DALLAS, Texas / February 3, 2014 / 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 royalty payments to shareholders and parties with ownership interest in their oil producing wells are being processed and issued this week.
"The royalty checks are a reward to our shareholders, investors, and oil well owners who had the vision to believe in the Company. This is a first for Paradigm and an important milestone," stated Vince Vellardita, CEO of Paradigm Oil and Gas.
In 2013 the Company launched a campaign to identify and develop "low risk, high return" oil producing properties from its inventory of over 200 wells on 27 leases. Following a comprehensive review and analysis which included historical production data and geological surveys, the Company began its oil production initiative by renovating and reactivating 4 wells on properties in Texas and Louisiana. Recent free flow tests confirmed that their targets had oil under pipe and signaled the beginning of full production. "One of the wells looked like the Yellowstone geyser. In our business, that’s as good as it gets," stated a Paradigm Oil and Gas operator who witnessed the testing.
The success of the wells will reward close to 50 shareholders and oil well partners with a modest return and the Company projects will grow significantly in the months to come as oil production increases exponentially. "Our investors have waited almost three years to see something happen, it's just the beginning and one day we hope to be n the position to issue a dividend to all Paradigm shareholders. Over the past nine months we completed three years of audits, brought wells into production, and created positive cash flow." stated Vellardita. He closed by saying, "The Company is virtually debt free and has assets with the proven potential to deliver hundreds of millions in revenue. We are truly positioned for unprecedented growth"
The Company also reports that Bill Sawyer, who recently joined Paradigm, will be playing a more active role in operations and anticipates beefing up the management team with other "major players" commencing next week, when its filings are complete and the company is up to date.
Paradigm Oil and Gas 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: 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 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.