DALLAS, TX–(Marketwired – Sep 29, 2014) – Paradigm Oil and Gas, Inc. (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced that 5 new wells would be brought on line by the end of the week, boosting the Company’s number of oil producing properties to 12.
Two of Paradigm’s new wells, situated on its Adobe/Miller leases in Texas, were activated following successful work-overs last week. Three additional newly acquired wells on the Clements Lease are oil producing and located on the Yates Formation in West Texas. “Remaining recoverable reserves for Yates are estimated at one billion barrels. We’re expecting significant, sustainable production,” stated Tommy Thompson, head of field operations for Paradigm Oil and Gas and a 35 year veteran of the oil and gas industry. He added, “With 12 wells producing oil, conservative production estimates now cumulatively represent a potential of millions of dollars in annual revenue for shareholders.”
Amidst a flurry of inaccurate rumors regarding Paradigm Oil and Gas and alleged Texas Railroad Commission (TRC) violations, Vince Vellardita, Paradigm’s Chairman and CEO, explained that a misunderstanding arose when Anthony Maye, former CEO of Home Creek Energy (HCE), was hired by Paradigm as a consultant to temporarily oversee TRC reporting. Unbeknownst to Paradigm, Maye’s former company, HCE, was a suspended operator with the TRC. Subsequently, when Maye filed reports on behalf of Paradigm, they were incorrectly flagged for outstanding violations due to his previous association with HCE.
Once notified by the TRC of the issue several weeks ago, Paradigm retained Roland Baker, an Austin based compliance consultant, and the matter was expeditiously resolved. Vellardita stated, “It was a misunderstanding. The Company is in FULL compliance and continues, in good standing, to operate as an oil and gas producer in the State of Texas.”
Scheduled for October 10, 2014, Paradigm will be setting up a live call for shareholders and investors to discuss any questions regarding Paradigm Oil and Gas’ operations. Officers, Directors and a Field Operator will be available to answer any questions. We would also like to invite any shareholder of record with proper notice to come out and visit a producing well and receive a lesson on oil production from our Paradigm Field Operations Team. “Seeing is Believing!!,” stated Vince Vellardita.
About Paradigm Oil & Gas
Paradigm Oil and Gas Inc. (PINKSHEETS: PDGO) is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm is a growing oil and gas producer, currently holding 30 leases with nearly 300 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities.
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Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
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