Ecopetrol Awards Wavefront with Contract Worth Approximately US $600,000
07 December 2012 - 10:50AM
OTC Markets
LARGEST COLOMBIAN
OIL PRODUCER TO APPLY POWERWAVE
ECOPETROL
AWARDS WAVEFRONT WITH CONTRACT WORTH APPROXIMATELY US
$600,000
EDMONTON, Alta., December 06, 2012 Wavefront Technology
Solutions Inc. (Wavefront or the Corporation, TSX-V: WEE; OTCQX:
WFTSF) the global leader in fluid injection optimization for
improved performance and profitability in the oil and gas and
environmental sectors is pleased to announce Colombia’s largest oil
producer, Ecopetrol, has awarded Wavefront a contract worth
approximately US $600,000 to implement Powerwave.
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 lead
by the flow assurance group (GAF) of Ecopetrol and features another
innovative development from Wavefront: a Pulsating Selective
Waterflood Regulator Valve (PSWRV). Waterflood regulator valves are
specially designed to ensure a steady flow of water is injected
into a desired zone.
This type of injection system is widely used in South America and
Asia with as many as 21 such valves in a single
completion. The new
PSWRV system is designed to ensure seamless, continuous injection,
enabling oil producing companies to maintain water injection rates
and improve water distribution in the oil-bearing formation.
Injection rates and water distribution are crucial for maximizing
overall oil recovery.
“The Ecopetrol contract is another important international
market development for Wavefront that includes Petrobras in Brazil;
Petroleum Development Oman in Oman; as well as Pan American Energy
and Pluspetrol in Argentina among others initiatives,” said
Wavefront President and CEO Brett Davidson. “Our corporate vision,
“From Bit to Last DropTM” encompasses Wavefront’s market focus and the
continuous development
of innovative fluid pulsating techniques to meet the diverse needs
of our global client base.”
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:
Brett Davidson, President and CEO or 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.
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