Paradigm O&G has signed an initial agreement to acquire the revolutionary and patented BlackStorm Production System's Worldwide Distribution and Marketing rights.
BlackStorm: An Evolution in Oil Recovery
The key benefit of the BlackStorm Production System (BPS) is that it is easily able to recover oil from previously discovered reserves that have not been fully produced (i.e. there is oil left behind in the ground). The BPS is a more efficient and cost effective oil recovery operation over legacy and conventional methods. The BPS technology has proven to be an exceptional asset when entering previously producing properties, as it quickly and inexpensively results in immediate production and near-term cash flow.
BlackStorm is based on a new proprietary and patented, flexible tubing pumping system.
BPS eliminates the need for traditional Pump Jacks, corrosive metal tubing and rods, and the high-cost of maintenance, parts and labor. By example, the BPS installation does not require the traditional work over rig and is installed and operated by one man, resulting in an estimated 90% labor savings when re-entering abandoned wells.
"We are very excited about this opportunity," said Mr. Marc Juliar, CEO of Paradigm. "One of our mandates is to acquire new technologies to enhance our position and establish ourselves as a leader in the oil recovery industry. We have been working alongside the management of BlackStorm for some time and feel we have reached a very strong deal for all parties."
This current agreement will form the basis of the final agreement which is to be negotiated over the coming weeks. Mr. Brian Kennedy, Paradigm CFO concluded, "This (the deal) provides Paradigm with a proprietary, technology advantage, with new multiple revenue streams and a strong entry point into global markets. We believe this is a very strategic move and growth opportunity for the company and its shareholders."
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