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

Paradigm Oil & Gas, Inc.

October 14, 2010 14:30 ET

Paradigm Oil and Gas Inc. (PDGO) Approves First Transportable Enhanced Oil Recovery Platform for Production Implementation

Deploys Unit to Chilson Properties for First Production Field Use

MABANK, TEXAS--(Marketwire - Oct. 14, 2010) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to announce that it has completed its testing and has approved for Oil production field use, its first Transportable Enhanced Oil Recovery (T-EOR) Platform. The company announced it took delivery of the first T-EOR Platform on September 29, 2010. The T-EOR Platform is now on route to the company's Chilson A and B properties for its first field use. 

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. The company has identified over 6,000 abandoned wells in the State of Texas alone that are potential oil producing candidates for the T-EOR Platform.

The Chilson properties consist of 12 abandoned previously producing wells. Commencement of field work on Chilson A was reported in the second quarter. The work included preparing the property for production equipment which included road access, swabbing and pulling oil samples for chemical testing. The wells are now being readied to receive the T-EOR Platform.

"This equipment is going to be an important asset for our company and will change the way abandoned wells can be approached in a very economical manner," explains Chief Financial Officer Brian Kennedy, "use of the T-EOR Platform reduces the investment risk in evaluating these type of wells significantly while yielding immediate oil production benefits."

Initially the T-EOR Platform will produce from the existing wells on a rotating weekly basis to determine their natural flow rate. Wells that warrant a permanent infrastructure will then be equipped accordingly. Once a base line has been established the company plans to begin a surfactant chemical treatment that is being recommended from Oil Chem.

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.

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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