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

Paradigm Oil & Gas, Inc.

April 11, 2011 08:11 ET

Paradigm Oil and Gas Inc. (PDGO) to Add to Navarro County Oil Lease Portfolio

70 Acres with 11 Existing Wells-Fully Equipped with Infrastructure, Previously Producing 1500-450 Barrels of Oil per Month

GUN BARREL CITY, TEXAS--(Marketwire - April 11, 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 Skinner Lease located in Navarro County, Texas.

The Skinner lease is a 70 acre lease that was previously producing 450 barrels of oil per month from 11 existing wellbores. Initially the property produced at a rate of 1500 barrels of oil per month. The Lease comes complete with fully equipped pumping units on the well bores and the necessary infrastructure to allow for production turn on.

The Company plans to rework the existing wells and test each well utilizing their Transportable Enhanced Oil Recovery Platform (T-EOR) to determine each wells production rate. Additional enhanced oil recovery techniques will then be applied. The Company believes initially production rates of 450 barrels per month can be achieved with upward growth expected with further treatment and methods.

"Since the released our Joint Venture Oil Production Program that utilizes the Transportable Enhanced Oil Recovery Platform, we have been introduced to a number of opportunities in Navarro County. With the recent signing of 2 Joint Venture Oil Production agreements and the Oil production acquisition LOI we announced on April 5, 2011 it makes sense to build our portfolio in this region", said Paradigms President and CEO Ron Polli, "We are excited about the number of opportunities we are reviewing that appear to fit our criteria and as a result are attempting to advance our activities to enable us grow our portfolio and asset value."

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 and Gas Inc.

Paradigm Oil and 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 and 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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