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HALLIBURTON AND WAVEFRONT ENERGY & ENVIRONMENTAL SIGN AGREEMENT FOR PRESSURE PULSE TECHNOLOGY
- Innovative technology improves oil recovery, oil well stimulation, and oilfield-related disposal
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HOUSTON, Texas - Halliburton's (NYSE: HAL) Energy Services Group and Wavefront Energy & Environmental Services (TSX.V:WEE), Edmonton, Alberta, have entered into a multi-year collaboration and licensing agreement to jointly research, develop, and implement pressure pulse technology (PPT) systems. The license agreement will provide Halliburton with a nonexclusive license in the United States and Canada and an exclusive license for all other parts of the world for commercialization of Wavefront's patented PPT processes. The processes are used for the improvement of oil recovery, oil well stimulation, and oilfield-related disposal.
"The development of this technology fits with our corporate mission of creating sustainable value by delivering outstanding service that helps our customers succeed," said Jim Prestidge, vice president of Halliburton's Production Optimization Division. "We believe the innovative technology that Wavefront brings, coupled with our global technical expertise, will accelerate the development and acceptance of PPT as a method for sustaining reservoir performance."
Brett Davidson, president and CEO of Wavefront, said: "We are very pleased to be working with a company such as Halliburton that is recognized globally for its capabilities, expertise and ability to deliver results for its customers. These agreements are very timely and present a significant opportunity for the energy industry given international events unfolding with respect to oil production, and the security of domestic oil supplies both in Canada and the United States. Accelerated development and customer acceptance of PPT will be greatly enhanced under the agreements with Halliburton."
PPT was developed in Canada and has already been applied successfully. The technology entails using a downhole tool to create a low amplitude pressure wave in the wellbore. The amplitude and frequency of the wave can be varied to accomplish various tasks. PPT has been applied for production well stimulation in a CHOPS (cold heavy oil production with sand) strategy where sand is intentionally co-produced with the heavy oil. Pulsing has been applied in injector wells for improving the efficiency of waterflood patterns and has shown indications of increased oil production and decreased water cut. Additional potential applications include improving the effectiveness of matrix acidizing and diversion.
Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services and Engineering and Construction groups. The company's World Wide Web site can be accessed at www.halliburton.com.
Wavefront Energy and Environmental Services Inc. develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The company's Pressure Pulse Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, PPT accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly. Wavefront's website is www.onthewavefront.com
Contact
Zelma Branch
zelma.branch@halliburton.com
Halliburton Public Relations
(p) 713.759.2601
Andrew Kaplan
smallkap@aol.com
Wavefront Investor Relations
(p) 732.747.0702
Employment Contact
Overseas & US Employment with KBR
www.kbrjobs.com
(p) 866.308.5239
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kbr_supplier_relations@halliburton.com
Supplier Diversity Contact
Erin Petkovich
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