Wavefront sells Powerwave toTexas oil, natural gas producer
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Mar 19, 2008 09:43AM
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Wavefront sells Powerwave toTexas oil, natural gas producer
Wavefront Energy and Environmental Services Inc (C:WEE)
Shares Issued 63,198,842
Last Close 3/18/2008 $2.59
Wednesday March 19 2008 - News Release
Mr. D. Brad Paterson reports
WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES INC. FORT WORTH TEXAS PRODUCER TO IMPLEMENT POWERWAVE
An oil and natural gas producer headquartered in Fort Worth, Tex., will implement a commercial Powerwave project in an active waterflood. For reasons of confidentiality the identity of the publicly traded client as well as the name and location of the oil field cannot be released.
Wavefront Energy and Environmental Services Inc. president and chief executive officer, Brett Davidson, stated: "With a business model focusing on secondary and enhanced oil recovery techniques to extract additional oil from mature onshore United States oil fields, Wavefront is pleased to be working with this client who is committed to "Producing Oil & Gas in the USA for the USA."
Mr. Davidson further commented: "We continue to attract a wide cross-section of potential Powerwave users that view the process as an economic and beneficial addition to current flooding programs. The market potential for Powerwave in the United States is considerable with about 167,000 wells (approximately 55,000 in Texas) used to inject fluids for secondary and tertiary oil recovery. Given the convincing injection and production results Powerwave has generated we foresee far-reaching adaptation of the process by an extensive user group."
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