EUSTACE, Texas, April 15, 2013 /PRNewswire/ -- (OTC PINK: PDGO) President of Paradigm Oil and Gas, Inc. announced today that it had a very successful week in meetings with the Executives from Energy Revenue America, Inc. and Paradigm Oil & Gas on moving forward with the production of oil and gas with the wells that the Company owns.
"I am thrilled that over the next few weeks we will be moving full speed ahead with all divisions generating revenue," stated the President of both Companies, Vince Vellardita.
Here is the update by category:
1. Centurion Technology
We have an agreement in place and a potential to win contracts totaling 776 wells. The trucks and equipment is being prepped in order to start immediately on our first contract. This division has the opportunity to generate up to $3 Million in yearly gross revenue and the net based on these numbers would be close to $2 Million.
2. Oil Production
Paradigm Oil and Gas complete initial site work regarding the Clark Lease located in the Kaufman County, Texas site crews have been working on the field for the last two weeks. New roads were installed, maintenance on the tank battery was completed and we are waiting for repairs to the power lines that have recently been sagging. Once the power lines are repaired we should be able to begin scheduling service rigs to begin work on the site.
The joint management group will also begin discussions on the possibilities of Arbuckle pools that were found in Nowata County. Our current research indicated that previous wells drilled in Nowata County, showed an initial production of about 200 barrels a day totaling 6,000 barrels per month which could total $500K a month in revenue and were located in a dome close to the surface which also produces natural gas.
3. Natural Gas
Based upon the recent 24 percent increase in Natural Gas price and May delivery prices hitting $4.13 per MCF both management groups are working on plans to increase production of the natural gas. Paradigm management has approved plans to begin investing additional money into additional research of the long term natural gas commodity pricing. Paradigm Oil & Gas has arranged financing to complete a project of 65 miles of Pipeline and its wells to bring to operation.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) is a dynamic company in business to provide both, 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 owns 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 be added to PDGO's mailing list, please email: [email protected].
About Energy Revenue America, Inc.
(OTC: ERAO). ERA was formed to become an equity partner in various energy deals. Their goal is to recognize the value in a transaction and provide the capital to enhance the value of those projects, to the benefit of all parties. ERA presently owns a 65 mile pipeline and 3,000 acres along it providing natural gas production. They have many existing wells requiring re-work into the natural gas plays and transporting third party natural gas production to their purchaser.
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. Revenue estimated in this release is subject to change based on commodity market pricing and unknown factors to management therefore making all the estimates wrong. 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.