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EDMONTON, ALBERTA--(Marketwired - Dec. 5, 2016) - Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE:WEE)(OTCQX:WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and improved/enhanced oil recovery is pleased to provide an update on Powerwave results with Pan American Energy ("PAE") in Argentina. In an original pilot project PAE converted three conventional water injection wells in its Las Flores field in the Cerro Dragon asset in Southern Argentina to Powerwave-driven water injection wells. The three injection wells influence production behavior in seven offsetting oil producing wells within three production patterns. Based on initial positive results with the pilot, PAE converted four additional conventional water injection wells to be Powerwave-driven. PAE now views the Powerwave program to be commercial. The seven Powerwave-driven injectors are installed in an oil field with an unconsolidated sandstone reservoir that has been on waterflood for about 20 years. The heterogeneous nature of the reservoir gives rise to considerable channeling of the injected water to the surrounding production wells. Based on PAE's internal analysis, the three production patterns in the original Powerwave project area have experienced a change in oil production decline over forecasted recovery associated with historical production trends which may add 5 or more years to economic oil recovery. To date, the changes in oil production decline represent an increase in estimated ultimate recovery or incremental oil of 3.5% over non-Powerwave production trends. Confirmation of improved incremental oil recovery in the combined seven well program remain pending however early results are encouraging. To understand the increase in incremental oil recovery, if the three production patterns had a combined 10 million barrels of original-oil-in-place and ultimate recovery by conventional production strategies was projected to be 35% or 3.5 million barrels, the additional recovery achieved by introducing Powerwave rises to 38.5% or 3.85 million barrels: an additional 350,000 barrels. The additional production barrels would represent an overall increase in gross production revenue to PAE. Wavefront's cost for international improved oil recover / enhance oil recoveries projects, inclusive of the above PAE pilot projects, has approximated 57.8% of those international project revenues as disclosed in the Company's 2015 annual management discussion and analysis. "Wavefront has consistently claimed that a Powerwave-driven waterflood could add up to 5% to ultimate oil recovery. The 3.5% increase in estimated ultimate oil recovery reported by PAE in the Cerro Dragon Powerwave-driven waterflood patterns supports both Wavefront's assertions and Powerwave's capacity to change the economics of an oil field," said Wavefront President and CEO, Brett Davidson. "Wavefront is very pleased to be working with a progressive production company such as PAE who understand the importance of maximizing oil recovery and we look forward to adding further Powerwave systems in Cerro Dragon and elsewhere." ON BEHALF OF THE BOARD OF DIRECTORS Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com. 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", "believe", "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. ©2016 Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Madalena Energy Inc. ('Madalena' or the 'Company') (TSXV: MVN and OTCQX: MDLNF) is pleased to announce that it has entered into agreements with Pan American Energy LLC, Sucursal Argentina ("PAE") relating to its 90% working interest ("WI") in the Coiron Amargo Sur Este ("CASE") block.  Concurrent with this transaction, Madalena and PAE have entered into an agreement whereby PAE will provide a limited recourse loan to Madalena of up to $40 million, to be drawn-down as required to fund certain capital expenditures. Payment Madalena will receive a refundable deposit within two business days with the balance of the $10 million due upon closing, which is expected to occur within 90 days. Within that period, the parties must obtain the approvals of Gas y Petróleo del Neuquén Sociedad Anómina ("GyP") and the Province of Neuquén, Argentina. Working Interests and Operatorship PAE will become the operator at CASE, with resulting WI in the block as follows: Work Program The Work Program will consist of either two horizontal multi-frac completions in the Vaca Muerta shale formation or one horizontal multi-frac in the Vaca Muerta and one deep Grupo Cuyo sandstone gas test, utilizing existing cased wellbores on the block. Loan PAE has agreed to provide up to $40 million to Madalena to be drawn-down as required to fund certain capital expenditures. This limited recourse loan will bear interest at 7% per annum and is repayable in 5 years. Benefits to Madalena This transaction delivers a number of positives for the Company. It provides significant assistance to addressing the liquidity and working capital challenges which Madalena has been facing. As well, Madalena stands to benefit from its relationship with a well-established, experienced operator which will provide the necessary capital and expertise so that the CASE block can be efficiently developed. Strategic Alternatives Update The strategic alternatives process previously announced continues. The Company, along with its financial advisor, Evercore Group LLC, is in discussions with a number of parties who have expressed interest in other aspects of Madalena's operations. As indicated previously, there can be no assurance that such transactions will be consummated. About Madalena Energy Madalena is an independent, Canadian headquartered, Argentina focused upstream oil and gas company with operations in four provinces of Argentina where it is focused on the delineation of unconventional resources in the Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays. Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTCQX under the symbol MDLNF. About Pan American Energy Pan American Energy is the largest private hydrocarbon producing company in Argentina. It contributes 18% of hydrocarbon produced in the country and has had the highest growth rate and the highest reserve replacement ratio in Argentina for the past 10 years. In 2016, the company will invest 1.4 billion dollars, after having invested 13 billion dollars between 2001 and 2015. Over the past 14 years, the company increased its oil production by 34% and gas production by 67%. PAE employs more than 12,000 people either directly or indirectly and has presence in the four major hydrocarbon producing basins in Argentina: Golfo San Jorge, with the largest oil production in Cerro Dragón, the largest oilfield in the country; Neuquina, the largest gas basin and the hub for the future development of unconventional reservoirs; Noroeste (province of Salta) and the Austral Basin (located offshore Tierra del Fuego), with significant production of gas, the main source of energy in the country. The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance, in particular, but not limited to, with respect to matters related to the transactions described herein, the associated Work Program and the strategic review. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's Annual Information Form, which is available on SEDAR at http://www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Inigo J.F.,University of Texas at Austin | Inigo J.F.,Pan American Energy | Laubach S.E.,University of Texas at Austin | Hooker J.N.,University of Texas at Austin
Marine and Petroleum Geology | Year: 2012

Opening-mode fractures in Devonian sandstones in outcrop and in several fields in the Subandean Ranges of southern Bolivia and northern Argentina compose two fracture sets, I and II that strike west-northwest and north-northeast, respectively. Abundant Set I fractures are at a high angle to local Andean structural trends, and Set II is aligned with fold axes. Crosscutting relations and quartz textures in fractures suggest that, although Set I is locally older, these sets may have opened partly contemporaneously. Sets comprise both macroscopic fractures and more abundant, millimeter-scale microfractures. Fractures with opening displacement of less than 0.1 mm are typically sealed with quartz, but wider fractures are lined with quartz and contain connected fracture porosity. Microfractures are more abundant than macrofractures, and size distributions can be interpreted to approximate power laws. Microfracture strain is an efficient method of quantifying fracture abundance. Both sets record small fracture strains of 0.00016-0.0083. In backlimbs Set I strain is higher in brittle quartz-rich sandstones. Set II strain varies markedly and is generally high in hinges and steep forelimbs of asymmetric anticlines. For individual samples, Set I-II strains in fold hinges and forelimbs are comparable, consistent with concurrent Set I-II growth. Open fractures that could augment permeability are present both on and off structure, but microfractures document fracture abundance that varies with structural position and sandstone quartz content that could account for variations in production outcomes. © 2012 Elsevier Ltd.


Paredes J.M.,National University of Patagonia San Juan Bosco | Plazibat S.,Pan American Energy | Crovetto C.,Pan American Energy | Stein J.,Pan American Energy | And 2 more authors.
Journal of South American Earth Sciences | Year: 2013

Up to 10% of the liquid hydrocarbons of the Golfo San Jorge basin come from the Mina del Carmen Formation (Albian), an ash-dominated fluvial succession preserved in a variably integrated channel network that evolved coeval to an extensional tectonic event, poorly analyzed up to date. Fault orientation, throw distribution and kinematics of fault populations affecting the Mina del Carmen Formation were investigated using a 3D seismic dataset in the Cerro Dragón field (Eastern Sector of the Golfo San Jorge basin). Thickness maps of the seismic sub-units that integrate the Mina del Carmen Formation, named MEC-A-MEC-C in ascending order, and mapping of fluvial channels performed applying geophysical tools of visualization were integrated to the kinematical analysis of 20 main normal faults of the field. The study provides examples of changes in fault throw patterns with time, associated with faults of different orientations. The "main synrift phase" is characterized by NE-SW striking (mean Az=49°), basement-involved normal faults that attains its maximum throw on top of the volcanic basement; this set of faults was active during deposition of the Las Heras Group and Pozo D-129 formation. A "second synrift phase" is recognized by E-W striking normal faults (mean Az=91°) that nucleated and propagated from the Albian Mina del Carmen Formation. Fault activity was localized during deposition of the MEC-A sub-unit, but generalized during deposition of MEC-B sub-unit, producing centripetal and partially isolated depocenters. Upward decreasing in fault activity is inferred by more gradual thickness variation of MEC-C and the overlying Lower Member of Bajo Barreal Formation, evidencing passive infilling of relief associated to fault boundaries, and conformation of wider depocenters with well integrated networks of channels of larger dimensions but random orientation. Lately, the Mina del Carmen Formation was affected by the downward propagation of E-W to ESE-WNW striking normal faults (mean Az=98°) formed during the "third rifting phase", which occurs coeval with the deposition of the Upper Member of the Bajo Barreal Formation. The fault characteristics indicate a counterclockwise rotation of the stress field during the deposition of the Chubut Group of the Golfo San Jorge basin, likely associated to the rotation of Southern South America during the fragmentation of the Gondwana paleocontinent. Understanding the evolution of fault-controlled topography in continental basins allow to infer location and orientation of coeval fluvial systems, providing a more reliable scenario for location of producing oil wells. © 2013 Elsevier Ltd.


Zunana P.R.,Pan American Energy | Bizzotto Sr. P.E.,Pan American Energy
Global Congress on Process Safety 2012 - Topical Conference at the 2012 AIChE Spring Meeting and 8th Global Congress on Process Safety | Year: 2012

While completing a facility modification in a gas Plant and attempting to remove an inflatable plug from a pipe, a worker was hit by the ejecting plug, suffering fatal injuries. The incident investigation showed weaknesses of local safety culture, deficiencies in the application of the work permit system and lack of competency in energy isolation practices. Just fourteen months after the accident, the result of an independent safety culture evaluation was rated "Proactive to Generative" as per the OGP scale, and work permit audits showed high level of job planning, risk analysis, and execution. This paper details the approach of the company to recover from the situation and reach such significant Safety improvements in a relatively short time. Additionally, a vision of future work is presented.


Paez M.A.,Pan American Energy | Fernandez S.,Pan American Energy
3rd CCPS Latin American Process Safety Conference and Expo 2011 | Year: 2011

A journey beyond level 3 API 579-1/ASME FFS-1 Predict and understand the mechanical behavior of parts and equipment for complex layouts, with multiple loads, parameters and variables that need to be tested in different magnitudes, and even more, explore their behavior and limits, challenged us to look for a tool more powerful than the Classic Calculation. Modeling and analysis through FEA (Finite Element Analysis), along with the results of the inspections, design experience and root cause analysis, has enabled us test scenarios, determine operating limits, and establish the conditions that could cause a failure going beyond level 3 API 579-1/ASME FFS-1. Also through this type of analysis we have managed to reproduce events that damaged equipment. Thanks to those also to determine structural mechanics resistance in the final condition, scope of the parts to be upgraded or replaced, and with this define safe strategies for repairs. The implementation of this new process has prompted us to a cultural change deepening our levels of evaluation, through improvements in the design and operation, determining with greater precision the remaining life, and being more effective in the definition of the fitness for service of our assets.


Trinchero E.,Pan American Energy | Vernengo L.,Pan American Energy
Leading Edge | Year: 2013

Conventional seismic attributes often provide satisfactory results, especially in the characterization of conventional reservoirs such as sandstones. This is not so evident with more compact, low-permeability, and apparently uniform reservoirs, which comprise substantial reserves in amounts unthinkable a few decades ago, and whose development seemed almost impossible until very recently. Unconventional reservoirs considered in this article are located in a predominantly Jurassic-Cretaceous rifted depositional basin. The basin shifted into an early sag phase during the late Jurassic and early Cretaceous, resulting in the accumulation of a thick series of carbonates and shales. Tithonian, Berriasian and Valanginian rocks compose the segment of the geologic column under consideration. The studied sedimentary sequence is a highly prolific oil-prone source rock, with total organic carbon (TOC) up to 8 wt% and amorphous organic matter (type I/II kerogen) deposited in a euxinic paleoenvironment which generated sulfur-rich oils. © 2013 by The Society of Exploration Geophysicists.


Dangavs N.V.,National University of La Plata | Pierrard L.R.,Pan American Energy
Revista de la Asociacion Geologica Argentina | Year: 2013

It was characterized the physiography, hydrologic regime, typology and origin of this shallow lake. In outcroppings four lithostratigraphic units and two pedostratigraphic were recognized, which span from Early to Late Pleistocene and from Late Holocene to Upper Late Holocene. The oldest one, the Ensenada Formation, makes up the regional substratum, which is covered by the aeolian origin units Buenos Aires, La Postrera III and IV Formations and the Sin Nombre and Puesto Berrondo Geosols. In the lakes infilling sediments are seven litostratigraphic units, five subaqueous and two aeolian. The subaqueous units are ascribed to Luján Formation, La Chumbiada, Lobos, Río Salado and Monte Members, which span from the Late Pleistocene to Late Holocene and the recent Alluvium layer. The lakes aeolian infilling deposits are ascribed to La Postrera I and IV Formation of Late Pleistocene and Upper Late Holocene, respectively. The lake basin deflation started during the "Bonaerense" aeolian episodes, the subsequent alternate humid and dry climatic stages facilitate the lake basin evolution. The dry stages were characterized by deflation, sabkhas, salt precipitation and aeolian deposit accumulation. In the humid stages predominate infilling and pedogenesis. Thus, the subsequent deposits to Ensenada Formation are represented by five dry climatic episodes, which span from the Early Glacial to the Little Ice Age and five humid, with lentic accumulations, extending from La Chumbiada Member to the present Alluvium and the synchronic soils S4, S1 and S0 (lack S2 and S3).


Vernengo L.,Pan American Energy | Trinchero E.,Pan American Energy
Leading Edge | Year: 2015

The use of interpretation tools to help define a more accurate model of a study requires not only the acquired knowledge of the area and its context but also good criteria to select the attributes and processes to be applied and combined during analysis. The basic amplitude volume technique (AVT) attribute enables a wide range of possibilities of representation, interpretation, and analysis, and it forms the basis of the calculation flow to obtain an attribute variant with higher-frequency content meta-attributes along with a visualization as variants of the AVT.


(All dollar figures are expressed in United States Dollars) CALGARY, Dec. 7, 2016 /PRNewswire/ - Madalena Energy Inc. ("Madalena" or the "Company") (TSXV: MVN and OTCQX: MDLNF) is pleased to announce that it has entered into agreements with Pan American Energy LLC, Sucursal Argentina...

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