Wavefront Technology Solutions Inc.: Powerwave to Drive Increased Oil Recovery With Middle East Operator
12 4월 2011 - 6:28AM
Marketwired Canada
NOT FOR DISSEMINATION TO THE UNITED STATES OR DISTRIBUTION TO UNITED STATES WIRE
SERVICES
Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation") (TSX
VENTURE:WEE) (PINK SHEETS:WFTSF), a leader in fluid injection optimization for
improved performance and profitability in the oil and environmental sectors, is
pleased to announce that six Powerwave systems will initially be installed with
Oman's National Oil Company (NOC). Installations for this commercial project are
slated to commence by July 2011.
The NOC is the foremost exploration and production company in the Sultanate and
accounts for more than 70 per cent of Oman's crude-oil production and nearly all
of its natural-gas supply. The NOC is 60 per cent owned by the Government of
Oman with the remaining 40 per cent owned by major international oil producers.
"One of Powerwave's many strengths is its ability to transform marginal
producing fields into highly profitable reservoirs while also adding more booked
reserves," said Wavefront President and CEO Brett Davidson. "The world continues
to have an insatiable appetite for oil and we are very pleased to add this NOC
as more and more international oil producers turn to Powerwave to help increase
their production and feed that appetite".
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
About Wavefront:
Wavefront is a technology based, world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration. Wavefront publicly
trades on the TSX Venture Exchange under the symbol WEE and the Company's
website is www.onthewavefront.com.
Cautionary Disclaimer - Forward Looking Statement
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", "believe", "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.
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