Paradigm Oil and Gas today formally announced the rollout of their Joint Venture Oil Production Program that is based on the successful operation of its Transportable Enhanced Oil Recovery (T-EOR) Platform. The Company has already begun to market this program to oil well owners and operators that could utilize the T- EOR platform to economically pump oil from non producing, abandoned or orphaned oil wells.
"Initial response has been positive," said Paradigm's CEO Ron Polli, "We have been testing the market for several weeks now to tailor our program. We are speaking with several candidates and believe we have developed a winning business model for our Joint Venture Program. We are also being offered properties that have a combination of non producing wells and ones with existing production that we can consider to acquire. Those discussions are now underway too."
The terms and conditions of the Joint Venture Program will vary based on each properties situation but essentially, Paradigm will test each lease and if the lease shows to be viable, Paradigm will at that time proceed to place the lease under their operation of the non producing wells and provide the equipment and manpower for utilization of the T-EOR Platform to gather the oil. Initially the T-EOR Platform will gather oil production from the non producing existing wells on a rotating daily/weekly basis to determine their natural flow rate. Wells that warrant a permanent infrastructure will then be equipped accordingly. Depending on each situation and level of effort and investment, Paradigm retains anywhere from 50-80% of the net revenue from the resulting production.
Ron Polli further explains, "For well owners and operators where we pump their non producing wells, it's like found oil. They have no fixed lifting costs and the oil that comes from these non producing assets is found money. There's no down side for anyone involved."
The Company has launched this program in the state of Texas and will be pursuing relationships in other states and countries to roll out these programs further.
About the Transportable Enhanced Oil Recovery Platform (T-EOR)
The T-EOR Platform, a new and innovative industry oil production system, is a turnkey integrated and portable oil recovery platform that can be deployed quickly and economically to recover oil from previously producing oil wells with known oil reserves that have not been fully developed.
The company has identified over 6,000 orphaned wells in the State of Texas alone that are potential oil producing candidates for the T-EOR Platform.
About Paradigm Oil & Gas, Inc.
Paradigm Oil & Gas Inc. (OTC.BB:PDGO - News) identifies and acquires energy properties with previously discovered known oil and gas reserves that have not either been fully produced from, or fully developed and defined. Utilizing new technologies like the Transportable Enhanced Oil Recovery Platform, Paradigm expects to generate profit from these previously producing wells. The company has acquired properties covering 1,148 acres all located in the State of Texas, USA. Combined there are a total of 23 existing previously producing wells and available spacing to support the drilling of approximately 30 new wells in the 3,800' to 9,000' range and approximately 100 new wells in the 800' to 1,800' range.
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