DALLAS, Texas / ACCESSWIRE / March 4, 2014 / 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 full scale oil production will begin from its newly acquired wells in Louisiana, situated on the massive Tuscaloosa Marine shale formation.
Sprawling across 2.7 million acres of southern Louisiana and Mississippi, the Tuscaloosa Marine shale formation is a virtually untouched oil and gas reserve believed to contain nearly 7 billion barrels of recoverable oil. http://www.youtube.com/watch?v=lQEkXpdJlYA
Geologists estimate that Paradigm’s wells sit on a reserve of nearly four million barrels and the Company reports that free flow tests conducted in late 2013 produced 242 barrels in one day. “We expect the oil under pipe to keep these wells running for years to come,” stated Vince Vellardita, CEO of Paradigm Oil and Gas. He added, “Another successful low risk, high return acquisition that is becoming our trademark.”
The new Tuscaloosa Marine properties join Paradigm’s oil producing wells in Texas and Oklahoma, contributing to multi-million dollar revenue projections for 2014. Commenting on the Company’s oil production outlook, Vellardita stated, "After a very rough winter our wells needed some maintenance, but we expect to have them all up and producing this month, generating significant revenue for shareholders.”
Paradigm Oil and Gas also reports finalizing agreements to add three proven, oil producing wells in West Texas. A formal announcement detailing this most recent acquisition is expected next week.
“Paradigm has finalized the last items to conclude our three year audit. After six months of verifying our 27 leases and almost 50,000 acres of land and thousands of transactions with site surveys; we will now be able to file so that we can show and tell the story of our undervalued company with millions of dollars in assets and real revenue and continue our road to success and show our shareholders the value of our company,” stated Vince Vellardita, CEO of Paradigm Oil and Gas.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their new web site at http://www.paradigmoil.com/.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGOD) Paradigm Oil and Gas is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm is a growing oil and gas producer, currently holding 27 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.
- Commodity Markets
- Investment & Company Information