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DALLAS, TEXAS / ACCESSWIRE / April 9, 2014 - Paradigm Oil and Gas, Inc. (OTC PINK: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today confirmed steady oil production from wells on its "Perry" lease in West Texas, and plans to generate revenue on over 360 barrels of oil this week. Paradigm Oil was recently granted regulatory approval to ship oil currently stockpiled. It now expects shipments to occur on a consistent basis to keep pace with active production and accommodate additional output from new wells.
President & CEO Vince Vellardita stated, "We now have over four tanks full of oil going to the market for sale this week totaling over 360 barrels of oil valued at roughly $36,000. The Perry wells are now on pace to generate about $75,000 of net income per month." He added, "This year, we expect to activate another 10 to 15 wells like these from our overall portfolio of nearly 300 wells, and anticipate revenue to surpass a million dollars in 2014."
Named after the original land owners, current Texas Governor Rick Perryâ??s family who are still the Royalty/Mineral owners, the Companyâ??s "Perry" lease is comprised of three wells in a multi-zone field. Following successful free-flow tests conducted in November of 2013 which confirmed oil under pipe, Paradigm completed a comprehensive maintenance program in early 2014 and brought the wells into full production in March of this year.
"Geological surveys confirmed that weâ??re sitting on nearly 225,000 barrels of oil, valued at more than $21 million dollars. Based on historical production data, we expect that commercially viable production levels will continue for years to come," stated Vellardita.
Paradigm also reports that newly acquired wells, The Lucy Lee and Mina Travis in Louisiana, will be the next asset brought into full-time service. These wells are situated on the massive Tuscaloosa Marine shale formation that CBS News reports is a reserve that could contain nearly seven billion barrels of oil.
Free flow tests conducted on the Louisiana wells in late 2013 produced 242 barrels in one day. Per our 2008 Geologistâ??s Report from Charles Meeks there was an estimated 3.5 million barrels underground; giving this property the potential to outpace "Perryâ??s" significant oil production projections.
Vellardita stated, "As part of a strategic initiative, we selected and developed these cost effective, oil producing properties from the nearly 300 wells in our portfolio. We are now entering the second phase of that plan, bringing oil to market and generating revenue."
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their new web site at www.paradigmoil.com.
DALLAS, TEXAS / ACCESSWIRE / April 9, 2014 - Paradigm Oil and Gas, Inc. (OTC PINK: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today confirmed steady oil production from wells on its "Perry" lease in West Texas, and plans to generate revenue on over 360 barrels of oil this week. Paradigm Oil was recently granted regulatory approval to ship oil currently stockpiled. It now expects shipments to occur on a consistent basis to keep pace with active production and accommodate additional output from new wells.
President & CEO Vince Vellardita stated, "We now have over four tanks full of oil going to the market for sale this week totaling over 360 barrels of oil valued at roughly $36,000. The Perry wells are now on pace to generate about $75,000 of net income per month." He added, "This year, we expect to activate another 10 to 15 wells like these from our overall portfolio of nearly 300 wells, and anticipate revenue to surpass a million dollars in 2014."
Named after the original land owners, current Texas Governor Rick Perryâ??s family who are still the Royalty/Mineral owners, the Companyâ??s "Perry" lease is comprised of three wells in a multi-zone field. Following successful free-flow tests conducted in November of 2013 which confirmed oil under pipe, Paradigm completed a comprehensive maintenance program in early 2014 and brought the wells into full production in March of this year.
"Geological surveys confirmed that weâ??re sitting on nearly 225,000 barrels of oil, valued at more than $21 million dollars. Based on historical production data, we expect that commercially viable production levels will continue for years to come," stated Vellardita.
Paradigm also reports that newly acquired wells, The Lucy Lee and Mina Travis in Louisiana, will be the next asset brought into full-time service. These wells are situated on the massive Tuscaloosa Marine shale formation that CBS News reports is a reserve that could contain nearly seven billion barrels of oil.
Free flow tests conducted on the Louisiana wells in late 2013 produced 242 barrels in one day. Per our 2008 Geologistâ??s Report from Charles Meeks there was an estimated 3.5 million barrels underground; giving this property the potential to outpace "Perryâ??s" significant oil production projections.
Vellardita stated, "As part of a strategic initiative, we selected and developed these cost effective, oil producing properties from the nearly 300 wells in our portfolio. We are now entering the second phase of that plan, bringing oil to market and generating revenue."
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their new web site at www.paradigmoil.com.
