CORSICANA, Texas, June 18, 2012 /PRNewswire/ -- Paradigm Oil
and Gas, Inc., (OTC: PDGO), is pleased to announce that
Todd Violette has been named as its
new CEO and controlling shareholder to lead Paradigm in expanding
its operations and to seek new opportunities that could grow the
Company and achieve its production goals.
Mr. Violette is currently the Chief Executive Officer of
Lighthouse Petroleum, Inc., a Public Company trading under the
symbol (OTC: LHPT) and he will be exploring opportunities for the
Company and Lighthouse Petroleum to joint venture or possibly merge
in a manner that will maximize shareholder value for both
companies.
Both Paradigm and Mr. Violette has determined that this
management change brings common sense possibilities and is in the
best interest of both Companies. Paradigm did not have a
current CEO or President and needed leadership and direction in
order to become profitable.
Paradigm has 106 wells currently under lease and has needed this
leadership and management role that will be focused on turning the
wells into cash flowing assets. Lighthouse and Paradigm have
already begun marketing 3 well packages for partners to farm in on
the leases. The Company plans to offer packages with estimated
costs to the farm in partners of between $150,000 to $250,000 per package while retaining
a 20% carried interest in the wells. Paradigm has leases in
Navarro County that has permitted
injection wells. Management is exploring the possibility of
an application to the state regulatory agency and with a modest
investment could build a commercial water disposal facility.
The geographic coverage for the combined assets of Lighthouse
and Paradigm would cover areas from Louisiana to Eastern
Texas and additional areas in Western Texas making a regional asset
play.
With the appointment of Todd
Violette, Brian Kennedy will
resign from the Board of Paradigm and as its Chief Financial
Officer to pursue other business interest. Brian was valuable to
Paradigm for a number of years and Paradigm would like to thank
Brian Kennedy for all his effort and
wish him the best in his new business opportunity.
Management will hold a Conference Call Tuesday June 19, 2012 at 4:30 PM ET at the following number:
Phone Number: 1(559) 670-1000
Access code: 321599#
Please email tviolette@lighthouselhpt.com with all questions you
would like addressed during the call. Upon request a playback
number will be available.
About Paradigm Oil and Gas Inc.
Paradigm Oil and Gas Inc. (OTCBB:PDGO) identifies and acquires
energy properties with previously discovered known oil and gas
reserves that have not either been fully produced from, or fully
developed and defined. The company has acquired properties covering
1,148 acres all located in the State of
Texas, USA. For more information about Paradigm Oil &
Gas, visit the website at www.ParadigmOilInc.com.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development as a
junior oil and gas company. Lighthouse's initial focus will be on
acquiring abandoned wells and land leases believed to still have
sustainable development opportunities. Lighthouse believes
the use of modern technology will enable the company to reduce it
risk in the initial phase of development and open up new
opportunities. Lighthouse plans to create a base cash flow
from reentering these wells and establish the network to acquire
additional land asset in our targeted areas. The management's
focus is on acquiring and developing assets located in the Permian
Basin and Arch- Fort Worth
Basin. Lighthouse is a growth orientated junior Oil & Gas
Company that trades on the OTC markets under the symbol "LHPT".
Forward Looking Statement
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 an exploration 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 risk not mentioned may apply:
failure to meet Paradigm's financial and contractual obligations
and 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:
Todd Violette, CEO
Lighthouse Petroleum, Inc.
1-214-784-3103
tviolette@lighthouselhpt.com
Investorshub email: Oilman2011
SOURCE Lighthouse Petroleum, Inc.
