Halliburton & Wavefront Ink Deal for PPT Systems

Halliburton's Energy Services Group and Wavefront Energy & Environmental Services, Edmonton, Alberta, have entered into a multi-year collaboration and licensing agreement to jointly research, develop, and implement pressure pulse technology (PPT) systems. The license agreement will provide Halliburton with a nonexclusive license in the United States and Canada and an exclusive license for all other parts of the world for commercialization of Wavefront's patented PPT processes. The processes are used for the improvement of oil recovery, oil well stimulation, and oilfield-related disposal.

"The development of this technology fits with our corporate mission of creating sustainable value by delivering outstanding service that helps our customers succeed," said Jim Prestidge, vice president of Halliburton's Production Optimization Division. "We believe the innovative technology that Wavefront brings, coupled with our global technical expertise, will accelerate the development and acceptance of PPT as a method for sustaining reservoir performance."

Brett Davidson, president and CEO of Wavefront, said: "We are very pleased to be working with a company such as Halliburton that is recognized globally for its capabilities, expertise and ability to deliver results for its customers. These agreements are very timely and present a significant opportunity for the energy industry given international events unfolding with respect to oil production, and the security of domestic oil supplies both in Canada and the United States. Accelerated development and customer acceptance of PPT will be greatly enhanced under the agreements with Halliburton."