Wavefront Energy and Environmental Services Inc., a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation announces its financial and operating results for the third quarter ended May 31, 2008.
During the nine month reporting period Wavefront has made significant strides in showcasing the efficacy of both Powerwave and Primawave in the energy and environmental sectors respectively. The push of our game changing injection process, Powerwave, has resulted in a growing list of clients who are looking to maximize oil recovery factor and extend field life.
For the Alberta Powerwave project first announced June 27, 2008, prior to the installation of Powerwave in the three waterflood patterns where it is employed, production levels were on a steady decline of approximately 2.3% per month. The production level in December 2006 was approximately 164 bopd (26.07 m(3)/d) and declining to a value of 135 bopd (21.46 m(3)/d) at the time of the Powerwave installations in September 2007. In the ensuing six months of Powerwave enhanced injection ending May 2008, production levels had increased to approximately 220 bopd (34.98 m(3)/d). Assuming the injection patterns had continued on their natural decline of 2.3% per month (without Powerwave) during the same six month period it is estimated that the production levels would have decreased to 120 bopd (19.11 m(3)/d).
Wavefront President and CEO, Brett Davidson stated, "The Alberta Powerwave results are very compelling and unequivocally demonstrate the benefits and impact the process can have at maximizing recovery factor and extending field life. The Alberta client remains committed to installing multiply systems in the field to gain further upside potential. In the coming weeks and months Wavefront fully anticipates the entirety of results we are amassing from all locations to be pivotal in global acceptance of Powerwave, equating to a sizable number of units being installed."
Revenues for the nine months ended February 29, 2008 were $1,311,113, an increase of $241,698 from the revenues recognized in the corresponding period of 2007 of $1,069,415. The increase in revenue is primarily a result of the acquisition of Wavefront Sand Pumps & Rentals Ltd and increased interest revenue. The Corporation also recognized production revenue, exclusive of operator fees, of $120,164 (2007 - $54,323) related to the Rogers County venture and Rodney South venture, and interest income of $319,147 (2007 - $277,589).
The net loss for the nine months ended May 31, 2008 was $3,341,583 ($0.06 per share), compared to $3,115,549 ($0.07 per share) in 2007. The Corporation's operating expenses through the nine month period were $4,416,755, an increase of $1,503,887 incurred for the same period of last year. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
