News out again
Wavefront gets $250K (U.S.) well stimulation package
2021-09-27 17:46 ET - News Release
Mr. Brad Paterson reports
WAVEFRONT ADDS ADDITIONAL TEXAS-BASED CLIENT NEW WELL STIMULATION PACKAGE WITH APPROXIMATE VALUE OF US $250,000
Wavefront Technology Solutions Inc. has received an initial well stimulation package from another new Texas-based client for Powerwave-related wellbore stimulations. The awarded stimulation package consists of multiple purchase orders with an approximate value of $250,000 (U.S.).
The client, who cannot be named due to confidentiality provisions, is an independent oil and natural gas company headquartered in Midland, Tex., focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian basin in West Texas. Revenues will be recognized over the time period the stimulations or individual performance obligation(s) occur. The client has a continuous well production optimization program and are repeatedly developing well stimulation packages for future execution. Wavefront believes that from a service quality and value perspective it is well positioned to be awarded such future work.
"We are very happy to add another new client in the Permian basin where there is considerable growth potential for the company's Powerwave-related technologies," said Wavefront president and chief executive officer Brett Davidson. "Wavefront has made significant progress in positioning Powerwave with leading oil and gas producers in the Permian basin and we are confident that these advancements will enhance both Powerwave recognition and revenue potential associated with Powerwave utilization for the foreseeable future."
The company also announces that it will file, pursuant to Wavefront's stock option plan and in accordance with TSX Venture Exchange policy, a summary form disclosing the granting of an aggregate of 1.8 million incentive stock options to the company's two executive officers, who are also directors, and to the company's employees. Options issued to the executive officers and employees were last granted in August, 2016. The options will be exercisable at 17 cents per share, or other such price as allowed by the TSX Venture Exchange, for a period of 10 years. In accordance with Wavefront's stock option plan and exchange policy, the incentive stock options are subject to a hold period of four months and a vesting period of 18 months.
About Wavefront Technology Solutions Inc.
Wavefront is a technology-based oil field service provider focused on offering the oil and gas industry proprietary, leading-edge technology primarily for oil and gas well stimulation and applications related to IOR/EOR recovery.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.