DALLAS, Texas / January 7, 2013 / ACCESSWIRE / 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, announced today that it will begin full scale oil production from its wells in Texas and Louisiana based on free flow test results, production reports and geological surveys.
In 2013 Paradigm Oil and Gas began a corporate push to identify and develop “low risk, high return” oil producing opportunities from the nearly 200 wells on its 27 leases. Following a comprehensive review and analysis, the Company chose to begin its oil production initiative by renovating and reactivating 3 wells on properties in Texas and Louisiana. In November, free flow test results confirmed that their targets had oil under pipe and signaled the beginning of an expanded production run to begin in January 2014.
“The Perry Lease was our first selection, based on historical production data and geological surveys which revealed that it was sitting on 225,000 barrels of oil, valued at more than $21 million dollars today,” stated Vince Vellardita, CEO of Paradigm Oil and Gas. Elaborating on the well’s production since November, he added “We have holding tanks filled to capacity and oil is ready for pickup. Based on the production we’ve seen so far, it’s a winner.”
In addition to the Perry Lease, Paradigm deployed advanced recovery technology to reactivate its Lucy Lee and Mina Travis properties in Louisiana. The Company reports that in the first day, free flow tests produced 132 barrels from Lucy Lee and 40 barrels from Mina Travis. Based on combined geological surveys, the sites sit on roughly 3.5 million barrels, a reserve exceeding $300 million dollars.
Vellardita was optimistic about the Louisiana properties, forecasting “172 barrels a day from the Louisiana wells alone would generate nearly $500,000 a month in revenue. That’s a home run in my view.”
Paradigm Oil and Gas continues a comprehensive evaluation of additional wells in its portfolio, aggressively seeking cost effective opportunities to significantly expand oil production in 2014. Vellardita believes “November proved that this company can be a very successful oil producer with the potential to generate significant, steady revenue. But with 200 more wells to explore, we’re focused on one success at a time.”
The Company also announced that it put the finishing touches on 2 ½ years of audits, expected to be filed in the beginning of January 2014. Delays have been attributed to scope of task and the diligence of management, outside auditors and attorneys who have pursued the process with a commitment to accuracy and full regulatory compliance.
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: Vince@paradigmoil.com.
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.