PERRY LEASE SUB-Lindsea Bea CONGLOMERATE TOPS: 1DS:SS
The Perry lease is comprised of 3 wells located in the multi-zone field of the Hendrick Ranch. There are multiple zones and multiple opportunities for these wells to be strong revenue generators. Also these wells could be part of an overall larger scheme as Paradigm Oil looks to grow local assets and create some larger secondary recovery or flooding production.
The Perry Ranch Lease is named for being the original lands owned by the current Texas Governor Rick Perry’s family. The Governor and his family are still the Royalty/Mineral owners of the lease.
Oil was first discovered here in the 1950’s by Phil Kendrick Sr. who was looking for natural gas that would travel 30 miles to power pumps in the prolific Cook Ranch Field (produced over 2 million Barrels of Oil). He discovered gas and oil in the Cook and Hardy B Sands, but when he drilled deeper he logged 12 separate oil rich formations. Since that time Kendrick Oil has drilled over 80 wells in the area and currently produces from 6 of the 12 zones. Phil Kendrick Jr. used the success of the Perry Ranch to fund the start of Harken Oil Inc. which is famous for its partnership with the Bush family.
The current project of restoring the production in these two wells makes instant revenue. It also lays the foundation for us to explore with the 2A, 2 additional zones that are oil bearing and had great porosity.