EUSTACE, Texas, June 5, 2013 /PRNewswire/ -- Paradigm Oil and
Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it has
cleared its balance sheet, eliminating approximately $400,000 in outstanding debts.
This marks a point in the company's history where only trade
receivables remain outstanding.
We have hired an outside auditing firm to bring our books
current and we anticipate having our filings up to date by the end
of June. Once we have accomplished this our intention is to
file to begin trading on the OTCBB.
We've officially started two of our contracts with the Centurion
Technology. Paradigm recently earned its first revenue by leasing
its Centurion One Platform, a self-sufficient oil recovery system
designed for mobility. The Platform, an exclusive technology, tests
orphaned wells to determine their oil production
capabilities.
"We have now completed the first and second phase of our
commitments to our investors; the first being the cleaning up of
our balance sheet and getting our filings in order and the second,
being the commencement of producing revenue. The third phase will
be to take in the financing which will enable us to build our
revenue from our existing assets and acquire new assets. In
short, we are thrilled by this pace of growth," stated Vince Vellardita, President of Paradigm.
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. Paradigm Oil & Gas has
several proven oil production leases and options for many more and
also holds the rights to the Centurion Technology and we own rigs
that target the shallow stripper wells. For more information
about Paradigm Oil and Gas, visit the website at
www.paradigmpdgo.com. If you wish to added to PDGO's mailing
list, please email: vince@paradigmpdgo.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.