EDMONTON, Alberta, April 02, 2019 (GLOBE NEWSWIRE) -- Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE; OTCQX: WFTSF), a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil (“IOR/EOR”) Recovery, is pleased to provide this update on the Company’s activities.
Recently, in the Kingdom of Saudi Arabia Wavefront’s Powerwave Odyssey tool was applied to a new application coinciding with a traditional acid stimulation. The application is related to extended reach wells and the function of the Odyssey as a coiled tubing “agitator” as well as a stimulation tool. Extended reach wells are wells where the horizontal leg of the well extends for distances that are generally two times longer than the vertical depth. In many instances frictional issues prevent the coiled tubing from reaching the total measured depth of the well without the aid of significant friction reduction. Friction reduction is often accomplished by some form of agitation where axial oscillations of the coiled tubing reduces downhole friction allowing the coiled tubing to be run deeper into the well. In its initial application the Powerwave Odyssey was able to successfully reduce the coiled tubing friction factor from 0.4 to 0.15 thus allowing the coiled tubing to reach the wells total measured depth of 13,500 ft. The result is comparable to competitive agitators however the main competitive benefit of the Odyssey as an agitator is that it allows for multiple runs into the horizontal section whereas the leading agitators allow for only one run. From a financial perspective Wavefront’s local distributors in the Middle East will be able to apply a premium charge associated with the Powerwave Odyssey’s use as an agitator where competitive tools are charged out in excess of $30,000 per well.
In addition to the use of the Powerwave Odyssey as an agitator and acid stimulation tool Wavefront is also entering the market of multi-lateral wells with the incorporation of a specialty multi-lateral tool system into the Odyssey protocol. Multi-lateral wells are becoming more prevalent in the Middle East as they increase reservoir drainage area and minimize the surface footprint. Until now Powerwave has been limited to the main bore however with the incorporation of the multi-lateral tool system all laterals will have the potential to be stimulated. The addition of the multi-lateral tool system will also allow Wavefront’s local distributors in the Middle East to apply a premium charge where competitive multi-lateral tool systems are charged out at approximately $15,000 per well.
Through its distribution network Wavefront continues to see opportunity for its suite of technologies. A new order to evaluate the utility of Wavefront drilling tools to optimize drilling operations was received for Iraq. Under the terms of the purchase order financial details cannot be released. Iraq is OPEC’s second largest oil producer and this opening order for drilling tools is the entry point for the Company’s Powerwave line of well stimulation offerings. Wavefront is working with its local distributor to secure initial Powerwave field applications and have targeted the third calendar quarter for implementation.
“Wavefront is very excited about the new opportunities associated with Powerwave that will help unlock the full promise of a reservoir for a client while at the same time providing the Company with new revenue generating opportunity,” said Wavefront President and CEO Brett Davidson. “We will continue to seek new applications for current Wavefront technology as well as introduce new tools and techniques to broaden potential future growth, as well as address the growing needs of the Company’s distributors and technology end users.”
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO & Director
About Wavefront:
Wavefront is a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil (“IOR/EOR”) Recovery. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us at investor.info@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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