Paradigm Signs Agreement for Seismic-to-Stimulation Workflow

- Paradigm Signs Agreement for Seismic-to-Stimulation Workflow

Wednesday, May 25, 2011
Paradigm

Paradigm announced the signing of a multi-year software license agreement with JKX O&G for a seismic-to-simulation workflow to be deployed as the company's standard toolkit. The announcement was made at the 2011 European Association of Geoscientists and Engineers (EAGE) Annual Conference and Exhibition, during the Paradigm 2011 Industry Briefing. The contract will provide JKX with access to Paradigm™ SeisEarth® for seismic interpretation, Paradigm™ SKUA® for reservoir modeling and Paradigm™ Geolog® for formation evaluation and petrophysics.

"For several years JKX has successfully used Paradigm SeisEarth for our exploration 2D and 3D based seismic interpretation. After a thorough review process JKX selected additional Paradigm petrophysical and model building software. We believe it offers the most technologically advanced and time efficient platform on which to develop our reservoir models," said Ritchie Wayland, exploration manager at JKX.

Historically, seismic interpretation, well data analysis and the creation of the reservoir model have been largely serial and disconnected processes. Today, Paradigm workflows significantly reduce project timelines while delivering far greater accuracy through connected and iterative processes that incorporate all available data.

The combination of a leading seismic interpretation environment with new and innovative geomodeling technologies enables seismic-to-simulation workflows that are not possible on any other platform. These include the validation of interpretation with true 3D paleo-flattening, prospect qualification with spill-point uncertainty analysis, the generation of high-resolution velocity models, and the construction of geologically-correct reservoir models.

"I am delighted that JKX has selected Paradigm's advanced integrated interpretation, modeling and geophysical tools to enable the extraction of optimum reservoir understanding from their field and reservoir data," said Richard Jefferies, Paradigm's regional vice-president. "We look forward to supporting JKX's exploration and development objectives of fully-informed drilling decisions and reduced reservoir risk across the region."

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Paradigm to Acquire Navarro County Lease

Paradigm to Acquire Navarro County Lease

Monday, April 11, 2011
Paradigm O&G Inc.

Paradigm has entered into a Letter of Intent Agreement to acquire the Skinner Lease located in Navarro County, Texas.

The Skinner lease is a 70 acre lease that was previously producing 450 barrels of oil per month from 11 existing wellbores. Initially the property produced at a rate of 1500 barrels of oil per month. The Lease comes complete with fully equipped pumping units on the well bores and the necessary infrastructure to allow for production turn on.

The Company plans to rework the existing wells and test each well utilizing their Transportable Enhanced Oil Recovery Platform (T-EOR) to determine each wells production rate. Additional enhanced oil recovery techniques will then be applied. The Company believes initially production rates of 450 barrels per month can be achieved with upward growth expected with further treatment and methods.

"Since the released our Joint Venture Oil Production Program that utilizes the Transportable Enhanced Oil Recovery Platform, we have been introduced to a number of opportunities in Navarro County. With the recent signing of 2 Joint Venture Oil Production agreements and the Oil production acquisition LOI we announced on April 5, 2011 it makes sense to build our portfolio in this region," said Paradigms President and CEO Ron Polli, "We are excited about the number of opportunities we are reviewing that appear to fit our criteria and as a result are attempting to advance our activities to enable us grow our portfolio and asset value."

A definitive purchase agreement is to be completed over the next 45 days at which time terms of the agreement will be disclosed. On closing of the definitive agreement, Paradigm will be assigned the lease and operate the property under their bond.