WTI trading now at $92.73, above the 200-day moving average of $91.74.
The world oil price is now $111.81.
WEE's 200-day moving average is $.57.
Despite trading well below its 200-day average, WEE has recently announced:
1. Record sequential growth;
2. Record new contracts(Petrobras, Ecopetrol, Cenovus). Recently stated, "Wavefront anticipates further expansion of current projects as well as the addition of new projects throughout the fiscal year;
3. Record well stim and workover revenue. It is now experiencing revenue traction in numerous regions of thwe world and expects particular growth in Canada. Weatherford and Pemex have also increased uptake;
4. Record tubing, pump and bailer revenues;
5. Record innovation: Man-of-War; Pulsating Selective Waterflood Regulator Valve opening up Latin America and Asia; performance drilling potentially accelerating near-term growth; and Surface Hammerhead greatly reducing installation costs, and eliminating well intervention costs.
Given 4th quarter growth, and recent contracts with Petrobras, Ecopetrol, and Cenovus, as well as other growth the company may be positioned to deliver ~50% growth this fiscal year putting the company ever closer to the potential conversion of its trial portfolio to expansions.