Wavefront Completes Second On-Shore Stimulation for Pemex
Powerwave Single Well Stimulation Use Also Growing in Canada and United States
'Wavefront continues to make progress in executing on the Pemex non-binding Letter of Intent announced October 27, 2009,' said Wavefront President and CEO Brett Davidson. 'Pemex is a very attractive opportunity for Wavefront and we are actively screening the vast number of wells that are presented for stimulation across various assets. For waterflood applications, Wavefront is also working to identify the best targets for Powerwave deployment.'
Wavefront would also like to announce a significant increase in Powerwave single well stimulations. During the third quarter of fiscal 2010, 32 Powerwave single well stimulations were performed in Canada and the United States compared to two performed in the second fiscal quarter.
'We are very happy with the increased interest and confidence in Powerwave for single well stimulations,' said Mr. Davidson. 'There is considerable revenue opportunity for Wavefront to leverage the benefits of Powerwave in the stimulation market. 'Single well stimulations are a great first step for many operators to experience the benefits of Powerwave prior to implementing permanent Powerwave installations for secondary and tertiary oil recovery.'
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
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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'', ''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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