HOUSTON (PRWEB) June 13, 2018
The company has 3 workover rigs running, multiple N2 jetting units, and has several multistage recompletions scheduled for June. Production has gone from 4mmcfd to 10mmcfd over the last 2 weeks and 14mmcfd steady by mid July is targeted.
The company will maintain a flat line gas feed at this rate in the near term. Paradox currently has 50BCF of PDP and Behind Pipe Reserves with an additional 50BCF of PUDS.
The Company finalized closing on the Upstream and Midstream assets in August of 2017, and work has been underway since December of 2017 to restart the Lisbon Plant in order to get the Company’s additional gas to market.
The Company owns multiple Oil and Gas fields in Colorado and Utah which feed the Lisbon Plant. The Lisbon Plant is a 50 mmcfd rated treating plant with a 40 mmcfd cryogenic plant and a 4,500 BPD fractionation train. The Paradox team has slightly reconfigured the plant and brought in membrane NRU and Cryo units to run it more efficiently from a current Opex perspective with plans to “flex up” moving forward. It has a Helium facility which can strip and polish up to 500 mcf/d of Helium to the “5 Nines” or 99.999% purity.
“Our Paradox Basin assets include upstream, midstream and the Lisbon Gas processing plant. This combination gives us advantageous flexibility as we produce and develop these long life assets out of cash flow. The source rocks in the basin are interesting, and there is potential for developing unconventional fracture plays as well. With long life oil & gas reserves, stable production and cash flow, ~100,000 net acres HBP’d and significant infrastructure, we are well positioned.”, says Paradox CEO Todd A Brooks.
The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States.
Paradox is owned by Todd A. Brooks and family, and has an RBL banking relationship with Washington Federal.
About Paradox Resources
Headquartered in Houston, Texas, Paradox Resources is a privately held, return driven, independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States with primary assets within the Paradox Basin of Utah and Colorado. More information about the Company may be found at http://www.paradoxresources.com.