Paradigm Oil and Gas Inc. (OTC Pink: PDGO) has signed a joint venture agreement with Energy Revenue America Inc. (OTC: ERAO).
According to the release, Paradigm and Energy Revenue America have entered into a 50% joint venture agreement to take advantage of each other's area of expertise in the oil and gas industry. The objective of the joint venture is to exploit opportunities to rework and put in to production reclaimed wells that have a possibility of producing oil and gas.
The first target area will be the Eastern Texas and Woodbine formation. Energy Revenue America will introduce Paradigm Oil to leases in Oklahoma that are available for re-work. ERA has a 65 mile natural gas pipeline and 3,000 acres of potential producing wells and target wells for secondary recovery that are easily put back in service. Paradigm will bring to the joint venture additional options; up to 5,000 acres of land prime for re-work within the Mid Continent region.
Management of the companies believe that the venture brings the opportunity to be one of the top producers in the continent for both companies and allows an increase in potential profits by working together and give the opportunity to become one of the larger independent oil and gas companies in the region, according to the release.
The venture calls for an initial investment of US $2 million cash and stock to support the first two projects.
Based in Eustace, Texas, Paradigm Oil and Gas Inc. is a dynamic company in business to both provide service work to the oil and gas marketplace and to produce oil.