|By Marketwired .||
|August 5, 2014 05:24 PM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 08/05/14 -- Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE:WEE)(OTCQX:WFTSF), a technology provider offering fluid delivery processes to oil and gas producers that are widely effective methods for maximizing reserves in mature field revitalization (enhanced oil recovery or "EOR") as well as increasing single well productivity through more effective well stimulation, is pleased to announce the commencement of the approximate US $1.3 million Ecopetrol contract. This is Wavefront's second Powerwave project with Ecopetrol.
The installation of the 22 Powerwave pulsating selective waterflood regulator valves installed in 7 wells with Ecopetrol means that Wavefront will commence revenue recognition on the majority of the project. This second Ecopetrol project also features the installation of two conventional Powerwave waterflood tools in one well, and three Powerwave single well stimulations. The waterflood tool installation and single well stimulations are anticipated to be completed the later part of summer 2014.
Ecopetrol is the largest petroleum company in Colombia and is one of the 25 largest petroleum companies in the world. Ecopetrol operates 163 production fields in Colombia, directly and/or in association with other important domestic or multinational operators. The Powerwave project is being led by Ecopetrol's Flow Assurance Group.
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 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.
©2013 Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last Drop(TM), Powerwave(TM) and Primawave(TM) are registered trademarks of Wavefront Technology Solutions Inc.