|By Marketwired .||
|June 24, 2014 10:50 AM EDT||
DALLAS, TX -- (Marketwired) -- 06/24/14 -- 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 that 5 of its wells cumulatively produced a total of 688 barrels of oil last week, valued at more than $73 thousand dollars at a conservative market value of $107 per barrel.
The company reports last weeks' production from leases in Texas and Louisiana as:
Lucy Lee - 142 barrels, Travis Mina - 250 barrels, Miller lease - 148 barrels, Adobe lease (in only 2 days) - 38 barrels, and Perry lease - 110 barrels. While the Lucy Lee, Travis Mina, and Perry properties have been stalwarts of the Company's oil producing portfolio for some time, the Miller and Adobe leases were acquired in recent acquisitions strategically designed to expand Paradigm's oil production capacity.
"Skeptics questioned our $100k monthly revenue projections and we nearly got that last week," stated Vince Vellardita, Paradigm Oil and Gas CEO. He added, "The proof is in the numbers, and the numbers point to a steadily growing, sustainable stream of revenue from oil production and in Texas alone we still have over 85 wells to rework and turn them into production."
Based on the current scenario of oil production, the Company forecasts nearly four million dollars in annual revenue. Analysts are expecting a breakout for Paradigm's stock if current levels of oil production and revenue continue. "Paradigm anticipates filing its audited 2013 and 2014 first quarter in early July and that will prove to the shareholders that we do not belong as a penny stock," stated Vince Vellardita.
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.