Wavefront Corporate Update
Edmonton, Alberta--(Newsfile Corp. - January 18, 2022) - 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 wishes to provide a corporate update on the Company's activities.
In conjunction with the Company's local distributor the Powerwave well stimulation with the National Oil Company ("NOC") in the United Arab Emirates ("UAE") previously announced November 30, 2021, was successfully completed. The NOC set two success criteria for Powerwave® compared to well stimulation via conventional coiled tubing. First, the Powerwave® Odyssey tool had to improve well accessibility by reaching at least 80% of the total depth ("TD") of the open hole and second, well fluid productivity had to be greater than results previously obtained via conventional coiled tubing. Due to confidentiality no fluid productivity data was delivered to Wavefront however information provided by the NOC's lead project engineer indicated the success criteria for well productivity was met. For well accessibility the Powerwave® Odyssey tool covered 5,395 feet representing 90.2% of the open hole length whereas the conventional coiled tubing approach covered 3,842 feet representing 64.3% of the open hole. Based on this initial result the NOC has identified further candidates in the field for Powerwave-aided stimulation.
In Kuwait the Company has been placed on a short list of vendors to supply technology and equipment for a pilot waterflood project to the NOC. While water is injected by the NOC for disposal and reservoir pressure support, active waterflooding in a traditional pattern configuration has not been implemented to date. Waterflooding is a method of secondary oil recovery in which water is injected into the reservoir to mobilize by-passed or stranded oil. The water from dedicated injection wells is meant to "sweep" oil to adjacent production wells. Physical limitations associated with waterflooding such as preferential water channeling or paths of least resistance often leads to inefficient oil recovery. Based on multiple global field results Powerwave-aided waterflooding has shown to improve oil recovery, slow the rate of oil production decline, and stabilize water injection. Waterflooding projects are usually 12 months or longer in duration.
"We are pleased with the initial field trial outcome in the UAE and remain confident about Wavefront's opportunities to expand the use of Powerwave® with the NOC in the UAE for its onshore and offshore production assets," said Wavefront President and CEO Brett Davidson. "Powerwave-aided waterfloods have an exceptional history and while the waterflooding market has been somewhat dormant for the past few years the Company believes the approach will add an effective dimension to maximizing secondary oil recovery for the NOC of Kuwait."
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, oil field service provider, focused on offering the oil and gas industry proprietary, leading-edge 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.
©2022 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.
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