Paradigm Oil and Gas Acquires 50 New Oil Wells in Texas
June 02 2014 - 10:17AM
Marketwired
Paradigm Oil and Gas Acquires 50 New Oil Wells in Texas
DALLAS, TX--(Marketwired - Jun 2, 2014) - 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 the addition of 50 new oil
wells through the acquisition of the leases from Magnum Oilfield
Services, Bitter Creek Petroleum, and Blackjack Services in a
transaction that will include a combination of cash and Company
stock and will retain between 70% - 95% well interest and be the
Operator through our Paradigm Oil and Gas, Operating Division.
Situated in the Dallas and Houston areas of Texas, the leases
represent close to 4,000 acres of mineral rich land in the Permian
Basin and Eagle Ford Shale formation. Paradigm reports that
more than 20 of the newly acquired wells currently produce oil and
generate revenue.
"This acquisition boosts the number of oil producing wells in
our portfolio to 25, dramatically increasing our production
capabilities in a very short period of time," stated Vince
Vellardita, Paradigm Oil and Gas CEO. He added, "With close to
half of the new wells generating income from day one, I believe the
Company's goal of achieving six-figure monthly revenue, by 4th
quarter 2014 is now very tangible."
A Paradigm Operations Division team member categorized the
addition of the new wells as "Another example of the Company's due
diligence in targeting and selecting lucrative, low-risk, high
return properties." While full details of the transaction will
be forthcoming, a partial list of newly acquired leases includes:
Miller, Adobe, Somerset, WH Summers, Hall, Don & Ruby Roberts,
Cole, Colley, and Brinkmayer A, located in the counties of Tyler,
Liberty, Bexar, Atascosa, Kaufman and Baird, Texas.
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:
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
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