EGPI Firecreek and Paradigm Oil and Gas have signed a letter of intent to form a joint venture partnership to recover oil using Paradigm’s transportable enhanced oil recovery (T-EOR) platform technology.
The T-EOR platform is an integrated and portable oil recovery technology that can be used to recover oil from previously producing oil wells with known oil reserves that have not been fully developed.
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Initially, the T-EOR platform will gather oil production from non-producing wells on a rotating basis in order to determine their natural flow rate.
The technology will allow the new joint venture to achieve expedited cash flow and revenue streams through production in a significantly shorter period.
