Dallas, TX / ACCESSWIRE / July 7, 2014 / Paradigm Oil and Gas, Inc. (OTC Pink/PINK SHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced the acquisition of 64 new wells in a 1.5 million dollar cash and preferred stock transaction with Black Jack Services, Magnum Operating, and Johnson Trust.
In May of 2014, Paradigm Oil and Gas completed a similar deal with Magnum Operating, acquiring wells on thousands of acres situated on the Permian Basin and Eagle Ford Shale formation in Texas. Billy Don Johnson, Black Jack's CEO, provided insight into the transactions by stating, "The first deal was based on confidence in Mr. Vellardita's vision and strategy. After he delivered on his promises and produced results, the second deal was based on his character and integrity."
The newly added properties, scattered throughout more than 2000 acres in Texas, includes several wells producing 5 - 10 bbls/day, one delivering 50 - 60 bbls/day, and two that have reached production levels of 100 bbls/day. "Before this acquisition, the active wells in our portfolio were projected to generate a six figure monthly revenue. These new leases have the potential to help us achieve monthly revenue in the millions by 2015," stated Vince Vellardita, Paradigm Oil and Gas CEO.
Paradigm's recent acquisitions, highlighted by active wells generating significant levels of oil production, have analysts speculating that the Company's monthly revenue could increase dramatically in the near future. Echoing similar optimism, David Lyle, CEO of Magnum Operating stated, "Such substantial progress in a short period of time is the result of a clearly successful acquisition strategy. As a shareholder, I have full confidence that Paradigm's leadership team has a fundamentally sound plan in place to continue this unprecedented growth and expansion."
The Company has a steady income flow with its 5 properties and its goal is to have at least 20 properties producing oil and gas by December 31, 2014. "If we can get two properties per month producing oil, we will have achieved our long term growth according to our business plan; creating shareholder value," stated CEO Vince Vellardita.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at http://www.paradigmoil.com/.
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About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO, PINKSHEETS: 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 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: [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.
Paradigm Oil and Gas, Inc.
SOURCE: Paradigm Oil and Gas, Inc.