(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">EDMONTON, Alberta, June04, 2019(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 provide this update on the Company's activities.
Recently, in the Kingdom of Saudi Arabia Wavefront added a new distributor to promote specific Wavefront tools for wellbore cleaning. Over its lifetime a producing or injection well will likely be subject to some type of well intervention as in many instances damage induced by fines, scales, waxes, asphaltenes or other blocking mechanisms reduces a wells performance potential. An increasing number of coiled tubing stimulation and cleanout interventions conducted in recent years have pushed engineers to explore more innovative technology to improve and optimize results. In this regard Wavefront's wellbore cleaning tools have an extensive history of success and it is anticipated that having multiple distributors will increase market penetration and revenue generating activities. Wavefront continues to explore the addition of new distributors in the Kingdom of Saudi Arabia to expand its network of certified Wavefront technology providers.In Kuwait Wavefront continues to advance both Powerwave-based and WaveAxe technologies. In the current coiled tubing tender document for the national oil company both the Powerwave SAN and Odyssey tools were identified as tools/technologies in which bidders were to consider the inclusion of competitive pricing for the aforementioned Wavefront products. Although Wavefront has a well established and valued relationship with its exclusive local distributor, Gulf Drilling & Maintenance Co., the Company believes the insertion of such language within the coiled tubing tenders speaks highly of the efficacy of both the Powerwave SAN and Odyssey product lines and may lead to further market penetration as well as the adoption of new Wavefront products by the national oil company.
A focus of Wavefront is to bolster our presence in the United States with past clients and the addition of new clientele. The Company has recently mobilized personnel and tools to attend to new work with a past client in California who is the largest oil and gas producer in the State of California. During the recent past oil price slump, work in the State of California plummeted and the Company was inactive in the region for a period of approximately 24 months. With the advent of more favourable oil pricing tied to the success Wavefront has garnered elsewhere the California producer is looking to the Company to optimize its stimulation procedures and extend post-stimulation oil production or water injection sustainability. Historically, Wavefront conducted 15 or more well stimulations per month in California from this producer and achieving the stated goal may result in consistent and repetitive well stimulation work as previously experienced.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
'D. Brad Paterson' (signed)
D. Brad Paterson, CFO & Director
Wavefront is a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil ('IOR/EOR') 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 iswww.onthewavefront.com .
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us
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.
©2019 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.
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