Wavefront, Greentree sign agreement to develop Ontario oilfield
EDMONTON, ALTA-Wavefront Energy and Environmental Services and Greentree Gas and Oil have entered into an agreement to develop Greentree's Rodney South, Ontario oilfield lease using Wavefront's DeepWave technology. The terms of the agreement call for Wavefront to provide up to $2.25 million (Cdn) for capital expenditures related to initial field development. Greentree will act as the lease operator, contributing the petroleum leases, existing seismic and geological data, field staff and the use of its production facilities. The partners anticipate beginning development plans once the required permits are in place. The exploitation of the Rodney South site will make use of a standard waterflooding technique using horizontal producers straddled by vertical DeepWave water injectors. This will substantially increase the amount of oil recovered. Wavefront's DeepWave technology for fluid flow optimization has been developed to increase oil recovery and, within the environmental sector, to accelerates contaminant recovery, thus improving in-ground treatment of groundwater. Greentree Gas and Oil, based in London, Ontario, is an explorer and producer of oil and natural gas in the province's southwestern region. More information is available from D Brad Paterson at Wavefront, 780/486-2222, ext 224, E-mail email@example.com, or from Greentree president Duncan Hamilton, 519/681-9355, FAX 519/681-3887, E-mail: firstname.lastname@example.org.