PDGO News Paradigm Oil and Gas, Inc. Signs Leas

EUSTACE, Texas, Oct. 4, 2012 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) signed a Three (3) year lease for Ninety-Six (96) acres in Kaufman County, Texas with 100% working interest and 82% NRI. The lease is for the mineral rights from the surface to a depth of 5,000 feet.

"This lease is a good acquisition for Paradigm. We can be producing oil before the end of the year. Historically, when this lease was producing it typically sold about 210 to 220 barrels of oil a month, which, based on current oil prices, should net Paradigm about $15,000 a month or $180,000 annually. The lease has two producing wells and one injection well. Ploy lines and electric are already run to the well heads. We plan to install electronic submersible pumps into the wells and produce start producing. The lease has a solid tank battery, separator and water tanks. I think this is a good starting point for building a footprint in the area," said Todd Violette, CEO.

Field inspection and initial work for the project will begin next week. Management believes the lease to be on the Mexia Talco Fault Zone in the Woodbine Zone. The ability to get this lease into production will allow us to begin negotiating with the landowner for the rights to a deeper area known as the Smackover.

Pictures of the lease will be posted on the company's website by Friday, October 12, 2012.