Paradigm has recently acquired 3 more Oil leases in Texas to add to its Oil and Gas property portfolio. Combined these properties cover 214 acres and have 14 previously producing wells with spacing available to drill an additional 54 shallow wells.
"These properties are excellent candidates to deploy the Company's new Transportable Enhanced Oil Recovery Platform which we should be taking delivery of the first unit this quarter," explained CEO Ron Polli.
In further detail, the Company acquired a 50% working interest in the 80% Net Revenue Interest on the Corsicana lease. Corsicana has 9 previously producing wells and has spacing over a total of 60 acres to support the potential of 17 new wells to depths of up to 2000 feet. The Corsicana lease is located in Navarro County, Texas.
The 2nd and 3rd additional leases, known as Chilson B are adjacent to the Company's existing Chilson A property located in Wichita County, Texas. These 2 new leases have 5 previously producing wells and have spacing over a total of 154 acres to support the potential of 37 new wells to depths of up to 2000 feet.
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