DALLAS, Texas / ACCESSWIRE / July 14, 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 that crews were racing to complete repairs on two newly acquired wells in Midland-Odessa and Abilene, Texas and anticipated having them on-line by the end of the week.
The wells targeted for reactivation are among 50 that Paradigm Oil and Gas obtained last month in a cash and preferred stock transaction with Magnum Operating, and Johnson Children’s Trust. "With more than 30 leases and hundreds of wells, I have no doubt we will reach our goal of having 20 properties producing oil and gas by the end of this year," stated Vince Vellardita, Paradigm Oil and Gas CEO. He added, "We have sustained production from a rapidly growing base of wells, generating revenue 24/7."
Amidst a flurry of recent developments, Paradigm Oil and Gas highlights:
In an effort to continue its strategic development of cost effective properties from within its portfolio, last month Paradigm retained an engineering firm and geologists to analyze and evaluate oil and gas production assets including: oil under pipe, well infrastructure, production history, etc.. The findings will be used to target future properties for repair and reactivation which meet its “low risk, high return” oil and gas production initiative criteria.
Paradigm CEO Vince Vellardita will be in Texas this week meeting with engineers and auditors to complete reserve reports and finalize accounting necessary to submit regulatory reports which the Company expects to file by the end of July, 2014.
Commenting on the Company’s dramatic increase in oil production and related stock valuation, a shareholder recently wrote to Paradigm CEO Vince Vellardita, "I bought in a while ago at 4 dollars and the company has done nothing until you took over. I applaud your vision, strategy, and most of all the confidence you have restored in Paradigm’s future." Vellardita reflected on the vote of confidence, "Shareholders have been waiting a long time for real results. As a Company, we are finally delivering. I am confident that when we file at the end of July, the results will fuel an even more dramatic increase in stock value."
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
Please click on this link if you would like to see our company video: http://www.youtube.com/watch?v=oR8owvJc7Jk
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.