Dec 02, 2013 (ACCESSWIRE via COMTEX) — DALLAS, Texas, December 2, 2013 – Paradigm Oil and Gas, Inc. (Paradigm) (OTC PINK: PDGOD), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, announced today that its Board of Directors has authorized a 1-for-10 reverse split of its common stock and expects trading on a split-adjusted basis effective December 2, 2013.
Highlighting additional developments, Paradigm Oil and Gas confirmed receiving approval for the stock restructure from FINRA last week, and also being qualified on November 29, 2013 by the DTC to change CUSIP number, and having Chill restrictions lifted from the Company’s stock.
“We have rigorously reviewed our capital structure and believe that a reverse split is in the best interests of all Paradigm Oil and Gas shareholders,” stated Vince Vellardita, President and CEO of Paradigm Oil and Gas. “A smaller number of proportionally more valuable shares would significantly enhance the Company’s ability to attract a broader universe of investors.”
Mr. Vellardita is confident that stock restructuring will position the Company to secure the large funding necessary to expand oil production and more aggressively pursue growth opportunities. “The convergence of the reverse split, finalized audits and lifting of Chill restrictions has reinvigorated the Company and paves the way for renewed growth and enhanced shareholder value,” Vellardita added.
Paradigm Oil and Gas also announced that its Board of Directors approved decreasing authorized shares from 3 billion to 500 million, expected to take place later this week. Vellardita explains that the decision is “part of an initiative to enhance trading and send a clear message to the market that we’re aggressively taking steps to avoid stock dilution.”
In conjunction with today’s stock related developments, Paradigm Oil and Gas reports that the final reconciliation of 2011 and 2012 re-audits has been completed and anticipates a December 2013 filing and we will be filing our Form 10 to be reinstated to a larger trading platform. Vellardita closed by saying, “Accurate and up-to-date disclosure is a critical component of our long-term compliance strategy to position Paradigm Oil and Gas for a future move to the American Stock Exchange.”
A MESSAGE FROM THE CEO:
To our Shareholders,
Since coming aboard as your CEO, I have paid down One Million dollars of the Company’s debt, produced the first revenue the company has seen in over 3 years and put together a highly qualified Board of Advisors and Board of Directors. I’ve acquired over 200 wells and 27 leases and started producing oil. I have finally finished the audited financials of 2 ½ years and restructured the Company treasury to put an end to the game playing in the market. I have received the green light from DTC to have the chill restriction removed from the stock after a period of three years and I am now approaching the closing of a large funding opportunity that would not have been possible without all of the above being accomplished. I will give you everything I have to make this the most successful penny stock company and drive it to become a successful New York Stock Exchange Company. The opportunities we have with Paradigm Oil and Gas are limitless and the world is ours!
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their new web site at http://paradigmoil.com/.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGOD) Paradigm Oil and Gas is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm’s Support Services Division includes a fleet of advanced “Centurion” mobile drilling platforms which feature exclusive oil recovery technology, as wells as bulldozers, graders, water trucks, and environmental equipment. Specializing in the use of advanced recovery techniques to make producing and non-producing wells profitable, Paradigm is a growing oil and gas producer, currently holding 23 leases with nearly 200 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities. To be added to Paradigm’s mailing list, please email: Vince@paradigmoil.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.