EUSTACE, Texas, Sept. 18, 2012 /PRNewswire/ -- Paradigm Oil
and Gas, Inc. (OTC PINK SHEETS: PDGO) is pleased to announce
it has signed its first production contract for hydrocarbon
extraction from Eleven (11) wells located in West Caddo Parrish,
Louisiana. Paradigm has begun
working on the logistics for the delivery of the equipment and
access to the lease and expects to begin producing oil within the
next Ten (10) days. Paradigm's management secured a Fifty Percent
(50%) working interest in the production of the hydrocarbons from
this lease.
Management believes this contract provides Paradigm with the
opportunity to begin measuring the economic value of the Centurion
One and provides a revenue stream for the Company during the
Centurion testing. The Centurion One is a portable production
system than can be easily and economically moved from well to well
and quickly installed to remove oil from the existing well
bore.
Paradigm intends an initial extraction of all fluid from the
targeted wells from the surface to about 1075 feet below the
ground. The objectives during the test are: (1) to prove the
Centurion One has the capability to recover up to 6,500 barrels of
oil in a 12 month period of time, (2) the Centurion could operate
up to 270 days a year, (3) the crew can reasonably work on 4 to 6
wells each day during operations, (4) the estimated lifetime
recoverable value of oil could exceed $3,085,000 (based on the current price of
$95.00 per barrel) for each Centurion
unit making the retail price of $159,000 reasonable, and (5) prove the
anticipated life expectancy of each unit to last 5 years.
"The value of this test is a game changer for Paradigm. If
everything is successful, we will now be producing revenue and the
technology can start being built commercially. A production
facility for the Centurion One will most likely be in or around
Eustace, Texas and we can begin
working on the plans for developing the Centurion Two," said
Todd Violette, CEO.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) is a dynamic
company in business to both 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. For more information about
Paradigm Oil and Gas, visit the website at
www.paradigmoilinc.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:
Todd Violette,
CEO Paradigm Oil and Gas, Inc.
tviolette@lighthouselhpt.com
1-214-784-3103
SOURCE Paradigm Oil and Gas, Inc.
