Paradigm Oil and Gas fires up Centurion going into 2013
EUSTACE, Texas, Dec. 12, 2012 /PRNewswire/ -- (OTC PINKS: PDGO) Paradigm Oil and Gas, Inc. is pleased to announced execution of service contracts starting January 2013 for the Centurion. "There is nothing like starting the New Year with work contracts earning revenue. This marks the beginning of Paradigm's commitment to using new technology in the oil and gas industry and we expect to explore, acquire and use more technologies," said Vince Vellardita, President.
Paradigm has been contracted by CAVU Resources, Inc., ("CAVU"), (OTC PINKS: CAVR) of Tulsa, Oklahoma to work on a lease with up to 65 shallow wells in Northeast Oklahoma. Most of the wells are cased wells with no equipment. The Centurion is expected to assist CAVU in understanding the fluid level in each of the wells, provide information about potential recovery from the wells, assist in determining formation porosity and provide valuable information to the management of CAVU for determining its future investment expenses for equipping and reworking any of those wells.
"We are excited about utilizing this technology to prove the economics of our Hogshooter lease. With our new partners and large re-development project planned, having facts and proven results will allow us to maximize our returns and accelerate the project," stated William Robinson, CEO of CAVU.
The timing is right; the demand for domestic oil production is increasing and information about existing wells having only recovered a small percentage of the reserves keep coming out. Management believes the Centurion will be helpful to companies like CAVU which need the most real time data before making an investment in rework projects. Paradigm's ability to provide reoccurring service to companies like CAVU over time will be important to all parties. "Paradigm's goal is to have a fleet of 10 Centurion Trucks and crews in different geological regions and generating as much revenue as we can by the end of 2013 by utilizing our Centurion technology," stated Vince Vellardita.
About CAVU Resources, Inc.
CAVU's Mission is to become a recognized regional player in the independent oil and natural gas industry by growing the company's oil and natural gas reserves. CAVU is a natural resource company engaged in the acquisition, exploration and development of oil and natural gas properties. The Company operates in the upstream segment of the oil and gas industry with planned activities including the drilling, completion and operation of oil and gas wells in Oklahoma, Louisiana, Kansas and Texas. The Company has acquired leases and is currently exploring additional opportunities in oil and gas leases. CAVU Energy Services, Inc., a licensed Oil and Gas Operating Company operates the company's properties in Oklahoma with plans to operate targeted leases in Kansas, Louisiana and Texas. CAVU plans to expand operations not only in the traditional Oil and Gas business, but also to invest in technology for water reclamation and saltwater facilities, taking advantage of the changing environment and in the world's need for new, green and innovative resources. More information is available at the company's website at http://www.cavu-resources.com.
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. For more information about Paradigm Oil and Gas, visit the website at www.paradigmoilinc.com.
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.
Paradigm Oil and Gas, Inc.
SOURCE Paradigm Oil and Gas, Inc.