EDMONTON, ALBERTA--(Marketwire -08/30/12)- Wavefront Technology Solutions Inc. (Wavefront or the Company), (WEE.V) (WFTSF) the global leader in fluid injection optimization for improved performance and profitability in the oil and gas and environmental sectors, is pleased to announce that Petrobras has awarded Wavefront a 12-month contract worth approximately US $1.25 million to implement Powerwave in the Riachuelo oil field in the State of Sergipe, Brazil.
With proven reserves of 15.71 billion barrels of oil, Petrobras is the largest company in Latin America; the 8th largest publicly traded company in the world; and, the world's 5th largest integrated oil company. Petrobras represents 90% of Brazilian oil production, and 20% of global deep water and ultra deep water production.
"The Petrobras contract represents another significant international market development for Wavefront that includes Petroleum Development Oman in Oman; Pluspetrol and Pan American Energy in Argentina; Equion Energy in Colombia; and, Weatherford de Mexico (for Pemex) in Mexico. We are extremely pleased that Petrobras recognizes the strength of Powerwave to bolster production and add reserve barrels," said Wavefront President and CEO Brett Davidson. "Wavefront is planning on the Petrobras Powerwave installations to commence fall 2012."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
Wavefront is a technology based, world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.