EUSTACE, TX, November 4, 2013 - Paradigm Oil and Gas, Inc. (Paradigm) (OTC PINK: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today released highlights of oil production activity prior to official filings expected in early November 2013.
Following an earlier announcement that 4 of its nearly 200 wells were producing oil, the Company now reports that the most robust production activity is coming from its Lucy Lee site in Louisiana, which delivered 128 barrels in its first day on-line. "Lucy Lee" and Paradigm’s adjacent "Mina Travis" were both activated in October 2013 and have already topped storage tanks with production levels exceeding Company expectations.
"These wells are sitting on immense reserves with the potential to generate significant revenue for a long time," commented Vince Vellardita, Paradigm Oil and Gas President and CEO. Vellardita's claim is supported by the independent geological analysis conducted by Maxy Resources which estimates the combined oil in place for Lucy Lee and Mina Travis to be 8.34 million barrels, with an estimated recovery capacity of 3.37 million. Mr. Vellardita credits reengineering and equipment upgrades for the impressive production levels and added, “The selection and subsequent success of these wells demonstrates the effectiveness of our low risk, high reward strategy and we’re cashing in on it. Based on geological analysis and previous production reports, getting one third of our wells up and producing would generate a multimillion dollar revenue stream."
The Company also reports having full storage tanks in on its "Perry" lease in Texas, where 2 wells have been generating a consistent flow of oil since their reactivation in September 2013. Paradigm is finalizing paperwork for shipment of both stockpiles and anticipates releasing details of production activity and revenue next week.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their new web site at www.paradigmoil.com.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) Paradigm Oil and Gas is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm’s Support Services Division includes a fleet of advanced "Centurion" mobile drilling platforms which feature exclusive oil recovery technology, as wells as bulldozers, graders, water trucks, and environmental equipment. Specializing in the use of advanced recovery techniques to make producing and non-producing wells profitable, Paradigm is a growing oil and gas producer, currently holding 23 leases with nearly 200 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities. To be added to Paradigm's mailing list, please email: [email protected].
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.
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
Source: Paradigm Oil and Gas, Inc.