX-V: WEE) ("Wavefront"), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation is pleased to announce that it will implement Powerwave in two separate active waterfloods with a top five global oil producer.
The two pre-commercialization programs are the outcome of positive results generated from a comprehensive laboratory study previously conducted for the client as announced in December 2006. Powerwave will be implemented at undisclosed locations in North America and the United Kingdom respectively, and will be the first such installations undertaken by a major global producer.
Wavefront President and CEO Brett Davidson stated, "It has been widely publicized that an imminent decline in world oil production is looming. As such, it is imperative for oil producers, large or small, to incorporate into their operations technologies that can boost production and lead to greater ultimate oil recovery. The top five global oil producer which is implementing Powerwave has a track record for adopting innovative approaches and we look forward to positive outcomes that may lead to large-scale commercialization of the process."
Mr. Davidson further commented, "Having the opportunity to establish Powerwave as a technology of choice in a major oil producer's operations is a considerable step towards broader adaptation. In an industry where there exists approximately 167,000 water injection wells used for secondary oil recovery in the United States alone, the prospects for Powerwave are significant."
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 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
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information please contact: D. Brad Paterson CFO 780-486-2222 x224 Tel Email Contact
SOURCE: Wavefront Energy and Environmental Services Inc.
https://www2.marketwire.com/mw/emailprcntct?id=B988701806D72064
Copyright 2007 Market Wire, All rights reserved