Paradigm Oil and Gas, Inc.’s 100 percent owned subsidiary, Paradigm Technology Solutions Inc., announced yesterday that they signed an intellectual property, Technology Transfer Agreement with Innovative Manufacturing Technology LLC (IMT). This provides Paradigm a doorway into the multi-billion dollar oil recovery technology and service industry. The agreement completes the 100 percent transfer of IMT’s intellectual property and technology transfer of their Transportable Enhanced Oil Recovery (T-EOR) Platform. In consideration of the exclusive and worldwide rights for IMT’s T-EOR Platform technology, knowledge, and IP transfer, the agreement includes cash compensation and an ongoing royalty for IMT.
T-EOR is a turnkey integrated and portable platform that can undergo deployment to independently owned oil fields. It can assist Enhanced Oil Recovery (EOR) methods economically recover previously discovered and known oil reserves not fully developed. EOR is an oil industry term for techniques that increase the amount of oil recoverable from oil fields. Studies show that by using EOR, 25 to 70 percent or more of the reservoir’s original oil can undergo extraction. This is in comparison to traditional primary and secondary oil recovery methods, which may only produce 20 to 40 percent recovery rates.
Paradigm Oil and Gas, Inc. plans to target customers in the U.S. oil technology and service sector initially. They report that they have made a commitment to a minimum order of 1,000 T-EOR platforms over the next 5 years. The agreement allows Paradigm the option to supply and purchase the units from other sources, but will continue to pay IMT a per unit royalty fee.
Mr. Ron Polli, President of Paradigm Technology Solutions said, “We are extremely pleased that Paradigm is now the 100 percent exclusive, worldwide owner of the Transportable Enhanced Oil Recovery platform. This is a very important and exciting step forward in the development of our technology and services business. We can now enter wells that were considered non-economical and have not been revenue producing in years – this is a very timely energy solution. Our initial discussions with potential customers have been extremely well received. We see this as a large, international opportunity.”
Innovative Manufacturing and Technology (IMT) are an experienced leader in the oil technology and service recovery business. They have their base in Texas.
Paradigm Oil & Gas Inc. and their subsidiary Paradigm Technology Solutions Inc. collectively identify and acquire energy properties with previously discovered known oil and gas reserves that have not either been fully produced from, or fully developed and defined. Paradigm Oil & Gas Inc. has their headquarters in Mabank, Texas.
For more information visit: www.ParadigmOilInc.com