Return to News Categories

ALL NEWS SECTIONS:
MOST POPULAR SECTIONS:
Commentary and Educational Cattle - Hogs / Livestock News Currencies News Energy News Grain News Index News Interest Futures News Metals Futures News Reports: Crops, CFTC, etc Soft Commodities News

Futures and Commodity Market News

Middle East Operations Update

EDMONTON, Alberta, Dec 05, 2017 (GLOBE NEWSWIRE via COMTEX) --

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 provide this update on the Company's Middle East activities.

Kingdom of Saudi Arabia

National Petroleum Services ("NPS") recently completed record length Powerwave Odyssey Custom Stimulations ("POCS") on water injection wells used for reservoir pressure maintenance. Horizontal well lengths were ~3,000 ft (~915 m) and ~4,000 ft (~1,220 m) respectively with operations lasting 4 to 7 days. Results for the ~4,000 ft well are not yet available. This well was subject to previous, unsuccessful stimulations using other techniques. Formation behaviour during the POCS was consistent with other wells stimulated by Wavefront which give the Company and NPS confidence that the post-stimulation performance compared to previous attempts will exceed client expectations. For the ~3,000 ft long horizontal interval the client reported that water injection rates more than doubled and exceeded the target rate for the well. With the 2018 budget year approaching NPS and Wavefront anticipate that such results will lead to increased activity as Powerwave outcomes continue to exceed client expectations while also providing cost efficiencies not associated with conventional well stimulation approaches.

Algeria

In Algeria there are approximately 180 well stimulations completed per month by the three major operating companies. These stimulations are assigned to various local and major coil tubing service companies. Recently, NPS deployed the first applications of the Powerwave Self-Adjusting Nozzle ("SAN") for near wellbore stimulation (less-than or equal to 6"); well clean-out, and scale removal.

The first SAN application involved removal of a 500 m highly consolidated sand plug where other approaches failed. The successful removal of the 500 m blockage involved pumping a foamed gelled fluid pumped through the SAN. Post-stimulation production rates have not been determined however the well was not producing previous to the stimulation due to the blockage. It is therefore expected that production rates will approach those rates historically attributed to wells completed in the oil bearing formation.

In the second SAN application the objective was to clean the horizontal section from miscellaneous deposits, sediments, oil residues, and clay migration obstructing fluid in-flow from the oil reservoir. The SAN was very successful in removing in-flow obstructions and post-stimulation results indicate oil production approximately doubled from 3.89 m/hr to 6.75 m/hr.

The state-owned oil company has approved the Powerwave SAN for near wellbore stimulation; well clean-out, and scale removal. Wavefront anticipates NPS to use the Powerwave SAN between 10 to 5 times per month in Algeria.

Sultanate of Oman

Wavefront and its local Powerwave marketing partner, Marjan Petroleum ("Marjan") have recently commenced installing downhole tools in a Powerwave-driven waterflood in Oman. This previously anticipated Powerwave program having an approximate value of US $500,000 had been delayed due to lower and volatile oil prices over the past few years. This expanded Phase II Powerwave program is to further evaluate the strengths of Powerwave in various reservoir settings with site-specific Powerwave downhole tools. Marjan and Wavefront have been advised that if the Phase II Powerwave program is successful the technology will be deemed commercial with the state-owned oil and gas operating company and a five-year contract for equipment and services will be made available to Marjan and Wavefront.

"We are very pleased with the advancement of Powerwave in the Middle East region and Wavefront's achievements to date," said Wavefront President and CEO Brett Davidson. "We remain confident that continued successful Powerwave outcomes will bolster Powerwave use and as a result improve overall revenue generation for Wavefront."

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 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.

For further information please contact:

D. Brad Paterson, CFO at 780-486-2222 or write to us at investor.info@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.

(C)2017 Wavefront Technology Solutions Inc. All rights reserved.

From Bit To Last Drop(TM), WaveAxe(TM), Powerwave(TM) and Primawave(TM) are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.

https://resource.globenewswire.com/Resource/Download/c928aaf3-1a17-4ed1-b2d3-addf071cb181?size=1

<img src="http://www.globenewswire.com/newsroom/ti?ndecode=MTUwIzcwNDQwNTI=" alt="" width="1" height="1"/>

(C) Copyright 2017 GlobeNewswire, Inc. All rights reserved.

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX.

Lt Crude 58.26
Nat Gas 2.836
Corn 349 4/8
Cotton #2 73.30
Gold 1245.5
Copper 3.0100
Euro 1.17825
USD Index 93.820
SP500 E-mini 2662.00
DJIA E-mini 24432
close_icon
open_icon