Paragon Energy Ltd. is a private start-up with an experienced team and a prospective, contiguous 6-Section of oil & gas rights in an oil-bearing Banff/Manville corridor in Alberta. Sweet light oil (32 API) is produced in parallel NE-SW trends to the east of company lands in TWP 31-18W4. The 5-year development plan takes it from 0 to 1000 BOEPD.
Paragon is taking a fresh approach to brownfield development in Michichi by 3D geo-modelling the entire area before land acquisition. A good deal of the best wells in the Michichi area are vertical wells producing not only from 2 Banff + Crinoidal Banff targets with future EOR potential but also an incised Detrital chert/conglomerate channels that can be prolific. Although we will employ some horizontal wells, most wells will be twinned verticals and deviated wells, drilled from central pads. Advanced drilling muds, completion techniques and other technical know-hows can make it more profitable for new activities and will increase recovery and profitability.
Paragon is looking for investment of $1 million for its first activity to re-complete a horizontal well. The well is expected to produce an average initial rate of 80 BOPD. Payout is expected to be within 8 months at a ROR of 123%, NPV of $4.8 million at 10% discount rate.
A further $10 million will be required upon the successful completion of the above, to be focused on recompletions, 3D seismic and drilling 3-4 vertical/deviated wells. Early wells and investments are expected to provide the funding for additional growth to the target rate before exit.
Paragon will also consider WI partners.
Call to discuss investing in our startup and ask for a more detailed technical presentation.
Rocky Mottahedeh, President, CEO
Phone: 1-403-607-8270 | Email: rockym@uogc.com
Jason Zelinski, Land
Phone: 1-403-650-5025 | Email: kaneland@telus.net
