Pan American Energy to Purchase Seven New Powerwave Systems

Wavefront Technology Solutions Inc.  a global leader in the advancement of fluid injection technology for oil and gas well stimulation and improved/enhanced oil recovery is pleased to announce that Pan American Energy ("PAE") in Argentina will be purchasing seven new Powerwave downhole fluid pulsing systems at a contract value worth approximately US $303,000.

The purchase agreement with PAE is for the Los Flores Norte - Cerro Dragon oil field in southern Argentina and is the result of positive Powerwave performance during the initial field pilot programs which has to date seen an increase in estimated ultimate recovery or incremental oil of 3.5% over non-Powerwave production trends. Under the terms of the purchase agreement, PAE will purchase the downhole Powerwave tools and ancillary equipment and pay Wavefront a yearly licensing and maintenance fee.

"All of us at Wavefront are very pleased with the continued confidence PAE has in Powerwave to provide incremental oil production at the Cerro Dragon oil field", said Wavefront President and CEO Brett Davidson. "We are currently working with PAE engineering staff to review additional ways for Wavefront to expand even broader implementation of Powerwave across all PAE assets and we look forward to a long term, productive and collaborative relationship."