Two-Year Supply Contract Signed With Servicios Petrotec S.A de C.V. to Service Pemex
EDMONTON, ALBERTA--(Marketwired - April 22, 2014) - Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE:WEE)(OTCQX:WFTSF) a leading provider of fluid injection processes primarily for mature field revitalization (Enhanced Oil Recovery or "EOR") as well as oil and gas well stimulation is pleased to provide an update on recent Powerwave activities.
Wavefront has placed a strong focus on well stimulation with these efforts bolstering activity in the product line. For the period September 1, 2013 to March 31, 2014 the Corporation has completed 616 Powerwave stimulations worldwide. According to a June 2011 Bcc Research report the well stimulation market is in excess of $1 billion annually as virtually all wells periodically (18 to 36 month time frame) require some form of stimulation to enhance production or injection. Wavefront's clients have included major oil and gas companies as well as all of the major oil field service contractors.
In Saudi Arabia Wavefront, through its marketing partner Engineering & Industrial Technology Company successfully completed the first Powerwave well stimulation. The stimulation involved removing fill from a well that impeded production. Based on initial customer feedback Wavefront anticipates that with the success of this stimulation that the Corporation's Powerwave technology will become a standard whenever a fill clean-out is required.
In Mexico Wavefront, through its marketing partner Attainment International Ltd. entered into a 2-year contract to supply Servicios Petrotec S.A de C.V., a leading service company to Pemex, with Powerwave stimulation tools for the area of Samaria, Comalcalco y Agua Dulce. It is anticipated that this agreement will yield a minimum of 5 stimulations per month to a maximum of 20 stimulations per month.
"We are very pleased in the confidence the market continues to place in Powerwave and the attributed growth in the Corporation's well stimulation portfolio," said Wavefront President and CEO Brett Davidson. "With our growing network of marketing partners and internal sales professionals we anticipate escalating market penetration in the global well stimulation market."
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.
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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. ©2013 Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last Drop™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc. Privacy Statement
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