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Thursday, May 25, 2006
PRESS RELEASE–
The application was a combination research project / commercial application set out to validate the capabilities of the tool as well as differentiate it from other CT options for injecting fluids. The well was configured to allow for real time downhole monitoring of the injection stream to confirm the ability of the DeepWave(SM) tool to focus injectivity at the point of discharge from the tool. The real time results verified that the tool effectively focused injectivity across the entire production zone including a 200 foot zone that has not previously indicated the uptake of treatment fluids by other CT options.
Wavefront Vice President John Warren stated, "The confirmation that the DeepWave(SM) tool provides focused injectivity without the need for isolation assemblies or other diversion techniques will enable many operators to treat longer intervals with less concern of not knowing where the treatment fluid leaks off. This positive result definitively separates the DeepWave(SM) Stimulation Service from other CT options for injecting fluids and will further expand the global market for the technology."
Wavefront is also announcing that as expected Applied Seismic Research Corporation ("ASR") of
In the original complaint announced February 14, 2006 Wavefront alleged that ASR tortiously interfered with the Company’s existing and prospective business relationships with Occidental of Elk Hills, Inc. ("Occidental") relating to a pilot waterflood project the Company was about to commence with Occidental. Wavefront alleged that ASR made bad faith infringement statements to Occidental concerning Wavefront’s technology and ASR’s patents, one of which had expired, and that ASR’s tortious interference caused Occidental to cancel the pilot study, resulting in monetary harm to Wavefront. Furthermore, Wavefront alleged that ASR engaged in unfair competition in violation of the Lanham Act and
Wavefront is seeking unspecified compensatory and punitive damages, that ASR’s patents be declared invalid, unenforceable and/or not infringed by Wavefront’s tools, that Wavefront be granted permanent injunctive relief enjoining ASR from further acts of interference and unfair competition, that Wavefront be granted pre-judgment and post judgment interest on the damages caused by ASR, reasonable attorneys’ fees, and such other and further relief as the Court may deem just and proper.
In their counterclaims ASR accuses Wavefront of patent infringement and inducement of infringement, for tortious interference with business relations, tortious interference with prospective business relations, and unfair competition. ASR seeks damages, increased damages, punitive damages, attorney fees, costs, injunction, and all other remedies to which ASR is entitled.
A court imposed mediation date is set for
Wavefront President and CEO Brett Davidson stated, "The Company and its legal advisors anticipated this action by ASR given a non-action would only lend support to the allegations outlined in our original complaint. Management remains mystified as to how ASR can contend infringement or inducement of infringement given it is contrary to ASR’s own statements. In a letter received by Wavefront on
Mr. Davidson reiterates an earlier statement, "ASR says its closed borehole technology attempts to generate a "shock" or seismic waves to induce oil flow. For greater clarity, ASR’s tools are deployed in closed boreholes that have no fluid connectivity to the reservoir. It is not the objective of the DeepWave(SM) process to generate seismic waves rather, the technology is purposely designed to move liquids, improve injection rates, and improve the distribution of injected liquids in the reservoir. Downhole tools related to DeepWave(SM) are deployed in injection wells having fluid connectivity to the reservoir through perforations, screens, liners, or open-hole completions."
Mr. Davidson went on to note, "Management remains optimistic of a favorable outcome and we are continuing to execute our business plan with prospective clients and joint venture partners."
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company’s DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Cautionary Disclaimer – Forward Looking Statements
Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plan, objectives, assumptions or expectations or future performance, are "forward-looking statements". 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. The Company expressly disclaims any obligation to up-date any "forward-looking statements".
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT
For further information
D. Brad Paterson, CFO, (780) 486-2222 x224 Tel, [email protected]
Source: Wavefront Energy and Environmental Services Inc.
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