US oil refinery and terminalWavefront Energy & Environmental Services Inc. - Primawave(TM) to be deployed at former US oil refinery and terminal
EDMONTON, Jun 16, 2008 (Canada NewsWire via COMTEX News Network) --
TSX-V: WEE
Pink Sheets: WEESF
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 four Primawave systems will be deployed in a commercial project to facilitate accelerated clean-up of an estimated 80-acre former oil refinery and terminal site operated by a major integrated oil and gas producer. The implementation schedule for the first Primawave systems in what is anticipated to be a multi-year, multi-system undertaking is being finalized by the consultant, the refiner, and State authority.
Wavefront President and CEO Brett Davidson stated, "At the former refinery, oil field waterflood methodology will be implemented as a new remedial approach to increase the speed and ultimate recovery of the ground water contaminate. As an integral component of that waterflood, Primawave will provide quicker and more uniform injection of the water to mobilize trapped refined product. The contract is based on the company's conclusive outcomes elsewhere in remedial fluid injections as well as in waterfloods."
Mr. Davidson further commented, "This is a substantive opportunity for Wavefront as in the United States there are 149 active oil refineries down from 301 oil refineries in 1982. The likelihood that some form of remediation is on-going at both active and closed sites is very high; hence a vast market opportunity exists for Wavefront to deploy a large number of Primawave systems at each site. Wavefront is seeing sound growth in adaptation of our exceptional injection technology in both the energy and environmental sectors and the Company awaits the addition of new adopters in the near term."
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.