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

Paradigm Oil & Gas, Inc.

October 21, 2010 08:31 ET

Paradigm Oil and Gas Inc. (PDGO) Reports Initial Production Results From First Transportable Enhanced Oil Recovery Platform

DALLAS, TEXAS--(Marketwire - Oct. 21, 2010) - Paradigm Oil and Gas, Inc. (OTCBB:PDGO) is pleased to announce that it has successfully deployed its first Transportable Enhanced Oil Recovery (T-EOR) Platform on the company's Chilson A and B properties for its first field use. The company prepared the first 2 of 12 previously producing abandoned wells to receive and test the T-EOR Platform. Once the system entered the property it took approximately 1.5 hours to deploy the platform on each well and recover a total of 10 barrels of Oil from the 2 wells. 

"We are very pleased how this system worked for the first time," said Chief Executive Officer Ron Polli, "we expect to improve on the time it takes to deploy the system as we work on the other wells and become more familiar with the system. It appears we are on track to proving out the T-EOR Platform and the assumption that each system could support a 30 barrel a day production which would yield to us an excellent return on investment."

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.

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 implement various enhanced oil recovery techniques, like surfactant chemical treatment that is being recommended from Oil Chem, to improve production output.

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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