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

Paradigm Oil & Gas, Inc.

March 29, 2011 08:31 ET

Paradigm Oil and Gas Inc. (PDGO) Enters Corsicana Lease to Prepare Property and Existing Oil Wells for Production Turn On

GUN BARREL CITY, TEXAS--(Marketwire - March 29, 2011) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to announce that the Company has now entered its Corsicana lease to prepare the property and the first 3 of 9 existing wells for production turn on.

Two of the existing wells are currently free flowing and there is equipment now on the property to bring the first 3 selected wells on line for production. The Company believes these first wells could produce upwards of 30 barrels of oil per day. Once production has started, the Company plans to equip the remaining 6 wells to increase production further.

Over the next several weeks the crews will service and equip the wells, test the existing flow lines, re-string overhead power lines and set electrical boxes to power the field.

The company expects to be in a position to begin producing from these wells in the Company's 2nd qtr.

This is the second property the Company has announced and dispatched work crews to commence operations on in the last 2 weeks. On March 24, 2011, Paradigm announced the start of the work program on the first commercial agreement it received under the Joint Venture Oil Production Program which utilizes the Transportable Enhanced Oil Recovery Platform (T-EOR).

The Corsicana lease located in Navarro County, Texas, consists of 60 acres, with spacing provisions that could support drilling potentially 17 new wells to depths of up to 2000 feet.

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.

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.

Contact Information

  • Paradigm Oil and Gas Inc:
    Terry Rutter
    1307 W Main St Ste. 247B
    Gun Barrel City, Texas, USA, 75156
    (903) 880-1161
    tjr.paradigmoilinc@gmail.com