The agreement covers 56 previously producing wells situated on three oil leases covering 133.4 acres in Navarro County, Texas.
The company will utilize their Transportable Enhanced Oil Recovery (T-EOR) platform to initially recover oil from these idle wells.
As per 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.
The T-EOR Platform, a new oil production system, is a turnkey integrated and portable oil recovery platform that can be deployed quickly and economically to recover oil from previously producing oil wells with known oil reserves that have not been fully developed, according to the company.
