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Paradigm jumps into Swan Lake
Canadian independent Paradigm Oil & Gas has acquired an interest in a heavy oil project located in the Sawn Lake area of the Peace River region in central Alberta.
The company has farmed into the 10% interest in the project, which is owned by Alta and operated by Deep Well Oil & Gas. Under the terms of the deal, Paradigm will pay 10% to earn the full 10% interest until payout, and will retain 5% interest after payout.
The company's participation in any subsequent wells will be at 5% to earn an equal 5% interest. Paradigm has also negotiated participation in a second well under the same terms.
Furthermore, the company will have the option to participate in all future Alta Sawn Lake wells.