The Waggoner Ranch is located within one of the most productive petroleum regions of North Central Texas. Having produced more than 250 million barrels of oil since the turn of the 20th century, it continues to produce 40,000 to 50,000 barrels of oil each month from ten different zones from depths of 80 feet to 5,200 feet. The ranch covers approximately 535,000 contiguous acres and has been penetrated with over 10,000 wells drilled for oil and gas production. The majority of wells drilled have been less than 5,000 feet deep but usually encounter multiple pay horizons.
Paradise Field: The Paradise Field was found on a surface geologic feature in 1946 that produced 33,500 barrels of oil from the Ellenburger (dolomitic limestone) formation. The initial well was recompleted in 1955 in the impressive Caddo structure (Strawn Age) above the Ellenburger. This well had over two hundred feet of oil column in the Caddo Lime section. The field was then drilled with over 30 Caddo producing wells in a short five-year period and ultimately produced 2.3 million barrels from the Caddo. Various operators were involved with field development. The standard practice was an open-hole completion of the Caddo section. Everyone was afraid of water and wanted to stay as high in the section to prevent any water production. The majority of the Caddo wells never penetrated the base of the Caddo, or were even drilled to the Ellenburger below. Only five wells after the discovery well ever penetrated the Ellenburger Section. This old practice of open hole completion has given us a new opportunity fully develop the old Ellenburger discovery. Regional mapping has uncovered many underlying Ellenburger structures that have produced substantial quantities of oil, including eight different Ellenburger fields on, and adjacent to, the ranch that have produced up to 2.4 million barrels each.
3-Dimensional Seismic Study: During 2012 Paradigm raised $400,000 from an industry participant and conducted a 3-D seismic study on the 4,320-acre block containing the Paradise Field that Paradigm held under option from the Waggoner Estate. Between one and seven million barrels of recoverable oil likely remain in four different zones in the study area (Canyon, Kamay, Caddo and Ellenburger), as estimated by Paradigm’s independent petroleum consultants.
Lease Purchase and Test Well: Paradigm and its partner purchased a lease on 3,200 acres covering all the probable drilling locations. The Waggoner Estate exercised its option to purchase 18.75% working interest in the lease and participated in drilling a test well. Paradigm remains the operator and holds 40.625% working interest. The test well was completed as a significant producer in January 2014, resulting in discovery of the newly-designated Beth Janis (Ellenburger) Field.