Dallas, TX- December 02, 2014 - InvestorsHub NewsWire
- Paradigm Oil and Gas, Inc. (
OTC PINK:
PDGO), a leading service provider to the oil and gas industry
with expanding operations in oil and
gasproduction,
announced the Company's 3rd quarter 2014 results.
Revenues for the quarter were $51,872, up 46% from the quarter
ending 6/30/14. Gross profits were a loss of ($3,099), versus a
loss of ($18,667) in the prior quarter.
As of September 30, 2014
The Company has
23 producing wells with 1,170 barrels in the tank ready for pickup
and booked as reserves and receivables at $104,218. The oil would
have been booked as
revenue but
the pickups and payments were not made by September 30, 2014 due to
inclement weather and road conditions at well sites. Paradigm notes
that in addition to the value of reserves, cumulative revenue for
the 3rd quarter should have reflected a total of $243,080 with
$70,000 in other income, $51,872 in revenue from oil sales, and
$17,000 in receivables.
The Company hired MKM Engineering out of Dallas, TX to review and
appraise
oil and gasinterest
on five of our leases and five producing wells. Their evaluation,
based on a comprehensive review of production history and
geologists reports, estimated the value of oil reserves at just
over five million dollars, representing more than 3.5
million
dollars in
net proceeds over the next several years. Paradigm plans on having
another 23 leases and 70 plus wells evaluated in the coming weeks
and anticipates receiving completed reserve reports and appraisals
by January 30th 2015.
"We are very excited about the progress at the Company, and have
shown a tremendous amount of growth in getting our wells back
online and operating at maximum capacity, especially in a
declining
oil price environment,"
commented Vince Vellardita, CEO of Paradigm Oil. "I'm confident
that 2015 will be a transformative year for the Company. We plan on
working hard to meet our goals of a few hundred barrels a day in
early first quarter 2015."
About Paradigm Oil & Gas
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 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.
Please click on this link if you would like to see
our
company video:
https://www.youtube.com/watch?v=oR8owvJc7Jk
Forward-Looking
Certain statements in this release may constitute forward-looking
statements. Such forward-looking statements involve risks,
uncertainties and other factors, which may cause actual results,
performance or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements.
T. Clemensen Consulting
845-323-9513
Paradigm Oil and Gas, Inc.
2701 Gulf Blvd.
Indian Rocks Beach, FL 33785
727-595-8101
