Paradigm Oil and Gas: Closes on Several Wells and Oil Production and Sales, Hits Record Numbers
DALLAS, TX--(Marketwired - Jun 9, 2014) - Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) (
"We've brought 368 barrels to market in the last month and anticipate another shipment from our Perry wells in June, besides Lucy Lee and Mina Travis," stated Vince Vellardita, Paradigm Oil and Gas CEO. He added, "The record levels of oil production and revenue send a clear message to shareholders that the Company is on the right course and poised for a breakout."
Boosting a robust 3rd quarter production and revenue forecast, 6 (of 50) new wells acquired last week in a transaction with Magnum Oilfield Services, Bitter Creek Petroleum, and Blackjack Services are producing at impressive levels, bringing the Company's portfolio of oil producing wells to 10 and plan another 10 in the next 60 days.
Following a comprehensive evaluation of the new properties, including analysis of production and geological data, Paradigm's management identified several priority low-risk, high-return opportunities and launched a repair initiative last week. Detailing the reactivation campaign, Vellardita added, "We have a workover rig at one site and repair crews hard at work on several others. From Dallas to Midland and then San Antonio, the mission is to get these new wells online and contributing to a steadily growing flow of oil to market that we expect will generate monthly six figure revenue in 2014."
"Paradigm Oil and Gas closed on the Adobe and Miller Wells on June 6 th , 2014 in a cash and preferred stock deal. We plan on having some wells producing cash flow by the end of the month," stated Vince Vellardita.
We also closed on the Bittercreek properties last week. They are within 30 miles of the Perry Ranch property and hope to have them on line by July 2014.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com .
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) (
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
