EUSTACE, Texas, Feb. 20, 2013 /PRNewswire/ -- (OTC PINKS: PDGO) Vince Vellardita, President of Paradigm Oil and Gas, Inc. announced today that a Joint Venture was signed with Energy Revenue America, Inc., (OTCPINK:ERAO) based in Dallas, Texas.
Paradigm Oil and Gas, Inc. has entered into a 50% Joint Venture Agreement with Energy Revenue America, Inc. to take advantage of each other's area of expertise in the Oil and Gas Industry. The objective of the joint venture is to exploit opportunities to rework and put in to production reclaimed wells that have a possibility of producing oil and gas. The first target area will be the Eastern Texas and woodbine formation which is the second largest reserves of oil in the United States. Energy Revenue America will introduce Paradigm Oil to leases in Oklahoma that are available for re-work. ERA has a 65 mile natural gas pipeline and 3,000 acres of potential producing wells and target wells for secondary recovery that are easily put back in service. Paradigm will bring to the joint venture additional options; up to 5,000 acres of land prime for re-work within the Mid Continent Region. Management of the companies believe that the venture brings the opportunity to be one of the top producers in the continent for both companies and allows an increase in potential profits by working together and give the opportunity to become one of the larger independent Oil & Gas companies in the region.
"With all of the signs pointing to a cleaner environment and more cost efficient ways to create energy; the message is clear that ERAO is in the right business!" stated Charles Havens, CEO & President of ERA.
"Having the opportunity in Natural Gas through the new venture and Paradigm Oil & Gas being in traditional Oil Production, we are now set up with three revenue streams for a Win-Win situation!" stated Vince Vellardita.
This venture will supply Paradigm Oil & Gas with a third revenue stream adding natural gas and a 65 mile pipeline. The other two revenue streams are the Centurion Technology which we have contracts on and several Oil Leases. We recently started to fire up the Clark Lease and are now waiting for approval and soon the right to sell oil from this lease. In the first days alone, we recovered close to 3,000 gallons. "I'm excited and can hardly wait to get the wells up and pumping" stated Vince Vellardita.
The venture calls for an initial investment of two million dollars cash and stock to support the first two projects. Both companies will not only benefit by increased revenue and bottom line earnings, but it will also increase shareholders' value in both Companies.
At the closing of the venture scheduled for March 30, 2013, the PDGO Shareholders will receive a dividend in Energy Revenue America (ERAO) currently trading on OTC Markets at $1.10 per share, and in return the estimated 1300 Shareholders of ERA will become Shareholders in Paradigm Oil & Gas (PDGO).
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) is a dynamic company in business to both provide service work to the oil and gas marketplace and to produce oil. Paradigm's goal is to identify oil producing wells and use modern technology to make them profitable based on modern commodity pricing. Paradigm Oil & Gas has several proven oil production leases and options for many more and also holds the rights to the Centurion Technology and we own rigs that target the shallow stripper wells.
About Energy Revenue America, Inc. (OTCPINK: ERAO). ERA was formed to become an equity partner in various energy deals. Their goal is to recognize the value in a transaction and provide the capital to enhance the value of those projects, to the benefit of all parties. ERA presently owns a 65 mile pipeline and 3,000 acres along it providing natural gas production. They have many existing wells requiring re-work into the natural gas plays and transporting third party natural gas production to their purchaser.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Paradigm Oil and Gas, Inc., is a company with limited experience in the oil and gas industry. At the time of this release Paradigm Oil and Gas, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the Company's shares to raise the necessary operating capital. Based upon industry standards Paradigm would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risks not mentioned may apply: failure to meet Paradigm's financial and contractual obligations, Paradigm's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
SOURCE Paradigm Oil and Gas, Inc.