Wavefront Announces New Study Concludes Powerwave-aided Well Stimulations Have Positive Impact on CO2 Emission Reductions During Operations
Edmonton, Alberta--(Newsfile Corp. - November 4, 2021) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) ("Wavefront" or the "Company"), a technology service provider offering the oil and gas industry revolutionary technology that optimizes oil and gas recovery while minimizing the environmental impact of operations is pleased to share results of a new Middle East study that demonstrates how Powerwave-aided well stimulations generate positive reductions in CO2 emissions during well stimulations compared to conventional stimulation (i.e., jetting tool, wash nozzle) approaches.
In the comparative study (the subject of an industry white paper to be released at a later date), results for five coiled tubing ("CT"), Powerwave-aided well stimulations versus three conventional CT well stimulations, one well of which was a direct comparison, were analyzed for post-stimulation injectivity index ("II") enhancement, operational time (hrs/ft), and carbon footprint. The direct comparison well provides further insight into Powerwave benefits for injection enhancement and operational time of the two different methods.
| Injectivity Index (II)|
| Operational |
|Well 4||Powerwave |
Based on the data collected the following conclusions are drawn for the comparative study:
- The Powerwave Odyssey protocol reduced cumulative operational time by ~383 hours having an equivalent reduction in CO2 emissions of approximately 160,000 lbs associated with diesel exhaust gases - an effluent of the CT units' operation.
- The average II enhancement associated with the Powerwave Odyssey is 147% (high 233%; low 67%) versus 56% (high 106%; low 29%) associated with the conventional tool.
- Average chemical consumption while utilizing the Powerwave Odyssey was reduced from an approximate 311.0 US$/ft to approximate 207.0 US$/ft, saving approximately US$ 110,000 in chemical costs.
- Compared to the conventional approach the Powerwave Odyssey reduced average operational time from 0.53 hrs/ft (high 1.59 hrs/ft; low 0.13 hrs/foot) to 0.24 hrs/ft (high 0.34 hrs/ft; low 0.13 hrs/ft). Such reductions result in less logistics, transportation, health and safety risks, and total job costs. In addition, the approximate 50% reduction in operational time results in a reduction of CO2 emissions by approximately 123lbs/ft of well stimulated.
- The Powerwave Odyssey protocol significantly increased post-job II sustainability to greater than two years versus less than one-year for the conventional approach. Improved sustainability reduces costs associated with re-stimulating wells, carbon footprint, and lowers health, safety and environmental risks associated with chemical usage.
"With the evolution of socially responsible investing, the carbon neutral targets of Exploration and Production ("E&P") companies, and well-placed global initiatives to curb climate change, Wavefront is confident that it is uniquely positioned to provide E&P companies with the advanced technology they need to achieve their goals in a rapidly changing energy sector," said Wavefront President and CEO, Brett Davidson. "Since its inception Wavefront has been committed to supporting global climate change initiatives and we are pleased to see that our suite of technologies is playing a contributing role in optimizing oil and gas recovery while reducing certain environmental impacts of production operations," added Davidson.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Wavefront is a technology-based service provider focused on offering leading edge fluid flow technology primarily for oil and gas well stimulation and applications related to IOR/EOR recovery. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQB 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 firstname.lastname@example.org
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'', "working towards" 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.
©2021 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102083