EUSTACE, Texas, October 7, 2013 - Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") announced today that the stockpile of oil from two wells on its "Perry" lease continues impressive growth. After winning the lease from Light House Petroleum, acquiring 80 percent interest in the property, the Company brought the first well on line three weeks ago, the second last week.
Paradigm's "Perry" lease is named after the original land owners, current Texas Governor Rick Perry's family, who are still the Royalty/Mineral owners. Located in West Texas, the lease is comprised of three wells in a multi-zone field. "Basically, multiple zones means multiple opportunities for these wells to be strong revenue generators and could be part of an overall larger strategy to grow local assets and create secondary recovery or flooding production," explains Vince Vellardita, President and CEO of Paradigm Oil and Gas. Adding, "This level of production lays the foundation for us to explore two additional zones that are oil bearing and have great porosity."
News of this milestone comes in the wake of the Company's recently launched initiative to increase oil production from its inventory of nearly 200 wells in Texas, Oklahoma, and Louisiana. Paradigm Oil and Gas confirms that a significant portion of these wells only require minor repair or very minimal service to achieve a basic level of production and will soon join the "Perry" wells in generating a steadily increasing flow of oil to bolster Company revenue.
In closing, Vellardita stated "While "cashing in" a few hundred barrels of oil in the very near is great for our bottom line and proves were headed in the right direction, I’m most excited by the potential we have to generate vast stockpiles of oil and gas from the Company's existing inventory of wells through the current campaign of revitalization and repair using our advanced recovery technology."
Paradigm Oil and Gas plans to release video documenting its progress at the "Perry" lease and welcomes anyone interested in learning more about the company to visit their new web site at http://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. For more information about Paradigm Oil and Gas, visit http://paradigmoil.com/. If you wish 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.