EUSTACE, Texas, Oct. 12, 2012 /PRNewswire/ -- Paradigm Oil
and Gas, Inc., (OTCQB: PDGO) is no longer planning to acquire
Lighthouse Petroleum, Inc., based on the reduction in share price
since the merger was announced and feedback that most investors
didn't want to merge the two companies while simultaneously
attempting to rebuild.
Paradigm plans to begin exploring the following opportunities:
- Paradigm has begun discussion with LTS operating, an oil and
gas operator currently operating over 180 wells in Texas. LTS and Paradigm currently have a
working relationship based on the Clark Lease in Kemp, Texas. The goal of Paradigm's
Management is is to secure a joint venture with LTS with a long
term view towards Paradigm potentially acquiring LTS.
- Paradigm will focus on acquiring new properties in Eastern Texas and Northwestern Louisiana. One of Management's
goals is to acquire a couple targeted wells in Gregg County, Texas.
- Paradigm recently signed a partnership agreement on a lease in
West Caddo Parrish for 11 wells. The main investor in that project
began discussion with Paradigm to potentially acquire the 11 wells
that are currently producing oil.
- Management is also pursuing several other options that will be
disclosed as developments, material information or agreements are
available.
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@tviolette.com
1-214-784-3103
SOURCE Paradigm Oil and Gas, Inc.
