DALLAS, TX--(Marketwired - Dec 1, 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, announced the Company's 3rd quarter 2014 results.
Revenues for the quarter were $51,872, up 46% from the quarter ending 6/30/14. Gross profits were a loss of ($3,099), versus a loss of ($18,667) in the prior quarter.
As of September 30, 2014 The Company has 23 producing wells with 1,170 barrels in the tank ready for pickup and booked as reserves and receivables at $104,218. The oil would have been booked as revenue but the pickups and payments were not made by September 30, 2014 due to inclement weather and road conditions at well sites. Paradigm notes that in addition to the value of reserves, cumulative revenue for the 3rd quarter should have reflected a total of $243,080 with $70,000 in other income, $51,872 in revenue from oil sales, and $17,000 in receivables.
The Company hired MKM Engineering out of Dallas, TX to review and appraise oil and gas interest on five of our leases and five producing wells. Their evaluation, based on a comprehensive review of production history and geologists reports, estimated the value of oil reserves at just over five million dollars, representing more than 3.5 million dollars in net proceeds over the next several years. Paradigm plans on having another 23 leases and 70 plus wells evaluated in the coming weeks and anticipates receiving completed reserve reports and appraisals by January 30th 2015.
"We are very excited about the progress at the Company, and have shown a tremendous amount of growth in getting our wells back online and operating at maximum capacity, especially in a declining oil price environment," commented Vince Vellardita, CEO of Paradigm Oil. "I'm confident that 2015 will be a transformative year for the Company. We plan on working hard to meet our goals of a few hundred barrels a day in early first quarter 2015."
Revenues for the quarter were $51,872, up 46% from the quarter ending 6/30/14. Gross profits were a loss of ($3,099), versus a loss of ($18,667) in the prior quarter.
As of September 30, 2014 The Company has 23 producing wells with 1,170 barrels in the tank ready for pickup and booked as reserves and receivables at $104,218. The oil would have been booked as revenue but the pickups and payments were not made by September 30, 2014 due to inclement weather and road conditions at well sites. Paradigm notes that in addition to the value of reserves, cumulative revenue for the 3rd quarter should have reflected a total of $243,080 with $70,000 in other income, $51,872 in revenue from oil sales, and $17,000 in receivables.
The Company hired MKM Engineering out of Dallas, TX to review and appraise oil and gas interest on five of our leases and five producing wells. Their evaluation, based on a comprehensive review of production history and geologists reports, estimated the value of oil reserves at just over five million dollars, representing more than 3.5 million dollars in net proceeds over the next several years. Paradigm plans on having another 23 leases and 70 plus wells evaluated in the coming weeks and anticipates receiving completed reserve reports and appraisals by January 30th 2015.
"We are very excited about the progress at the Company, and have shown a tremendous amount of growth in getting our wells back online and operating at maximum capacity, especially in a declining oil price environment," commented Vince Vellardita, CEO of Paradigm Oil. "I'm confident that 2015 will be a transformative year for the Company. We plan on working hard to meet our goals of a few hundred barrels a day in early first quarter 2015."
