Wavefront's innovative solutions shaping the future of oil and gas production
EDMONTON, ALBERTA--(Marketwired - May 28, 2013) - Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE:WEE)(OTCQX:WFTSF) a developer of leading-edge technology for fluid injection optimization in performance drilling; well stimulation; and mature field revitalization is pleased to announce Schlumberger Logelco Inc., Panama Ciudad de Panama Bucharest Branch ("Schlumberger") and Wavefront have entered into a service supply agreement to pilot Powerwave well stimulation methods in Romania.
Under the terms of the service supply agreement Wavefront will provide to Schlumberger a suite of Powerwave tools to be applied for both near wellbore (< 4 cm) cleaning of scale as well as for the deep placement (> 2 m) of remedial fluids to address salt intrusion problems that plague production in gas wells.
Romania has a rich history of oil and gas production dating back to 1857 and currently ranks 30th in worldwide proven gas reserves. During the 2nd World War the oil fields of Ploetsi were critical to the German military, providing up to one-third of Germany's oil needs. Today oil and gas production is dominated by Romgaz and OMV-Petrom with other smaller producers such as Aurelian Oil and Gas and Amromco.
"We are very pleased to be working with Schlumberger to demonstrate the exceptional performance Powerwave well stimulation tools can bring Romgaz as well as other producers in Romania," said Wavefront President and CEO Brett Davidson. "Wavefront is shaping the future of oil production with innovative solutions and we are confident we will continue to open new markets and opportunities for performance drilling, well stimulation, and mature field revitalization."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
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 on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.
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", "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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