Paradigm Oil & Gas, Inc.
OTC Bulletin Board : PDGO

Paradigm Oil & Gas, Inc.

April 20, 2010 10:11 ET

Paradigm Oil and Gas, Inc. (OTCBB:PDGO) Commences Work Program Utilizing the New BlackStorm Production System Technology

MABANK, TEXAS--(Marketwire - April 20, 2010) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to announce that it has begun the work program on the Chelson Property, an 80 acre oilfield in the County of Wichita, Texas.

Mr. Joseph Fiore, Chief Operating Officer reports the initial work program will concentrate on utilizing the new BlackStorm Production System to aid in the production of the 7 previously producing wells.

The key activities of the Chelson work program:

  1. Mobilize personnel and equipment to site.
  2. Sample and test the 7 wells.
  3. Test surfactant chemical treatment to enhance oil recovery.
  4. Engage the BlackStorm Production System to begin oil recovery and production.

Infield there are potential proven reserves of 104,811 barrels of oil, and 74,165 barrels of oil are calculated to remain. Production from the existing wells during the work program after upgrades and rework is expected to yield over 900 barrels per month.

It is estimated that the Chelson Property has the potential for 62 offset wells, which has an estimated production potential of 1,741,763 barrels of oil, or over 52,000 barrels per month.

In accordance with the Company's information policy, Paradigm looks forward to releasing the results as soon as it has completed and interpreted its analyses and further verified the data under 51-101 Oil and Gas Reporting Standards. 

Mr. Fiore concludes, "We are excited to begin moving ahead on the properties. We expect to report back on the progress of the programs over the coming weeks."

About Paradigm Oil & Gas, Inc.

Paradigm Oil & Gas Inc. (OTCBB:PDGO) identifies and acquires energy properties with previously discovered and known oil and gas reserves that have not either been fully produced from, or fully developed and defined. Utilizing new technologies, Paradigm expects to generate profit from these previously producing wells. The company has acquired properties covering 934 acres all located in the State of Texas, USA. Combined there are a total of 9 existing previously producing wells and available spacing to support the drilling of approximately 30 new wells in the 3,800' to 9,000' range and approximately 50 new wells in the 800' to 1,800' range. For more information about Paradigm Oil & Gas, visit the website at www.ParadigmOilInc.com.

Safe Harbor

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Paradigm Oil & Gas, Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact Information

  • Investor Relations:
    Paradigm Oil and Gas, Inc.
    Terry Rutter
    terryr@paradigmoilinc.com
    or
    Paradigm Head Office
    123 E. Market St.
    Mabank, Texas
    USA, 75147
    (903) 880-1161