The company acquired a 50% working interest in the 80% net revenue interest on the Corsicana lease. Corsicana has nine 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 2000ft. The Corsicana lease is located in Navarro County, Texas.
The second and third additional leases, known as Chilson B, are adjacent to the company’s existing Chilson A property located in Wichita County, Texas. These two new leases have five 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 2000ft.
Paradigm CEO Ron Polli said that these properties are excellent candidates to deploy the company’s new Transportable Enhanced Oil Recovery Platform.
