DALLAS, Texas, October 21, 2013 - Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced a flurry of important business achievements, highlighted by the following updates.
NEW WELLS AMAZE
From Louisiana, confirmed reports of "significant" levels of oil production from the Company's newly reactivated Lucy Lee and Mina Travis wells. Both are deep wells on the Liverpool Field within the Tuscaloosa Marine Shale formation. In 2003, Maxy Resources' report showed the OOIP (original oil in place) for Mina Travis at 4.8 million barrels, having a recovered capacity of 1.39 million, and Lucy Lee at 3.54 million barrels and a recovered capacity of 1.98 million.
"Their production has been amazing, surpassing our expectations," Paradigm Oil and Gas' CEO Vince Vellardita proudly reported. He added, "With a recovery capacity estimated at more than three million barrels, we expect a significant, steady flow of oil from Lucy and Mina. They look like real money-makers for us."
Paradigm Oil and Gas credits recent reengineering and equipment upgrades for the wells' dramatic turnaround. A company spokesperson detailed Lucy Lee's makeover as including: a full well head re-design, installation of a new 8,000 ft submersible pump, new electrical control center, and new poly-line installation. Vellardita preempted any skepticism regarding the wells new found prosperity by adding, "New technology, new results! A theme that drives our low risk/high reward strategy to get more of our nearly 200 wells producing." In addition to two wells on its Perry lease in Texas, the Company now has four confirmed wells producing oil at impressive levels.
OIL TO MARKET
Paradigm Oil and Gas is setting up accounts and preparing to call in orders on its growing stockpile of oil. As its inventory of crude continues to grow, a preliminary estimate was not available as of this report but the Company anticipates details of confirmed production levels and revenue from initial shipments in the next few weeks.
FINANCIALS COMPLETE
Following a comprehensive, independent audit, the Company's 2011 and 2012 financials are complete and will be filed later this week. The Company believes it has closed the books on reconciliation of past accounting and can now focus on the future.
OTC REINSTATEMENT
Paradigm Oil and Gas is completing the necessary compliance requirements in preparation for filing paperwork to gain OTC reinstatement. Mr. Vellardita summarized the process by saying "It has been a priority of mine since taking over as CEO. After 10 months of steady progress, the goal is finally within reach."
Paradigm Oil and Gas plans to release a video update documenting progress at the Lucy Lee and Mina Travis wells and welcomes anyone interested in learning more about the company to visit their new web site at http://paradigmoil.com/ .
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) Paradigm Oil and Gas is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm's Support Services Division includes a fleet of advanced "Centurion" mobile drilling platforms which feature exclusive oil recovery technology, as wells as bulldozers, graders, water trucks, and environmental equipment. Specializing in the use of advanced recovery techniques to make producing and non-producing wells profitable, Paradigm is a growing oil and gas producer, currently holding 23 leases with nearly 200 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities. For more information about Paradigm Oil and Gas, visit http://paradigmoil.com/ . If you wish to be added to Paradigm's mailing list, please email: Vince@paradigmoil.com .
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Paradigm Oil and Gas, Inc., is a company with limited experience in the oil and gas industry. At the time of this release Paradigm Oil and Gas, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the Company's shares to raise the necessary operating capital. Based upon industry standards Paradigm would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risks not mentioned may apply: failure to meet Paradigm's financial and contractual obligations, Paradigm's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Contact:
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
Vince@paradigmoil.com
1-727-595-8101
SOURCE Paradigm Oil and Gas, Inc.
Source: Accesswire (October 21, 2013 - 9:01 AM EDT)
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