|By Marketwired .||
|June 2, 2014 10:18 AM EDT||
DALLAS, TX -- (Marketwired) -- 06/02/14 -- Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced the addition of 50 new oil wells through the acquisition of the leases from Magnum Oilfield Services, Bitter Creek Petroleum, and Blackjack Services in a transaction that will include a combination of cash and Company stock and will retain between 70% - 95% well interest and be the Operator through our Paradigm Oil and Gas, Operating Division.
Situated in the Dallas and Houston areas of Texas, the leases represent close to 4,000 acres of mineral rich land in the Permian Basin and Eagle Ford Shale formation. Paradigm reports that more than 20 of the newly acquired wells currently produce oil and generate revenue.
"This acquisition boosts the number of oil producing wells in our portfolio to 25, dramatically increasing our production capabilities in a very short period of time," stated Vince Vellardita, Paradigm Oil and Gas CEO. He added, "With close to half of the new wells generating income from day one, I believe the Company's goal of achieving six-figure monthly revenue, by 4th quarter 2014 is now very tangible."
A Paradigm Operations Division team member categorized the addition of the new wells as "Another example of the Company's due diligence in targeting and selecting lucrative, low-risk, high return properties." While full details of the transaction will be forthcoming, a partial list of newly acquired leases includes: Miller, Adobe, Somerset, WH Summers, Hall, Don & Ruby Roberts, Cole, Colley, and Brinkmayer A, located in the counties of Tyler, Liberty, Bexar, Atascosa, Kaufman and Baird, Texas.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) (PINKSHEETS: PDGO) Paradigm Oil and Gas is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm is a growing oil and gas producer, currently holding 30 leases with nearly 300 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities. To be added to Paradigm's mailing list, please email: [email protected].
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.
Paradigm Oil and Gas, Inc.