Paradigm Oil and Gas: November Results Fuel 2014 Oil Production
07 Janeiro 2014 - 12:00PM
Access Wire
DALLAS, Texas / January 7, 2013 /
ACCESSWIRE / Paradigm Oil and Gas, Inc. (Paradigm) (OTC PINK:
PDGO), a leading service provider to the oil and gas industry with
expanding operations in oil and gas production, announced today
that it will begin full scale oil production from its wells in
Texas and Louisiana based on free flow test results, production
reports and geological surveys.
In 2013 Paradigm Oil and Gas began a corporate push to identify
and develop “low risk, high return” oil producing opportunities
from the nearly 200 wells on its 27 leases. Following a
comprehensive review and analysis, the Company chose to begin its
oil production initiative by renovating and reactivating 3 wells on
properties in Texas and Louisiana. In November, free flow
test results confirmed that their targets had oil under pipe and
signaled the beginning of an expanded production run to begin in
January 2014.
“The Perry Lease was our first selection, based on historical
production data and geological surveys which revealed that it was
sitting on 225,000 barrels of oil, valued at more than $21 million
dollars today,” stated Vince Vellardita, CEO of Paradigm Oil and
Gas. Elaborating on the well’s production since November, he
added “We have holding tanks filled to capacity and oil is ready
for pickup. Based on the production we’ve seen so far, it’s a
winner.”
In addition to the Perry Lease, Paradigm deployed advanced
recovery technology to reactivate its Lucy Lee and Mina Travis
properties in Louisiana. The Company reports that in the
first day, free flow tests produced 132 barrels from Lucy Lee and
40 barrels from Mina Travis. Based on combined geological
surveys, the sites sit on roughly 3.5 million barrels, a reserve
exceeding $300 million dollars.
Vellardita was optimistic about the Louisiana properties,
forecasting “172 barrels a day from the Louisiana wells alone would
generate nearly $500,000 a month in revenue. That’s a home
run in my view.”
Paradigm Oil and Gas continues a comprehensive evaluation of
additional wells in its portfolio, aggressively seeking cost
effective opportunities to significantly expand oil production in
2014. Vellardita believes “November proved that this company
can be a very successful oil producer with the potential to
generate significant, steady revenue. But with 200 more wells
to explore, we’re focused on one success at a time.”
The Company also announced that it put the finishing touches on
2 ½ years of audits, expected to be filed in the beginning of
January 2014. Delays have been attributed to scope of task
and the diligence of management, outside auditors and attorneys who
have pursued the process with a commitment to accuracy and full
regulatory compliance.
Paradigm Oil and Gas welcomes anyone interested in learning more
about the company to visit their new web site at
www.paradigmoil.com.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: 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’s
Support Services Division includes a fleet of advanced “Centurion”
mobile drilling platforms which feature exclusive oil recovery
technology, as wells as bulldozers, graders, water trucks, and
environmental equipment. Specializing in the use of advanced
recovery techniques to make producing and non-producing wells
profitable, Paradigm is a growing oil and gas producer, currently
holding 23 leases with nearly 200 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: Vince@paradigmoil.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@paradigmoil.com
1-727-595-8101
Source: Paradigm Oil and Gas, Inc.
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