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

Paradigm Oil & Gas, Inc.

May 20, 2010 11:58 ET

Paradigm Oil and Gas, Inc. (PDGO) Creates New Technology and Service Subsidiary to Capture Global Business Opportunities

DALLAS, TEXAS--(Marketwire - May 20, 2010) - Paradigm Oil and Gas, Inc. (PDGO) (OTCBB:PDGO), Board of Directors unanimously agreed to create a 100% owned technology and service subsidiary, Paradigm Technology Solutions Inc. The new Company will manage and run the technology and service assets the Company is in the final stages of negotiation for acquisition.

"We are committed to acquiring new and proprietary technologies in the oil industry to advance our position as a leader in the energy sector." stated Mr. Marc Juliar, Chief Executive Officer of Paradigm Oil and Gas, Inc. "Over the last several weeks, our management team has evaluated a portfolio of leading-edge, technologies and we are pleased to announce we are in the final stages of negotiations with several parties that will set the core foundation of Paradigm Technology Solutions product and service offering."

"We see a separation of our high-growth technology and service business from our core property acquisition business." Chief Financial Officer Brian Kennedy said in the statement. "We believe this is a logical step in a long-term strategy that will serve all Paradigm stakeholders well. The technology and service company will be a 100% owned subsidiary of Paradigm Oil and Gas thereby building additional shareholder value. We believe the subsidiary will create two top-tier companies in their respective market segments."

The Company reports Paradigm Oil and Gas will continue to identify and acquire energy properties with previously discovered and known oil and gas reserves that have not either been fully produced from, or fully developed and defined. The Company is currently evaluating new property acquisitions, expected to be released later this year.

Leveraging the proprietary technology platform and services of Paradigm Technology Solutions, the Company expects to generate additional profit from these previously producing wells. Paradigm Technology Solutions is a stand-alone technology and service division that will provide multiple new revenue streams and a strong entry point into the international marketplace.

Paradigm has also retained Klemchuk Kubasta LLP, (K&K) an intellectual property, business technology and innovation law firm based in Dallas, Texas. K&K have been working closely with management to review the IP under consideration for acquisition in the coming days, and additionally create new IP for the technology solutions company.

"This is a very strategic move and growth opportunity for the company and its valued shareholders." Mr. Kennedy reports. "We expect to report on the financial opportunities of these new revenue streams in the near future. We are extremely pleased with our findings and the breadth of the technology and service opportunity in the global marketplace and overall revenue potential." Mr. Kennedy will be overseeing both companies, according to the statement.

USA Oil and Gas Market Opportunity Summary

As reported by the US Department of Energy "nearly 2 out of every 3 barrels of oil discovered in the US remains trapped underground after conventional recovery operations. This staggering amount of remaining oil, approx. 200 billion barrels can be one of America's best hopes of greater energy security if new technologies can be developed to recover it."

About Paradigm Oil & Gas, Inc.

Paradigm Oil & Gas Inc. (OTCBB:PDGO) identifies and acquires energy properties with previously discovered and known oil and gas reserves that have not either been fully produced from, or fully developed and defined. Utilizing new technologies, Paradigm expects to generate profit from these previously producing wells. The company has acquired properties covering 934 acres all located in the State of Texas, USA. Combined there are a total of 9 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 50 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.

Contact Information

  • Investor Relations:
    Paradigm Oil & Gas, Inc.
    Terry Rutter
    terryr@paradigmoilinc.com
    or
    Paradigm Head Office
    123 E. Market St.
    Mabank, Texas
    USA, 75147
    (903) 880-1161