Wavefront Energy and Environmental Services Inc., a world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration, announced that the Gulf Coast region, Powerwave-driven CO2 flood first announced October 15, 2008 has been initiated.
Wavefront President and CEO Brett Davidson stated, "Today's fluctuating oil prices are placing oil companies under increased pressure to reduce operating costs while optimizing recovery. Powerwave allows oil companies to maximize value from their oil production operations by "rescuing stranded oil" trapped in inaccessible nooks and crannies of the producing reservoir. Compared to the economic and environmental cost of drilling more oil wells, Powerwave increases overall oil recovery with minimal investment."
Wavefront also announces that the Company will file, in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 600,000 incentive stock options pursuant to the Company's Stock Option Plan. Of the 600,000 incentive stock options being granted, 500,000 incentive stock options are being granted to management and four directors of Wavefront. The options will be exercisable at a price of $0.54 per share, for a period of five years. The options are subject to a hold period of 4 months and vesting period of 18 months, in accordance with the Company's Stock Option Plan and Exchange policy.
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