MABANK, TEXAS--(Marketwire - April 28, 2010) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to report on the market potential of the patented BlackStorm Oil Recovery Production System. As announced yesterday the Company signed an initial agreement to acquire the BlackStorm Worldwide Distribution and Marketing rights.
BlackStorm: LAGCOE's "Spotlight on New Technology"
Recently selected to present at the 2009 LAGCOE 'Spotlight on New Technology' Showcase, BlackStorm was one of seven companies chosen for this prestigious honor, recognizing BlackStorm as one of the top up-and-coming solution providers in the oil and gas recovery business. This selection was based on LAGCOE's strict criteria to feature proven, innovative technologies that make a significant impact in the oil and gas industry.
As reported by LAGCOE, the spotlight features extraordinary new technologies and out-of-the-box thinking that was developed to find and produce oil and natural gas. The criteria for admittance was that the technology had to be less than two years old, groundbreaking in the oil and gas industry with proven solutions, a broad appeal across the industry and an impact that transcends existing technologies.
USA Oil and Gas Market Opportunity
As reported by the US Department of Energy "nearly 2 out of every 3 barrels of oil discovered in the US remains trapped underground after conventional recovery operations. This staggering amount of remaining oil, approx. 200 billion barrels can be one of America's best hopes of greater energy security if new technologies can be developed to recover it."
"With an ever increasing reliance on oil and gas in the US and over 200 billion barrels left in the ground in the US alone, the BlackStorm solution is clearly a game changing technology creating a global market opportunity." Mr. Marc Juliar, CEO of Paradigm states. "We see the BlackStorm platform as a powerful tool to assist in the recovery of appropriate reserves, and therefore believe this acquisition will add significantly to our shareholder value and help us become an internationally recognized leader in the oil industry."
The BlackStorm system was invented in the oilfield and has undergone years of rigorous trials. The BlackStorm Production System has 3 distinct advantages: one moving part, no corrosion and no work over rig costs. This makes the BlackStorm solution faster, better and cheaper than conventional methods.
The BlackStorm unit can be operated either as a mobile oil production system or a direct replacement for traditional pumping equipment. In other words, the system can be run either as a low cost, lower labor alternative to a "swabbing" unit or as a "set it and forget it" alternative to a conventional pumping unit.
"We are currently forecasting these new revenue streams into our business plan." Mr. Kennedy, CFO concludes, "And we are exceedingly pleased with our initial findings and the breadth of the BlackStorm market, global reach and revenue potential."
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.
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/.
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.