Paradigm Oil and Gas Announces Record Oil Production and Shipments in April
DALLAS, TX--(Marketwired - May 12, 2014) - Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced that oil shipments in April 2014 produced record returns.
With tank run tickets in hand, Paradigm Oil and Gas CEO Vince Vellardita proudly stated, "We shipped two loads in April from leases in Texas and Louisiana totaling nearly 309 barrels. Those wells have since produced another 466 barrels which are ready for pick up." Mr. Vellardita continued, "This oil production and shipments sends a clear message to shareholders that we are delivering on our promise to generate revenue and achieve sustained profitability."
The Company estimates gross revenue from oil production for April to be $46,000 with expenses at about $15,000. Vellardita reflected on the accomplishment, "The Company hasn't seen a monthly return like this in more than 4 years. This represents the beginning of a steadily increasing revenue stream that I previously projected would occur for 2014."
The leases responsible for April's record returns in Texas and Louisiana were targeted by the Company months ago as part of its initiative to increase oil and gas production through the development of low risk, high return opportunities from within its portfolio of nearly 300 wells. "The strategy is clearly paying off," stated Richard Diamond, President of Operations for Paradigm Oil and Gas.
Paradigm unveiled an aggressive slate of well activation for 2014 which calls for the addition of 50 oil and gas producing properties by year end. With some 50,000 acres, 33 leases, and over 300 wells to review, Vellardita elaborated on the process stating, "We have strategic selection criteria in place that has proven to be successful. Our goal is ambitious, but well within reach." Vellardita provided insight on the Company's long term objectives, "Our goal is to have 100 wells on line and producing in the next two years and believe that this scenario has the potential to generate annual revenues in excess of $10 million dollars."
Vellardita credited Paradigm Oil and Gas' Management for charting and maintaining the course to success and closed by saying, "I want to thank our shareholders for their patience, foresight, and continued support as we take this company into the future, as previously mentioned, this is not a short term play and we're moving towards our ultimate goal of becoming a major player in the oil and gas industry."
Finally, despite recently receiving formal confirmation from The Depository Trust Corporation (TDTC) that deposit transaction restrictions (the "Chill"
have been removed from Paradigm's common stock, some brokerage firms such as Ameritrade were not allowing open orders to be placed. Paradigm is taking appropriate action to make sure all brokerage firms are aware that the "Chill" has been officially removed so that investors may be free to buy the stock if they choose. Management maintains that the price of PDGO stock does not nearly reflect the potential value of oil and gas on its leases, or where the Company is headed under new management
DALLAS, TX--(Marketwired - May 12, 2014) - Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced that oil shipments in April 2014 produced record returns.
With tank run tickets in hand, Paradigm Oil and Gas CEO Vince Vellardita proudly stated, "We shipped two loads in April from leases in Texas and Louisiana totaling nearly 309 barrels. Those wells have since produced another 466 barrels which are ready for pick up." Mr. Vellardita continued, "This oil production and shipments sends a clear message to shareholders that we are delivering on our promise to generate revenue and achieve sustained profitability."
The Company estimates gross revenue from oil production for April to be $46,000 with expenses at about $15,000. Vellardita reflected on the accomplishment, "The Company hasn't seen a monthly return like this in more than 4 years. This represents the beginning of a steadily increasing revenue stream that I previously projected would occur for 2014."
The leases responsible for April's record returns in Texas and Louisiana were targeted by the Company months ago as part of its initiative to increase oil and gas production through the development of low risk, high return opportunities from within its portfolio of nearly 300 wells. "The strategy is clearly paying off," stated Richard Diamond, President of Operations for Paradigm Oil and Gas.
Paradigm unveiled an aggressive slate of well activation for 2014 which calls for the addition of 50 oil and gas producing properties by year end. With some 50,000 acres, 33 leases, and over 300 wells to review, Vellardita elaborated on the process stating, "We have strategic selection criteria in place that has proven to be successful. Our goal is ambitious, but well within reach." Vellardita provided insight on the Company's long term objectives, "Our goal is to have 100 wells on line and producing in the next two years and believe that this scenario has the potential to generate annual revenues in excess of $10 million dollars."
Vellardita credited Paradigm Oil and Gas' Management for charting and maintaining the course to success and closed by saying, "I want to thank our shareholders for their patience, foresight, and continued support as we take this company into the future, as previously mentioned, this is not a short term play and we're moving towards our ultimate goal of becoming a major player in the oil and gas industry."
Finally, despite recently receiving formal confirmation from The Depository Trust Corporation (TDTC) that deposit transaction restrictions (the "Chill"
have been removed from Paradigm's common stock, some brokerage firms such as Ameritrade were not allowing open orders to be placed. Paradigm is taking appropriate action to make sure all brokerage firms are aware that the "Chill" has been officially removed so that investors may be free to buy the stock if they choose. Management maintains that the price of PDGO stock does not nearly reflect the potential value of oil and gas on its leases, or where the Company is headed under new management 
