EUSTACE, Texas, Sept. 10, 2012 /PRNewswire/ -- It is with
great pleasure that the management of Paradigm Oil and Gas, Inc.
(OTC: PDGO) plans to launch the Centurion One Platform for exaction
of oil from shallow formations. We expect to begin having the
Centurion One operational within the next two weeks. Paradigm
Management will be redesigning and rebuilding its mobile platform
technology and deploying it as the Centurion One. "I believe we
could begin making revenue for this product prior to the end of the
year. This is significant news because Paradigm should be making
its first revenue of the year with this deployment," said
Todd Violette, CEO.
The Centurion One is made up of a group of pieces of oilfield
equipment assembled that is currently being used in the oil field
daily. It consist of an ESP pump, poly-urethane tubing on a steel
drum, Diesel generator, standard oilfield connections and measuring
meters, electrical motor (as used on a pumping unit), a hydraulic
motor and pump. The equipment is the same equipment that would be
used to produce a well that did not have electrical service yet.
The Centurion One unit can serve a dual function.
- The first and primary function is to haul and install flexible
tubing and an electrical submersible pump for permanent install of
a wellbore for production just like a completion rig. The CENTURION
ONE unit operates just like a completion rig in this sense –it has
a cable or a short piece of flexible tubing attached to the long
string of tubing that runs through the derrick long enough to set
the tubing into a well head or slip. The CENTURION ONE unit
is backed up to a well. The tubing and electrical submersible pump
is put in the well bore and set at the desired depth (standard
procedure). Then the long string tubing line is hooked up to the
meters on the truck (to measure fluid flow and compare to tank
battery gauges) with a short piece of flexible production tubing
and then from meters hooked up to the flow line that goes to the
lease separator and tank batteries. The submersible pump is tied in
just like a permanent install unless electricity isn't available
and then run by the diesel generator until electric is made
available. The pump is turned on and run for a set time to test the
well. If the well produces commercially, the tubing and pump that
was on the trailer and now installed in the well is left in the
hole and detached from trailer meters and attached directly to the
flow line bypassing trailer meters. The tubing and pump are left in
the wellbore until mechanical failure of pump or until well quits
producing economically. If a flow line is not available, we
do what any operator currently does when they test a well: we
produce in a temporary tank then run the production through the
flow line to the separator and tank batteries on the lease. Again
we use standard methods to measure production by gauging the lease
production tank batteries (standard to the industry –as every
pumper/operator does). In every case it is simply a highly
efficient installation rig.
- If the well has good production shows but low speed delivery;
as many shallow stripper wells do (some wells can take a month to
fill up). Operators have, in the past—if they could afford it –put
a pump and a timer on the well to pump 1 hour to once a month. The
problem is the cost of equipment is so expensive, some wells can't
be economical by purchasing its own equipment. Because of the
advances in strength of the flexible tubing and hydraulics, we can
equip a well much faster and safer; in about 15 to 20 minutes. This
allows us to replace the timer and use the same production
equipment over a few wells. Our field hands can use our unit to
pull the production string and move that string to another well as
often as time will allow. It pumps the well bore dry and we go
install the pumping equipment into another well for an hour or a
day—whatever the well needs. We can now share the cost of
production equipment over a few wells. So we can amortize the
production equipment over a few wells instead of one well, making
wells profitable to equip and produce. The same concept. All the
production mechanics remain the same. Production gets put into a
flow line, to the separator, then to a salt water tank and the oil
tanks.
Our initial plan is for a three state testing stage of the
Platform. Our three state test plan calls for us to use the product
in Louisiana, Oklahoma and Texas. Our plan should run starting the week
of September 17, and continue eight
weeks. During the testing we plan to demonstrate the technology
works. The test should demonstrate the functionality of the
systems and establish the economics of the Centurion One.
About Paradigm Oil and Gas Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) is a dynamic
company in business designed to provide service work to the Oil and
Gas marketplace and produce Oil. Paradigm targets for oil
production is identifying oil producing wells and using modern
technology to make them profit based on modern commodity
pricing. For more information about Paradigm Oil & Gas,
visit the website at www.ParadigmOilInc.com.
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.
Lighthouse Petroleum, Inc. is an exploration company with limited
experience in the oil and gas industry. At the time of this release
Lighthouse Petroleum, 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 Lighthouse 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 Lighthouse's financial and contractual obligations,
Lighthouse'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:
Todd Violette , CEO
Paradigm Oil and Gas, Inc.
tviolette@lighthouselhpt.com
1-214-784-3103
SOURCE Paradigm Oil and Gas, Inc.
