Wavefront Technology Solutions Inc [OTCQB:WFTSF] stock surged 27.5% to $0.1514 at the previous close. In comparison to the 30-day average volume of 47.60K, WFTSF stock recorded Volume of 62.51K. A 52-week range of WFTSF stock price was $0.0200 to $0.1563. WFTSF stock gained traction after adding a new Texas-based client.
Which client has WFTSF added?
In the oilfield service sector, Wavefront specializes in offering cutting-edge technology to the oil and gas industry, mainly for stimulation of oil and gas wells and IOR/EOR processes. Under the symbol WEE and WFTSF, the company trades on the TSX Venture Exchange and the OTCQB. Among its technology services, WFTSF offers the oil and gas industry cutting-edge technology that minimizes environmental impact through optimized oil and gas recovery.
Wavefront announced the company received an order for initial wellbore stimulations related to its Powerwave products from another new client based in Texas.
- Multiple purchase orders totaling approximately US$250,000 make up the stimulation package.
- Founded in Midland, Texas, this client, which cannot be named due to confidentiality obligations, specializes in the acquisition, development, exploration and production of unconventional oil and gas reserves at or beneath the Permian Basin in West Texas.
- WFTSF will recognize revenue over the period that the stimulation or individual performance obligation occurs.
- Currently, the client is developing well stimulation packages for future execution as part of a continuous well production optimization program.
- Considering service quality and value, the WFTSF is well positioned to bid on future projects.
- This is yet another client for WFTSF in the Permian Basin.
- The Permian Basin offers significant growth potential for WFTSF’s Powerwave-based technologies.
- It has been a significant accomplishment for WFTSF to position Powerwave among the leading oil and gas companies in the Permian Basin.
- This will increase powerwave recognition in the foreseeable future, and may also increase its revenues from its use.
The Option Plan of WFTSF:
Wavefront Technology (Additionally, Wavefront (WFTSF) announced that it would file a Summary Form to comply with TSX Venture Exchange policy and the Stock Option Plan of Wavefront. Approximately 1,800,000 stock options have been granted to employees, two of which are Executive Officers and Directors. Executive Officers and employees last received options in August 2016. A ten-year option will be exercisable for $0.17 per share or another price as permitted by TSX Venture Exchange. A hold period of four months and a vesting period of 18 months apply for incentive stock options granted by WFTSF under its Stock Option Plan and Exchange Policy.