Paradigm O&G has begun the work program on the Chelson Property, an 80 acre oilfield in the County of Wichita, Texas.
Mr. Joseph Fiore, Chief Operating Officer reports the initial work program will concentrate on utilizing the new BlackStorm Production System to aid in the production of the 7 previously producing wells.
The key activities of the Chelson work program:
Infield there are potential proven reserves of 104,811 barrels of oil, and 74,165 barrels of oil are calculated to remain. Production from the existing wells during the work program after upgrades and rework is expected to yield over 900 barrels per month.
It is estimated that the Chelson Property has the potential for 62 offset wells, which has an estimated production potential of 1,741,763 barrels of oil, or over 52,000 barrels per month.
In accordance with the Company's information policy, Paradigm looks forward to releasing the results as soon as it has completed and interpreted its analysis and further verified the data under 51-101 Oil and Gas Reporting Standards.
Mr. Fiore concluded, "We are excited to begin moving ahead on the properties. We expect to report back on the progress of the programs over the coming weeks."
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