EUSTACE, Texas, Oct. 4, 2012 /PRNewswire/ -- Paradigm Oil and
Gas, Inc. (OTC PINK: PDGO) signed a Three (3) year lease for
Ninety-Six (96) acres in Kaufman County,
Texas with 100% working interest and 82% NRI. The lease is
for the mineral rights from the surface to a depth of 5,000
feet.
"This lease is a good acquisition for Paradigm. We can be
producing oil before the end of the year. Historically, when this
lease was producing it typically sold about 210 to 220 barrels of
oil a month, which, based on current oil prices, should net
Paradigm about $15,000 a month or
$180,000 annually. The lease has two
producing wells and one injection well. Ploy lines and electric are
already run to the well heads. We plan to install electronic
submersible pumps into the wells and produce start producing. The
lease has a solid tank battery, separator and water tanks. I think
this is a good starting point for building a footprint in the
area," said Todd Violette, CEO.
Field inspection and initial work for the project will begin
next week. Management believes the lease to be on the Mexia Talco
Fault Zone in the Woodbine Zone. The ability to get this lease into
production will allow us to begin negotiating with the landowner
for the rights to a deeper area known as the Smackover.
Pictures of the lease will be posted on the company's website by
Friday, October 12, 2012.
About the Woodbine Zone and the East Texas Oil Field
The primary production for the lease will be in the Woodbine
Formation that extends along the Mexia Fault Zone that runs through
Milam, Falls, Limestone, Freestone, Navarro, Henderson and Kaufman countries. The East Texas Oil Field
covers 140,000 acres and parts of several counties, and hosts
30,340 historic and active oil wells; it is the second largest oil
field in the United States outside
of Alaska. Since its discovery in
1930 through mid-2007 it produced 5.42 billion stock-tank barrels
and has ranked first (outside of Alaska) in total volume of oil recovered.
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.
