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Paradigm Oil & Gas Confirms $5.1 Million in Oil, Ready to File
|By Marketwired .
|August 11, 2014 09:31 AM EDT
DALLAS, TX -- (Marketwired) -- 08/11/14 -- Paradigm Oil and Gas, Inc. (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced the completion of reserve reports which will enable the Company to complete accounting and file financials necessary to gain reinstatement on the OTC trading platform by September 2014.
The reserve reports, required by the SEC to substantiate the projected value of oil and gas assets under pipe, provides third-party geological/engineering analysis including past production data to estimate mineral reserves. MKM Engineering conducted a comprehensive review and analysis of Paradigm's five active wells situated on its Adobe, Miller, Perry, Lee and Mina Travis leases, appraising oil reserves at $5.1 million, a net of $3.5 million.
Vince Vellardita, Paradigm Oil and Gas CEO stated, "The reserve reports confirm we have active wells sitting on significant oil reserves. The Company still has seven more wells to fire up on those leases, validating the success of our acquisition strategy and providing a solid foundation of future oil production and revenue."
MKM will continue to review and report on an estimated 295 additional wells in Paradigm's portfolio which will guide the Company's future reactivation strategy. Vellardita commented, "We have $5.1 Million under just five of our nearly 300 wells. As we explore the vast cumulative reserve of oil and gas yet to be tapped, I'm excited by the massive revenue potential the future holds for shareholders."
Amidst other important business developments, Paradigm Oil and Gas highlights:
Revised Oil Production Reports
Paradigm Oil and Gas was notified by state authorities of an error in oil production reporting for 2014. Paradigm apologizes for any miscommunication this may have caused and has taken the necessary steps to revise and refile documentation which will accurately reflect past production.
In advance of revised regulatory reports, Paradigm provides the following as accurate June 2014 production which totaled 677.2 (bbl): Perry 139.2, Lucy Lee 202, Mina Travis 184, and Adobe Miller 152.
New Wells Activated
Paradigm reports activating 3 new wells in Texas, one outside of Midland and two others situated in a promising area known as the "Woodbine Play." Located in Madison, Leon, and Grimes counties, the "Woodbine Play" is an organic rich, laminated sand zone that industry analysts believe has the equivalent oil production potential of the "Lower Eagle Ford Shale Formation" of South Texas.
With the recent addition of 3 wells and plans to continue an aggressive slate of reactivation, Paradigm reaffirms revenue projections to exceed 7 figures by the end of 2014.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
Please click on this link if you would like to see our company video: http://www.youtube.com/watch?v=oR8owvJc7Jk
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (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.
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