BLOOMFIELD, Conn.--()--VeruTEK® Technologies Inc. (VTKT) and Wavefront Technology Solutions Inc. (TSX VENTURE: WEE; OTCQX: WFTSF) have executed a partnership agreement to apply their chemical solutions and fluid delivery technology platforms to enhanced oil recovery (EOR) and well stimulation approaches for heavy oil as well as conventional and tight reservoirs.
“We are extremely pleased to work with VeruTEK, a leader in green chemical solutions”
The combination of VeruTEK GasGen™ environmentally friendly fluids, delivered by Wavefront fluid pulsing technology, provides tremendous opportunity for improved production in many formations.
Under the terms of the agreement Wavefront may identify and engage prospects interested in a joint VeruTEK/Wavefront solution for enhanced oil recovery, well stimulation, and environmental applications. Wavefront will resell co-branded VeruTEK products. Additionally, VeruTEK may introduce Powerwave™ and Primawave™ as highly differentiated alternatives for injection and will provide assistance to Wavefront to secure clients who use VeruTEK products and services.
"We are extremely pleased to work with VeruTEK, a leader in green chemical solutions," said Wavefront CEO Brett Davidson. "This agreement is part of Wavefront's strategy to leverage Powerwave and Primawave through strategic alliances in both the energy and environmental sectors. Wavefront is confident alliances will bring greater exposure to the field-proven technologies of both companies, as well as supplementary revenue streams," said Davidson.
"VeruTEK has experienced excellent results working with Wavefront technology, and we are excited to partner in oil and gas applications. The Wavefront dynamic injection approach is ideal for oil recovery revitalization, particularly when used with VeruTEK's innovative GasGen™ chemistry," said VeruTEK CEO Dan Socci.
About VeruTEK (www.verutek.com):
VeruTEK® is a green chemistry company that provides high performing chemical solutions to the oil and gas and environmental industries. The company has developed and patented innovative and environmentally friendly gas generating chemicals to enhance formation permeability and hydrocarbon recovery. The VeruTEK technology platform addresses applications including production stimulation, EOR and environmental remediation.
About Wavefront (www.onthewavefront.com):
Wavefront is a technology based world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration.