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

Paradigm Oil & Gas, Inc.

April 05, 2011 08:54 ET

Paradigm Oil and Gas Inc. (PDGO) to Acquire Oil Producing Lease with Growth Potential

GUN BARREL CITY, TEXAS--(Marketwire - April 5, 2011) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to announce that the company has entered into a Letter of Intent Agreement to acquire the oil producing Harriett Raye Lease located in District 05, Navarro County, Texas.

The Harriett Raye lease is a 26 acre lease with 3 Oil producing wells and 10 additional wellbores that can be reworked and brought online for production. The Company plans to perform a field flood to bring the 3 producing wells back to their previous production level of approximately 360 barrels a month up from their current production level of approximately 100 barrels per month. Production is expected to increase further as the remaining 10 wells are also brought back on line.

"This is the first oil producing lease the Company has negotiated for and the terms and growth potential appear very favorable for us", said Paradigms Chief Financial Officer Brian Kennedy who added, "We are also looking at other producing properties to add to our portfolio, as we are planning to acquire additional production throughout the year."

A definitive purchase agreement is to be completed over the next 45 days at which time terms of the agreement will be disclosed. On closing of the definitive agreement, Paradigm will be assigned the lease and operate the property under their bond.

About Paradigm Oil & Gas, Inc.

Paradigm Oil & Gas Inc. (OTCBB:PDGO) identifies and acquires energy properties with previously discovered known oil and gas reserves that have not either been fully produced from, or fully developed and defined. Utilizing new technologies like the Transportable Enhanced Oil Recovery Platform, Paradigm expects to generate profit from these previously producing wells. The company has acquired properties covering 1,148 acres all located in the State of Texas, USA. Combined there are a total of 23 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 100 new wells in the 800' to 1,800' range. For more information about Paradigm Oil & Gas, visit the website at www.ParadigmOilInc.com.

About the Transportable Enhanced Oil Recovery Platform (T-EOR)

The T-EOR Platform, a new and innovative industry oil production system, is a turnkey integrated and portable oil recovery platform that can be deployed quickly and economically to recover oil from previously producing oil wells with known oil reserves that have not been fully developed.

Initially the T-EOR Platform will gather oil production from the non producing existing wells on a rotating daily/weekly basis to determine their natural flow rate. Wells that warrant a permanent infrastructure will then be equipped accordingly. Depending on each situation and level of effort and investment, Paradigm retains anywhere from 50-80% of the net revenue from the resulting production. The company has identified over 6,000 orphaned wells in the State of Texas alone that are potential oil producing candidates for the T-EOR Platform.

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.

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