Wavefront Technology Solutions announced that a new Houston, Texas-based operator will deploy three Powerwave systems to increase oil recovery and reserves in an active waterflood in Wyoming.
The operator is one of the largest privately-held exploration and development companies in the United States. It has continually looked to use proven technology to unlock the value of assets trapped in the nooks and crannies of mature fields that have been abandoned.
"International interest in Powerwave continues to increase as the technology generates impressive results and gains more recognition within the user community," said Wavefront President and CEO Brett Davidson. "Wavefront has been presented with a number of opportunities involving complex rock formations where Powerwave may provide access to tens of millions of barrels of trapped oil. Many of these projects involve very long well lengths and will require multiple Powerwave systems installed."
Wavefront is aware of certain statements reportedly to have been made by a person with apparent authority to speak on behalf of Wavefront regarding the profitability and expectations of large Powerwave orders over the coming months, without a forward looking caution. The fundamental business objectives of Wavefront remain as described in Wavefront's news releases, Management Discussion and Analysis and other filings. Wavefront continues to work towards profitability and securing additional Powerwave contracts and project expansions, as well as bolstering sales along all product lines. Wavefront did not authorize the statements in question and there are no undisclosed material corporate developments. Further, any statements regarding the future of Wavefront are forward-looking statements and therefore Wavefront cautions that actual results and future events may differ from those anticipated, as further discussed below in Wavefront's cautionary disclaimer.
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