SOURCE: Paradigm Oil and Gas Inc.

October 28, 2005 09:00 ET

Paradigm Oil and Gas to Provide an Update on Todd Creek Region

CALGARY, AB -- (MARKET WIRE) -- October 28, 2005 -- On June 18, 2005, Paradigm Oil & Gas Inc. (OTC BB: POGI) received a payment from the original vendor of the property for the sale of 50% of Paradigm's 10% interest in the Todd Creek Oil and Gas Property. Paradigm now holds a 5% interest in the Todd Creek 13-28-9-2W5 well with an option to earn interests in 7 additional sections of land.

The Todd Creek Well located in 13-28-9-2W5 in Alberta, Canada has been completed and is in the testing stage. The operators have the well on "tight hole" status. Further news will be released upon the tight hole status being removed.

About Paradigm Oil and Gas

Paradigm is a junior oil and gas exploration company headquartered in Calgary, Alberta, Canada. Its management believes in taking interests in low risk Western Canadian energy projects and developing them jointly with experienced operators maintaining low overheads for the Company.

It currently holds interests in the Todd Creek exploration project and options to participate in 7 additional sections.

The Sawn Lake oil sands project is on 63 contiguous sections in North Western Alberta where Ryder Scott, a notable engineering firm, have estimated the original oil in place to be over 800,000,000 barrels.

FORWARD-LOOKING STATEMENT

This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the Company's proposed oil and gas related business. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov.

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