SOURCE: Paradigm Oil and Gas, Inc.
DALLAS, TX--(Marketwired - May 12, 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 that oil shipments in April 2014 produced record returns.
With tank run tickets in hand, Paradigm Oil and Gas CEO Vince Vellardita proudly stated, "We shipped two loads in April from leases in Texas and Louisiana totaling nearly 309 barrels. Those wells have since produced another 466 barrels which are ready for pick up." Mr. Vellardita continued, "This oil production and shipments sends a clear message to shareholders that we are delivering on our promise to generate revenue and achieve sustained profitability."
The Company estimates gross revenue from oil production for April to be $46,000 with expenses at about $15,000. Vellardita reflected on the accomplishment, "The Company hasn't seen a monthly return like this in more than 4 years. This represents the beginning of a steadily increasing revenue stream that I previously projected would occur for 2014."
The leases responsible for April's record returns in Texas and Louisiana were targeted by the Company months ago as part of its initiative to increase oil and gas production through the development of low risk, high return opportunities from within its portfolio of nearly 300 wells. "The strategy is clearly paying off," stated Richard Diamond, President of Operations for Paradigm Oil and Gas.
Paradigm unveiled an aggressive slate of well activation for 2014 which calls for the addition of 50 oil and gas producing properties by year end. With some 50,000 acres, 33 leases, and over 300 wells to review, Vellardita elaborated on the process stating, "We have strategic selection criteria in place that has proven to be successful. Our goal is ambitious, but well within reach." Vellardita provided insight on the Company's long term objectives, "Our goal is to have 100 wells on line and producing in the next two years and believe that this scenario has the potential to generate annual revenues in excess of $10 million dollars."
Vellardita credited Paradigm Oil and Gas' Management for charting and maintaining the course to success and closed by saying, "I want to thank our shareholders for their patience, foresight, and continued support as we take this company into the future, as previously mentioned, this is not a short term play and we're moving towards our ultimate goal of becoming a major player in the oil and gas industry."
Finally, despite recently receiving formal confirmation from The Depository Trust Corporation (TDTC) that deposit transaction restrictions (the "Chill") have been removed from Paradigm's common stock, some brokerage firms such as Ameritrade were not allowing open orders to be placed. Paradigm is taking appropriate action to make sure all brokerage firms are aware that the "Chill" has been officially removed so that investors may be free to buy the stock if they choose. Management maintains that the price of PDGO stock does not nearly reflect the potential value of oil and gas on its leases, or where the Company is headed under new management.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
Paradigm welcomes you to take a look at some of the past history on sales before last month on two of our leases by going to: http://sonlite.dnr.state.la.us/sundown/cart_prod/CART_CON_ogpledbylu1
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.