Wavefront signs oilfield purchase option for potential application of its PPT for recovery
EDMONTON, ALTA-Wavefront Energy and Environmental Services has signed an option agreement to purchase 90% of the working interest in the existing production, equipment, and mineral lease of an oil field in Rogers County, Oklahoma, for $180,0000 (U.S.). To confirm its commitment, the company has given the seller, an unnamed arms-length party, a $15,000 (U.S.) non-refundable deposit. Should the company exercise its option, the deposit will be applied to the total purchase price. An independent geologist's report estimates that there are approximately 15 million barrels of oil in place in the 780-acre lease area, of which up to 15% could be extracted using conventional production methods. Wavefront believes, however, that the use of its Pressure Pulse Technology (PPT) waterflood program will increase ultimate oil recovery beyond stated values. In addition to its application in the energy sector, Wavefront's PPT is used in the environmental sector to accelerate contaminant recovery and improve in-ground treatment of groundwater contaminants. More information is available on the company's Web site, www.onthewavefront.com.