Paradigm Oil and Gas Enters Into First Commercial Agreement
Paradigm Oil and Gas, Inc. (OTC:PDGO) enters into its first commercial agreement resulting from the rollout of the company’s Joint Venture Oil Production Program.
Paradigm Oil and Gas, Inc. (OTC:PDGO) enters into its first commercial agreement resulting from the rollout of the company’s Joint Venture Oil Production Program.
The press release is quoted as saying:
The agreement covers 56 previously producing wells situated on 3 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. 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.