EUSTACE, Texas, Sept. 3, 2013 /PRNewswire/ -- Paradigm Oil
and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it
filed its 2nd quarter, ending June 30, 2013.
Paradigm Oil and Gas is pleased with its results, posting
revenue for the first time in almost 2 years. As part of a
comprehensive, on-going re-audit process covering the past 24
months of operation, the Company anticipates revised filings by
September 30, 2013 which will be
restated on the OTBB exchange.
"Several months ago I brought on C.P.A.
David Dreslin and have worked closely with him to get the
books prepared for the auditors. While we encountered
unanticipated expenses, properly booking assets is a critical step
in the process of turning the Company around and developing a
corporate structure that supports our vision of a future on the
American Stock Exchange," stated Vince
Vellardita, President and CEO of Paradigm Oil and Gas.
Pointing to further evidence of a turnaround, Paradigm Oil and
Gas successfully reduced liabilities from 1 million in the first
quarter to 300,000 by June 30, 2013
and settled another 690,000 of debt in the last 90 days. In
addition to resolving issues related to oil leases, resulting in
nearly 200 wells ready for operation, the Company reports prepping
its advanced Centurion oil and gas recovery equipment as well as
support resources for contracts to service 50 wells, with 750 more
possible in the next few months.
"I know that $40,000.00 in revenue
doesn't sound like much, but it marks an important Paradigm shift
for this corporation. When you look at the big picture, which
includes a reduction of liabilities, the addition of revenue
generating assets, and other improvements to our service
infrastructure, you can clearly see that we are on a course to grow
our business and significantly enhance shareholder value,"
Vellardita added.
Paradigm's new management is pleased with the progress it has
made auditing and reconciling the past two years of financials from
a previous organizational structure that operated under two
different management and accounting teams. The Company has
undergone a comprehensive organizational transformation,
transitioning to an effective, efficient, streamlined operation,
crediting the vision and dedication of its experienced leadership
team for the fundamental changes which now have the Company
positioned for success.
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.
