EUSTACE, Texas, Aug. 21, 2013 /PRNewswire/ -- Paradigm Oil
and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it
moved the rig on location to complete the Willie #6 at the Senora
formation in Pontotoc County Oklahoma. Wells in this
formation in the area have a history of initial producing at rates
30 to 1100 Barrels of Oil per Day. The Company has four wells ready
to be put to work with a track record of success in Oil
Production
Additionally, the Company is thrilled to be back in action with
its fleet of Completion Rigs, Swabbing Units and Winch Trucks. We
are getting ready for contracts and the service business is being
booked consistently now. "The Oil field is booming, we cannot
keep up with the demand of our fleet; there is more work out there
than there are available workers" stated Anthony Feezel, President of Paradigm Trucking
and Well Services. Anthony Feezel
was formerly a Field Supervisor for over 22 years with Mobile Oil
where he supervised over two million
dollar budget per month; before joining the Paradigm
team.
It was recently discovered by Paradigm that two other wells
(Carpenter Well #1 and the Carpenter Well #2) that were recently
acquired by Paradigm in Pontotoc County
Oklahoma acquisition; had been drilled and completed several
years back, tested for 1,000,000 IP cubic feet of Gas per day
(Carpenter well #1) and 1,500,000 IP cubic feet of gas per day
(Carpenter Well #2). The State records indicate that the wells have
been shut in and not produced, due to the fact that there was no
gas gathering line and the low prices of natural gas in the area
when the wells were drilled and completed. Over the last years a
low pressure gas gathering line has been installed and the prices
have increased by close to 700%. The Company doesn't believe a
compressor will be needed however we intend to install a small low
pressure compressor and install a line to connect to the gas
gathering system. Recently, Vince
Vellardita made a trip to the lease to inspect the wells.
When the operator opened the bleed off valve it sounded like a loud
jet plane. Because of the anticipated success, we will also be
firing up Carpenter Well #1 this week." stated Vince Vellardita, President of Paradigm Oil and
Gas.
What does this mean to the average person? Well it means
that each well, based on today's prices of $3.58 CFG can produce as much as $32,000 per day, per well. Several years
ago when these wells were capped off, they were not worth but about
$0.50 CFG, producing $5,000 per day and in comparison they are now 7
times that amount. Based on historical data, even at 50% the
wells alone can produce approximately $260,000 per month from these wells alone."
stated Vince Vellardita, President
of Paradigm Oil and Gas.
"From our other Oil field Services subsidiary which provides
well completion and production testing, lease production on low
volume wells, drilling, water removal and engineering analysis; the
Company anticipates just under $200,000 per month in revenue. We have only
just begun and have several contracts and proposals out in the
industry and expect a profitable quarter" stated Vince Vellardita, President of Paradigm Oil and
Gas.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) is a dynamic company in
business to provide service work to the oil and gas marketplace and
to produce oil. Paradigm's goal is to identify oil producing wells
and use modern technology to make them profitable based on modern
commodity pricing. Paradigm Oil & Gas has several proven oil
production leases and options for many more, holds the rights to
the Centurion Technology, and owns rigs that target shallow
stripper wells. For more information about Paradigm Oil and Gas,
visit www.paradigmpdgo.com. If you wish to be added to
Paradigm's mailing list, please email: vince@paradigmpdgo.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.
Contact:
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
vince@paradigmpdgo.com
1-727-595-8101
SOURCE Paradigm Oil and Gas, Inc.
