CORSICANA, Texas, June 18, 2012 /PRNewswire/ -- Paradigm Oil and Gas, Inc., (OTC: PDGO), is pleased to announce that Todd Violette has been named as its new CEO and controlling shareholder to lead Paradigm in expanding its operations and to seek new opportunities that could grow the Company and achieve its production goals.
Mr. Violette is currently the Chief Executive Officer of Lighthouse Petroleum, Inc., a Public Company trading under the symbol (OTC: LHPT) and he will be exploring opportunities for the Company and Lighthouse Petroleum to joint venture or possibly merge in a manner that will maximize shareholder value for both companies.
Both Paradigm and Mr. Violette has determined that this management change brings common sense possibilities and is in the best interest of both Companies. Paradigm did not have a current CEO or President and needed leadership and direction in order to become profitable.
Paradigm has 106 wells currently under lease and has needed this leadership and management role that will be focused on turning the wells into cash flowing assets. Lighthouse and Paradigm have already begun marketing 3 well packages for partners to farm in on the leases. The Company plans to offer packages with estimated costs to the farm in partners of between $150,000 to $250,000 per package while retaining a 20% carried interest in the wells. Paradigm has leases in Navarro County that has permitted injection wells. Management is exploring the possibility of an application to the state regulatory agency and with a modest investment could build a commercial water disposal facility. The geographic coverage for the combined assets of Lighthouse and Paradigm would cover areas from Louisiana to Eastern Texas and additional areas in Western Texas making a regional asset play.
With the appointment of Todd Violette, Brian Kennedy will resign from the Board of Paradigm and as its Chief Financial Officer to pursue other business interest. Brian was valuable to Paradigm for a number of years and Paradigm would like to thank Brian Kennedy for all his effort and wish him the best in his new business opportunity.
Management will hold a Conference Call Tuesday June 19, 2012 at 4:30 PM ET at the following number:
Phone Number: 1(559) 670-1000
Access code: 321599#
Please email [email protected] with all questions you would like addressed during the call. Upon request a playback number will be available.
About Paradigm Oil and Gas Inc.
Paradigm Oil and Gas Inc. (OTCBB:PDGO) identifies and acquires energy properties with previously discovered known oil and gas reserves that have not either been fully produced from, or fully developed and defined. The company has acquired properties covering 1,148 acres all located in the State of Texas, USA. For more information about Paradigm Oil & Gas, visit the website at www.ParadigmOilInc.com.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development as a junior oil and gas company. Lighthouse's initial focus will be on acquiring abandoned wells and land leases believed to still have sustainable development opportunities. Lighthouse believes the use of modern technology will enable the company to reduce it risk in the initial phase of development and open up new opportunities. Lighthouse plans to create a base cash flow from reentering these wells and establish the network to acquire additional land asset in our targeted areas. The management's focus is on acquiring and developing assets located in the Permian Basin and Arch- Fort Worth Basin. Lighthouse is a growth orientated junior Oil & Gas Company that trades on the OTC markets under the symbol "LHPT".
Forward Looking Statement
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 an exploration 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 risk not mentioned may apply: failure to meet Paradigm's financial and contractual obligations and 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.
Todd Violette, CEO
Lighthouse Petroleum, Inc.
Investorshub email: Oilman2011
SOURCE Lighthouse Petroleum, Inc.