Ecopetrol in Colombia to Utilize the Highly Successful Powerwave Custom Well Stimulation Approach
EDMONTON, Alta., Sept. 25, 2018 (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 announce that the Company’s local distributor has received an initial service order from Ecopetrol having an approximate value of US$110,000.
Ecopetrol is the largest petroleum producer in Colombia and is one of the 50 largest petroleum companies in the world. In Colombia Ecopetrol operates 163 production fields directly or in partnership with other domestic or multi-national oil and gas companies. In addition, Ecopetrol has production interests or activities in Brazil, Peru, and the Gulf of Mexico.
The current service order is for the Tibu oil production field where Powerwave has been successfully employed to enhance oil production in an on-going waterflood project. The Tibu field encompasses a large oil producing area and the production block where the Powerwave custom stimulations are to be executed contains 530 oil producing wells. Each of these wells can be considered candidates for future Powerwave custom stimulations.
“We are very pleased to have this new, initial order from Ecopetrol who has been a major contributor to Powerwave’s acceptance in Colombia,” said Wavefront President and CEO Brett Davidson. “Wavefront remains confident that consistent positive results will lead to increased Powerwave activity in all jurisdictions where the Company maintains a presence and we look forward to receiving additional orders from Ecopetrol in the near term.”
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 world leader in fluid injection technologies for improved/enhanced oil 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 [email protected]
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.
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.
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