May. 13, 2008 Print This | Email This     

Wavefront Energy & Environmental Services Inc. - Powerwave to be deployed in working interest agreement with Energex Oil Inc.

EDMONTON, May. 13 /PRNewswire/ --

EDMONTON, May 13 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc. ("Wavefront"), a world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration announces that it has entered into an agreement with Energex Oil Inc. ("Energex"), a privately held oil exploration and production company located in Colorado Springs, CO to acquire a fifty percent working interest in an oil field lease situated in Taylor County, Texas. Total consideration for the working interest will be $40,000 USD.

The lease, comprised of more than six tracts totaling 500 acres, is identified as the John McSherry Survey # 129, Section 129, Taylor County, Texas that is to be unitized as the Dyess field. Energex will act as Operator of the Dyess field while Wavefront will be responsible for all development plans, well programs, and engineering and geological reports. Projected initial development costs are estimated at $2,700,000 USD; of which Wavefront will be responsible for its proportionate interest of $1,350,000 USD.


Wavefront President and CEO Brett Davidson commented, "The Dyess field represents a strategic prospect for Wavefront and we look forward to implementing a development plan that realizes the full potential of Powerwave to maximize production of the remaining recoverable reserves. Since the first agreement between the companies announced October 3, 2007, Energex and Wavefront have been seeking additional opportunities to acquire or co-develop assets with considerable recoverable reserves and where Powerwave can be a focal point in field development. As part of Wavefront's overall corporate strategy the Company will continue to pursue favorable opportunities such as the Dyess field to showcase Powerwave and draw attention to the vast global potential the technology holds in maximizing recoverable oil reserves."

About Wavefront Energy and Environmental Services Inc.

Wavefront is a technology-based company with a focused, strategic plan to leverage the value of our intellectual property in order to maximize oil production recovery operations, as well as provide additional solutions for environmental applications.

ON BEHALF OF THE BOARD OF DIRECTORS WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC. "D. Brad Paterson" (signed) D. Brad Paterson, CFO & Director Cautionary Disclaimer - Forward Looking Statements --------------------------------------------------

Certain statements contained herein regarding Wavefront and its operations constitute "forward-looking statements" within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking statements". In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. We caution that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront's Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront's continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.

THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF

THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT

Wavefront Energy and Environmental Services Inc.

CONTACT: D. Brad Paterson, CFO, (780) 486-2222 x224 Tel,
investor.info@onthewavefront.com