Paradigm Enters 2nd JV Oil Production Agreement
Paradigm has entered into its second Joint Venture Oil Production agreement that utilizes the Transportable Enhanced Oil Recovery Platform, (T-EOR).
The agreement covers 45 previously producing wells situated on 7 Oil leases covering 549.113 acres in North-East Navarro County, Texas. The company will utilize their Transportable Enhanced Oil Recovery (T-EOR) Platform to initially recover oil from these idle wells.
Under the terms of the agreement, Paradigm will receive 70% of the net revenue stream and the lease owner will receive 30% on the first 700 barrels of oil sold. After 700 barrels of oil have been sold, Paradigm will then retain 100% of the net revenue stream. Paradigm will be assigned these leases and will operate the properties under their bond.
Paradigm's President Ron Polli said, "We are very encouraged with the launch and acceptance of our Joint Venture Oil Production program and T-EOR. In addition, the fact that this agreement is in close proximity to the first agreement we signed is a bonus. Economies of scale will definitely benefit our bottom line."
This is the second agreement Paradigm has signed under the Joint Venture Oil Production program over the last 2 weeks. 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.