Paragon Energy Seeks Buyer for Alberta Oil and Gas Rights
Paragon Energy Ltd., a private start-up with an experienced team, is looking to sell or farm out its oil and gas rights in Alberta. The company operates a contiguous 6-section of prospective land that holds Banff/Detrital/BQ intervals, which have already produced 33 API sweet light oil from a re-entry/recompletion well.
The re-entered well, 14-34-31-18W4/2, was originally drilled in 2017 and has been producing at a rate of 10 BOPD. The company plans to drill four or more wells with a capital budget of $15 million, which is expected to increase production to 600 BOPD.
The Banff/Detrital anomaly extends to sections 34 and 27, with up to 10 additional locations available for development. A proposed Basal Quartz horizontal well in section 27 has the potential to add five more locations. Two Crinoidal Banff horizontal wells in Section 16 can prove up additional wells/multi-laterals and injectors for a waterflood scheme.