DALLAS, TEXAS / ACCESSWIRE / April 9, 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, today confirmed steady oil production from wells on its “Perry” lease in West Texas.
Named after the original land owners, current Texas Governor Rick Perry’s family who are still the Royalty/Mineral owners, the Company’s “Perry” lease is comprised of three wells in a multi-zone field. Following successful free-flow tests conducted in November of 2013 which confirmed oil under pipe, Paradigm completed a comprehensive maintenance program in early 2014 and brought the wells into full production in March of this year. “Geological surveys confirmed that we’re sitting on nearly 225,000 barrels of oil, valued at more than $21 million dollars. Based on historical production data, we expect that commercially viable production levels will continue for years to come,” stated Vince Vellardita, President and CEO of Paradigm Oil and Gas.
Paradigm also reports that newly acquired wells, The Lucy Lee and Mina Travis in Louisiana, situated on a reserve estimated at nearly seven billion barrels on the massive Tuscaloosa Marine shale formation, as reported by CBS News will be the next asset brought into full-time service. Free flow tests conducted on the wells in late 2013 produced 242 barrels in one day. Per our 2008 Geologist’s Report from Charles Meeks there was an estimated 3.5 million barrels underground; giving this property the potential to outpace “Perry’s” significant oil production projections. Vellardita stated “As part of a strategic initiative, we selected and developed these cost effective, oil producing properties from the nearly 300 wells in our portfolio. We are now entering the second phase of that plan, bringing oil to market and generating revenue.”
On December 16, 2013, the Company was granted regulatory approval to ship oil currently stockpiled and expects shipments to occur on a consistent basis to keep pace with active production and accommodate additional output from new wells. “We now have over four tanks full of oil going to the market for sale this week, totaling over 360 barrels of oil valued at roughly $36,000 on two wells alone. We anticipate, with just one of these wells alone, to generate about $75,000 of net income per month and with another 10 or 15 wells like these out of our 300 wells we anticipate to have our first real year of having revenue over a million dollars. Additionally, we were notified by our Canadian partner that our leases produced 32 million cubic feet of gas in the last quarter of 2013. It’s unfortunate that we only own 10% of that property because previous management sold off 40% of that lease; but it’s still a lot of money,” stated Vince Vellardita.
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 30 leases with nearly 300 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.