Paradigm Enters Corsicana Lease
Paradigm has now entered its Corsicana lease to prepare the property and the first 3 of 9 existing wells for production turn on.
Two of the existing wells are currently free flowing and there is equipment now on the property to bring the first 3 selected wells on line for production. The Company believes these first wells could produce upwards of 30 barrels of oil per day. Once production has started, the Company plans to equip the remaining 6 wells to increase production further.
Over the next several weeks the crews will service and equip the wells, test the existing flow lines, re-string overhead power lines and set electrical boxes to power the field.
The company expects to be in a position to begin producing from these wells in the Company's 2Q.
This is the second property the Company has announced and dispatched work crews to commence operations on in the last 2 weeks. On March 24, 2011, Paradigm announced the start of the work program on the first commercial agreement it received under the Joint Venture Oil Production Program which utilizes the Transportable Enhanced Oil Recovery Platform (T-EOR).
The Corsicana lease located in Navarro County, Texas, consists of 60 acres, with spacing provisions that could support drilling potentially 17 new wells to depths of up to 2000 feet.