Wavefront gets $9.14-million from warrants exercised
More good news on the Wavefront/Greentree front. Wavefront has lots of cash and Greetree's (GGO.V) Rodney South Project is now using 8 Powerwave injectors. I'm in an investor relations consultant to both companies.
Warrant Exercise Notice (Triggering Event)
EDMONTON, Alta April 9, 2008/ Wavefront Energy and Environmental Services
Inc. (“Wavefront”), a leader in technology development and implementation
for improved oil recovery and optimized groundwater remediation wishes to
announce that further to its March 3, 2008 news release stating a Triggering
Event in relation to the acceleration of the expiry to April 3, 2008 of
2,492,838 common share purchase warrants issued by the Company on December
24, 2007 and the 4,820,526 common share purchase warrants issued by the
Company on January 31, 2008 (collectively the “Warrants”), at the close of
business April 3, 2008 all Warrants had been exercised providing the
Corporation with gross proceeds of $9,141,704.
Wavefront would also like to announce that three additional Powerwave
systems have been installed in the Rodney South farm-in agreement with
Greentree Gas and Oil Ltd. bringing the total number of systems to eight and
completing Wavefront’s obligations under the terms of the agreement.
Wavefront President and CEO Brett Davidson stated, “In our March 11, 2008
news release we emphasized how well the initial five Powerwave systems were
working to achieve improved injectivity rates as well as faster reservoir
fill-up and repressurization. With the addition of the final three systems
the reservoir will fill even faster, attaining volumetric balance quicker
thus impacting oil productivity rates now demonstrating a positive response
to Powerwave.”
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.
For further information please contact:
Brad Paterson, CFO
780-486-2222 ext. 224 Tel
investor.info@onthewavefront.com
On behalf of the Board Of Directors, Wavefront Energy & Environmental
Services Inc.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO and Director