Paradigm Oil and Gas, Inc. Signs Lease for Oil Production
EUSTACE, Texas, Oct. 4, 2012 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) signed a Three (3) year lease for Ninety-Six (96) acres in Kaufman County, Texas with 100% working interest and 82% NRI. The lease is for the mineral rights from the surface to a depth of 5,000 feet.
"This lease is a good acquisition for Paradigm. We can be producing oil before the end of the year. Historically, when this lease was producing it typically sold about 210 to 220 barrels of oil a month, which, based on current oil prices, should net Paradigm about $15,000 a month or $180,000 annually. The lease has two producing wells and one injection well. Ploy lines and electric are already run to the well heads. We plan to install electronic submersible pumps into the wells and produce start producing. The lease has a solid tank battery, separator and water tanks. I think this is a good starting point for building a footprint in the area," said Todd Violette, CEO.
Field inspection and initial work for the project will begin next week. Management believes the lease to be on the Mexia Talco Fault Zone in the Woodbine Zone. The ability to get this lease into production will allow us to begin negotiating with the landowner for the rights to a deeper area known as the Smackover.
Pictures of the lease will be posted on the company's website by Friday, October 12, 2012.
About the Woodbine Zone and the East Texas Oil Field
The primary production for the lease will be in the Woodbine Formation that extends along the Mexia Fault Zone that runs through Milam, Falls, Limestone, Freestone, Navarro, Henderson and Kaufman countries. The East Texas Oil Field covers 140,000 acres and parts of several counties, and hosts 30,340 historic and active oil wells; it is the second largest oil field in the United States outside of Alaska. Since its discovery in 1930 through mid-2007 it produced 5.42 billion stock-tank barrels and has ranked first (outside of Alaska) in total volume of oil recovered.
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.
CEO Paradigm Oil and Gas, Inc.
SOURCE Paradigm Oil and Gas, Inc.