WAVEFRONT’s POWERWAVE GENERATES 120.6 PERCENT PRODUCTION INCREASE
February 22, 2011/ Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation", TSX-V: WEE), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation is pleased to report positive Powerwave results from a Michigan CO2 flood operational since October 2009 with Core Energy.
The goal of this Powerwave project was to provide the means for broader distribution of the CO2, allowing for more effective oil recovery with the combined strategy. Production data to January 12, 2010 indicates that the production rate has increased by 45.99 barrels of oil per day ("bopd") to 84.13 bopd or 120.6 percent more than the pre-Powerwave baseline production of 38.14 bopd. Production decline rate has also decreased from a pre-Powerwave rate of 6.1 percent per month to a rate of 2.0 percent per month with Powerwave. Results are from three production wells surrounding the sole CO2 injector.
In 2011, Cenovus generated slightly more than four million tonnes of greenhouse gas emissions.
Between its existing contract to buy 1.8 million tonnes of CO2 a year from a coal gasification plant in North Dakota and one million tonnes it will buy from SaskPower beginning in 2014, the company will offset more than two-thirds of its growing greenhouse gas emissions.
Sequestering one million tonnes of carbon dioxide is the equivalent of taking more than 250,000 vehicles off the roads each year.
When it was discovered in 1954, the Weyburn field contained one of the largest medium-sour crude oil reservoirs in Canada, with approximately 1.4 billion barrels of oil in place.
After a decade of operation, water injection was introduced to stimulate more production and in 2000 the CO2 floods began to increase reservoir pressure.
The CO2 is expected to extend the producing life of the Weyburn field by another 30 years and possibly longer than that.