EUSTACE, Texas, Sept. 18, 2012 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK SHEETS: PDGO) is pleased to announce it has signed its first production contract for hydrocarbon extraction from Eleven (11) wells located in West Caddo Parrish, Louisiana. Paradigm has begun working on the logistics for the delivery of the equipment and access to the lease and expects to begin producing oil within the next Ten (10) days. Paradigm's management secured a Fifty Percent (50%) working interest in the production of the hydrocarbons from this lease.
Management believes this contract provides Paradigm with the opportunity to begin measuring the economic value of the Centurion One and provides a revenue stream for the Company during the Centurion testing. The Centurion One is a portable production system than can be easily and economically moved from well to well and quickly installed to remove oil from the existing well bore.
Paradigm intends an initial extraction of all fluid from the targeted wells from the surface to about 1075 feet below the ground. The objectives during the test are: (1) to prove the Centurion One has the capability to recover up to 6,500 barrels of oil in a 12 month period of time, (2) the Centurion could operate up to 270 days a year, (3) the crew can reasonably work on 4 to 6 wells each day during operations, (4) the estimated lifetime recoverable value of oil could exceed $3,085,000 (based on the current price of $95.00 per barrel) for each Centurion unit making the retail price of $159,000 reasonable, and (5) prove the anticipated life expectancy of each unit to last 5 years.
"The value of this test is a game changer for Paradigm. If everything is successful, we will now be producing revenue and the technology can start being built commercially. A production facility for the Centurion One will most likely be in or around Eustace, Texas and we can begin working on the plans for developing the Centurion Two," said Todd Violette, CEO.
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.