Paradox Resources Announces First Purified Helium Sales at the Lisbon Valley Gas Plant in Southern Utah
Paradox Resources today announced First Sales of the Helium Plant along with the Full Fractionation and Cryo startup in July of 2019 of the Lisbon Valley Gas Plant, located in San Juan County, Utah.
HOUSTON, Jan. 22, 2020 /PRNewswire-PRWeb/ -- Paradox Resources today announced First Sales of the Helium Plant along with the Full Fractionation and Cryo startup in July of 2019 of the Lisbon Valley Gas Plant, located in San Juan County, Utah.
Paradox Resources is selling purified Helium and offering additional purified Helium for sale with a product that is in global short supply and is used in the Medical and Research Industry, the Space and Defense Industries, the Welding Industry, and in the Lift or Balloon and Party Industries.
The Lisbon Valley Gas Plant began accepting and Processing 3rd party Producer gas streams in July, 2019. With the recent shutdown of the only other plant in the region near Farmington, NM, the Lisbon Valley Gas Plant is pleased to offer stranded producers the sales outlet and solutions they need to get their gas to market at a fair price.
The Lisbon Valley Gas Plant has a historical Uptime percentage of 99% over the last 20 years, which is far superior to the shuttered Farmington plant's historical uptime of about 80%. This serves to give recently stranded Producers to the south, including Producers on Navajo and Ute Lands, a more reliable outlet for their gas.
If commissioned to be built today, the Lisbon Valley Gas Plant would cost approximately $400M to build inclusive of the Helium Plant. It has been constructed in phases over the years by Large Cap Majors for varying types of challenging gas compositions, and can handle anything in the region, including high levels of CO2, H2S, and Nitrogen. The durability and flexibility of the Lisbon Valley Gas Plant led to the consummation of an R&D Joint Venture aimed at reducing emissions globally with the world's largest oil company, Saudi Aramco, in the summer of 2019.
In 4Q 2019, the Lisbon Valley Gas Plant was successfully looped into the 300mmcfd residue sales line to ensure long term viability and plant Uptime and reliability regardless of equity gas volume feedstock.
Paradox Resources estimates approximately 20 Million Cubic Feet per day was stranded by the shutdown of the Farmington Plant and is pleased to be able to offer Processing and Spec Gas Sales solutions to all Producers along the Red Pepper and Aneth Pipelines. The Multi-State Red Pepper Pipeline was reversed in December of 2019, and the gas is now moving from the Farmington area Westward up to Aneth Field.
The Company owns multiple Oil and Gas fields in Utah and Colorado which feed the Lisbon Valley Gas Plant. The Lisbon Plant is a 60 mmcfd rated treating plant with a 45 mmcfd cryogenic plant and a 7,500 BPD fractionation train. It can strip and polish up to 500 mcf/d of Helium to the "5 Nines" or 99.999% purity.
The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States.
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 as well as East Texas. More information about the Company may be found at http://www.paradoxresources.com.
SOURCE Paradox Resources
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