EUSTACE, Texas, Feb. 4, 2013 /PRNewswire/ -- (OTCPINK: PDGO) Vince Vellardita, President of Paradigm Oil and Gas, Inc., announced today that while testing one of the wells that had been shut down for the past years -- "We Struck Oil"!!
"Since our wells have been shut down, an H-I5 Test must be performed for the Railroad Commission in compliance with Texas Law. Upon completion this would allow us to turn the pumps back on. We took our Centurion One Trailer to our Clark Lease Property to begin the process of getting it ready for contract fulfillment. While testing our #2 well, WE PRODUCED OIL at less than 1000 feet and it was a beautiful sight (paradigmoilinc.com/oil.htm)," stated Vince Vellardita, President. Water intrusion from Woodbine Formation is the mechanism pushing oil through the reservoir toward the producing wells. Our test proves the Clark Lease has plenty of oil and water. The source rock for the oil in East Texas is the lower-lying Eagle Ford Shale.
Paradigm Oil & Gas is looking at a bright future having the Centurion One Technology under contract for 48-65 wells and ready to start producing revenue and earnings for the Company. Clark Lease property is expected to have two wells online and producing within the next few weeks. "I'm extremely happy for the shareholders as we now have leases that will be oil producing and a Technology Company with two streams of revenue," stated Vince Vellardita.
About the CENTURION ONE TRAILER
Paradigm Oil & Gas owns the Centurion Technology. The Centurion One Platform is a unique trailer that is designed as a self sufficient oil recovery system. It requires only a 4.5 inch or wider clean casing and can reach up to eleven hundred feet. The main components on the Centurion One are: a 50KW generator, 1100 feet of flexible tubing and a 3 1/2 inch wide submersible pump. The system is also capable of being tied directly into flow lines.
About the CLARK LEASE
Paradigm Oil & Gas has a Lease on a 96 Acre Ranch outside of Dallas, Texas. The Lease contains all Mineral Rights and Drilling Rights from surface to 5,000 feet. Paradigm Oil & Gas has two wells on the Property and plans on adding wells.
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.
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
SOURCE Paradigm Oil and Gas, Inc.