Paradigm Oil and Gas Inc. Clears Debt and Hires Outside Accounting Firm
EUSTACE, Texas, June 5, 2013 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it has cleared its balance sheet, eliminating approximately $400,000 in outstanding debts.
This marks a point in the company's history where only trade receivables remain outstanding.
We have hired an outside auditing firm to bring our books current and we anticipate having our filings up to date by the end of June. Once we have accomplished this our intention is to file to begin trading on the OTCBB.
We've officially started two of our contracts with the Centurion Technology. Paradigm recently earned its first revenue by leasing its Centurion One Platform, a self-sufficient oil recovery system designed for mobility. The Platform, an exclusive technology, tests orphaned wells to determine their oil production capabilities.
"We have now completed the first and second phase of our commitments to our investors; the first being the cleaning up of our balance sheet and getting our filings in order and the second, being the commencement of producing revenue. The third phase will be to take in the financing which will enable us to build our revenue from our existing assets and acquire new assets. In short, we are thrilled by this pace of growth," stated Vince Vellardita, President of Paradigm.
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. For more information about Paradigm Oil and Gas, visit the website at www.paradigmpdgo.com. If you wish to added to PDGO's mailing list, please email: firstname.lastname@example.org
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.