Dallas, TX / ACCESSWIRE / July 7, 2014 / Paradigm
Post# of 43
Posted On: 07/07/2014 3:15:38 PM
Dallas, TX / ACCESSWIRE / July 7, 2014 / Paradigm Oil and Gas, Inc. (OTC Pink/PINK SHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced the acquisition of 64 new wells in a 1.5 million dollar cash and preferred stock transaction with Black Jack Services, Magnum Operating, and Johnson Trust.
In May of 2014, Paradigm Oil and Gas completed a similar deal with Magnum Operating, acquiring wells on thousands of acres situated on the Permian Basin and Eagle Ford Shale formation in Texas. Billy Don Johnson, Black Jack's CEO, provided insight into the transactions by stating, "The first deal was based on confidence in Mr. Vellardita's vision and strategy. After he delivered on his promises and produced results, the second deal was based on his character and integrity."
The newly added properties, scattered throughout more than 2000 acres in Texas, includes several wells producing 5 - 10 bbls/day, one delivering 50 - 60 bbls/day, and two that have reached production levels of 100 bbls/day. "Before this acquisition, the active wells in our portfolio were projected to generate a six figure monthly revenue. These new leases have the potential to help us achieve monthly revenue in the millions by 2015," stated Vince Vellardita, Paradigm Oil and Gas CEO.
Paradigm's recent acquisitions, highlighted by active wells generating significant levels of oil production, have analysts speculating that the Company's monthly revenue could increase dramatically in the near future. Echoing similar optimism, David Lyle, CEO of Magnum Operating stated, "Such substantial progress in a short period of time is the result of a clearly successful acquisition strategy. As a shareholder, I have full confidence that Paradigm's leadership team has a fundamentally sound plan in place to continue this unprecedented growth and expansion."
The Company has a steady income flow with its 5 properties and its goal is to have at least 20 properties producing oil and gas by December 31, 2014. "If we can get two properties per month producing oil, we will have achieved our long term growth according to our business plan; creating shareholder value," stated CEO Vince Vellardita.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at http://www.paradigmoil.com/.
In May of 2014, Paradigm Oil and Gas completed a similar deal with Magnum Operating, acquiring wells on thousands of acres situated on the Permian Basin and Eagle Ford Shale formation in Texas. Billy Don Johnson, Black Jack's CEO, provided insight into the transactions by stating, "The first deal was based on confidence in Mr. Vellardita's vision and strategy. After he delivered on his promises and produced results, the second deal was based on his character and integrity."
The newly added properties, scattered throughout more than 2000 acres in Texas, includes several wells producing 5 - 10 bbls/day, one delivering 50 - 60 bbls/day, and two that have reached production levels of 100 bbls/day. "Before this acquisition, the active wells in our portfolio were projected to generate a six figure monthly revenue. These new leases have the potential to help us achieve monthly revenue in the millions by 2015," stated Vince Vellardita, Paradigm Oil and Gas CEO.
Paradigm's recent acquisitions, highlighted by active wells generating significant levels of oil production, have analysts speculating that the Company's monthly revenue could increase dramatically in the near future. Echoing similar optimism, David Lyle, CEO of Magnum Operating stated, "Such substantial progress in a short period of time is the result of a clearly successful acquisition strategy. As a shareholder, I have full confidence that Paradigm's leadership team has a fundamentally sound plan in place to continue this unprecedented growth and expansion."
The Company has a steady income flow with its 5 properties and its goal is to have at least 20 properties producing oil and gas by December 31, 2014. "If we can get two properties per month producing oil, we will have achieved our long term growth according to our business plan; creating shareholder value," stated CEO Vince Vellardita.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at http://www.paradigmoil.com/.
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