Paradigm Oil and Gas Inc. announced yesterday that they contracted Oil Chem Technologies to formulate the surfactants required for use in the chemical portion of Paradigm’s Enhanced Oil Recovery (EOR) work program. Paradigm announced the program on April 20th, 2010 and it is now underway on their Chelson property. The Company’s corporate mission is to unlock and recover previously discovered oil using industry leading EOR technologies. According to Oil Chem, more than two trillion barrels of oil remains in place worldwide following conventional oil recovery.
Oil Chem Technologies is a leader in surfactants and processes for chemical EOR. They perform research and development to help increase oil production in old oil wells and those considered depleted. More than 50 million pounds of Oil Chem surfactants have undergone successful injection globally on more than 30 projects.
Oil Chem’s surfactant formulations have helped generate oil well production increases of up to 500 percent over existing production. The application of their surfactants is reported to increase oil well recovery rates. Consequently, this generates larger producing reserve valuations.
Mr. Joseph Foire, Paradigm Oil’s Chief Operating Officer, said, “Our equipment is now operational at Chelson and the existing wells are being swabbed and readied for production. Oil samples are also being pulled and sent to Oil Chem for their analysts to determine the most effective surfactant formulation to be deployed. We expect the implementation of this program will drive a significantly larger production and profit result and generate a large producing reserve.”
Headquartered in Mabank, Texas, Paradigm Oil & Gas Inc. identifies and acquires energy properties with previously discovered and known oil and gas reserves not fully produced from, or fully developed and defined. The Company expects to generate profit from these previously producing wells using new technologies. In Texas, Paradigm Oil & Gas Inc. has properties covering 934 acres.
For more information on Paradigm Oil and Gas Inc. (PDGO.OB), visit www.ParadigmOilInc.com