SOURCE: Paradigm Oil & Gas

October 13, 2014 10:45 ET

Paradigm Oil & Gas Reaches 17 Active Wells, Oil Stockpile to Market

DALLAS, TX--(Marketwired - Oct 13, 2014) -  Paradigm Oil and Gas, Inc. (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced the activation of 11 new properties following the rehabilitation of wells on its Clements, Adobe and Miller leases. 

Paradigm now boasts a total of 17 oil producing wells and plans to add 7 to 10 more properties in the next six weeks following an aggressive repair and reactivation campaign which is currently under way on its Roberts, Summers, TW Greer, and TW Lee leases. By year end, the Company anticipates expanding its portfolio of active wells to at least 25.

"We currently have 17 wells producing oil and just over 820 barrels in holding tanks ready for pick up from our carriers," stated Vince Vellardita, CEO of Paradigm Oil and Gas. He added, "With more wells on the way, shareholders can expect a significant spike in 4th Quarter production and revenue."

In other developments, Paradigm Oil and Gas highlights:

Enhanced Drilling Capabilities
Following a reanalysis of geologic data confirming the vast reserve of oil under Paradigm's Lucy Lee and Mina Travis properties in Louisiana, Paradigm is preparing to upgrade the rigs to increase their drilling range from 7,700 feet to at least 11,000 feet. Equipment enhancements are expected to improve production by at least 50%.

Shareholders Conference Call
On Tuesday October 14, 2014 at 11:00 am EDT, Paradigm Oil and Gas welcomes shareholders and investors to participate in a conference call with management to discuss relevant issues and share critical updates. At least 4 representatives from various departments will be available to answer questions and provide insight. 

About Paradigm Oil & Gas
Paradigm Oil and Gas Inc. (PINKSHEETS: PDGO) is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm is a growing oil and gas producer, currently holding 30 leases with nearly 300 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities.

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Forward-Looking
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • T. Clemensen Consulting
    845-323-9513
    410 Park Avenue, 15th Floor
    New York, NY 10022