The terms and conditions of the joint venture program will vary based on each properties situation but essentially, Paradigm will test each lease and if the lease shows to be viable, it will at that time proceed to place the lease under their operation of the non producing wells.
Following this, the company will provide the equipment and manpower for utilization of the T-EOR Platform to gather the oil.
Initially, the T-EOR Platform will gather oil production from the non producing existing wells on a rotating daily/weekly basis to determine their natural flow rate.
The company said that wells that warrant a permanent infrastructure will then be equipped accordingly.
Depending on each situation and level of effort and investment, Paradigm retains anywhere from 50-80% of the net revenue from the resulting production.
The T-EOR Platform, an 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.
