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

Paradigm Oil & Gas, Inc.

April 27, 2010 16:01 ET

Paradigm Oil and Gas, Inc. (OTCBB:PDGO) Enters Initial Agreement to Acquire the BlackStorm Oil Recovery Production System's Worldwide Distribution Rights

MABANK, TEXAS--(Marketwire - April 27, 2010) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to announce today that they have signed an initial agreement to acquire the revolutionary and patented BlackStorm Production System's Worldwide Distribution and Marketing rights.

BlackStorm: An Evolution in Oil Recovery

The key benefit of the BlackStorm Production System (BPS) is that it is easily able to recover oil from previously discovered reserves that have not been fully produced (i.e. there is oil left behind in the ground). The BPS is a more efficient and cost effective oil recovery operation over legacy and conventional methods. The BPS technology has proven to be an exceptional asset when entering previously producing properties, as it quickly and inexpensively results in immediate production and near-term cash flow.

BlackStorm is based on a new proprietary and patented, flexible tubing pumping system.

BPS eliminates the need for traditional Pump Jacks, corrosive metal tubing and rods, and the high-cost of maintenance, parts and labor. By example, the BPS installation does not require the traditional work over rig and is installed and operated by one man, resulting in an estimated 90% labor savings when re-entering abandoned wells.

"We are very excited about this opportunity" said Mr. Marc Juliar, CEO of Paradigm Oil and Gas Inc. "One of our mandates is to acquire new technologies to enhance our position and establish ourselves as a leader in the oil recovery industry. We have been working alongside the management of BlackStorm for some time and feel we have reached a very strong deal for all parties."

This current agreement will form the basis of the final agreement which is to be negotiated over the coming weeks. Mr. Brian Kennedy, Paradigm CFO concludes, "This (the deal) provides Paradigm with a proprietary, technology advantage, with new multiple revenue streams and a strong entry point into global markets. We believe this is a very strategic move and growth opportunity for the company and its shareholders."

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.

About BlackStorm

The BlackStorm System was invented and developed at Angel Petroleum Technology LLC, (APT), based out of Louisiana, USA. APT was established to combine the low-cost and mechanical efficiency of an Electric Submersible Pump (ESP) with the ease of installation and corrosion resistance of a continuous production string to be deployed into stripper wells. The technology is patented in the USA with additional patents pending. The BlackStorm Production System has been successfully developed and deployed in field, and was recently showcased as a "Top 7" companies chosen for the prestigious LAGCOE "Technology Spotlight" Conference. For more information about BlackStorm, visit the website at http://www.blackstormsystem.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