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.