EUSTACE, Texas, Feb. 4, 2013 /PRNewswire/ -- (OTCPINK: PDGO)
Vince Vellardita, President of
Paradigm Oil and Gas, Inc., announced today that while testing one
of the wells that had been shut down for the past years --
"We Struck Oil"!!
"Since our wells have been shut down, an H-I5 Test must be
performed for the Railroad Commission in compliance with Texas
Law. Upon completion this would allow us to turn the pumps
back on. We took our Centurion One Trailer to our Clark Lease
Property to begin the process of getting it ready for contract
fulfillment. While testing our #2 well, WE PRODUCED OIL at less
than 1000 feet and it was a beautiful sight
(paradigmoilinc.com/oil.htm)," stated Vince
Vellardita, President. Water intrusion from Woodbine
Formation is the mechanism pushing oil through the reservoir toward
the producing wells. Our test proves the Clark Lease has
plenty of oil and water. The source rock for the oil in
East Texas is the lower-lying
Eagle Ford Shale.
Paradigm Oil & Gas is looking at a bright future having the
Centurion One Technology under contract for 48-65 wells and ready
to start producing revenue and earnings for the Company.
Clark Lease property is expected to have two wells online and
producing within the next few weeks. "I'm extremely happy for
the shareholders as we now have leases that will be oil producing
and a Technology Company with two streams of revenue," stated
Vince Vellardita.
About the CENTURION ONE TRAILER
Paradigm Oil & Gas owns the Centurion
Technology. The Centurion One Platform is a unique
trailer that is designed as a self sufficient oil recovery
system. It requires only a 4.5 inch or wider clean casing and
can reach up to eleven hundred feet. The main components on the
Centurion One are: a 50KW generator, 1100 feet of flexible
tubing and a 3 1/2 inch wide submersible pump. The system is
also capable of being tied directly into flow
lines.
About the CLARK LEASE
Paradigm Oil & Gas has a Lease on a 96 Acre Ranch outside of
Dallas, Texas. The Lease
contains all Mineral Rights and Drilling Rights from surface to
5,000 feet. Paradigm Oil & Gas has two wells on the
Property and plans on adding wells.
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:
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
vince@paradigmpdgo.com
1-727-595-8101
SOURCE Paradigm Oil and Gas, Inc.
