DALLAS, TX–(Marketwired – Sep 16, 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provider to the oil and gas industry with expanding operations in oil and gas production, announced today that it has withdrawn its offer to purchase a 4,000 square foot commercial facility situated on 4 acres along US Highway 175 in West Athens, Texas.
“After conducting the necessary due diligence to finalize the transaction, we determined that this particular acquisition was not in the best interest of the Company,” stated Vince Vellardita, Chairman and CEO of Paradigm Oil & Gas. Vellardita added, “Once we have a new Chief Financial Officer (CFO) in place, we will resume the search for a location to establish a more efficient and cost-effective field services operation.
Paradigm anticipates introducing a new CFO to shareholders by the end of this week. The Company also notes that repair continues on recently acquired properties in nearby Woodbine, Texas and expects reactivation of new oil wells to begin in the next few weeks.
About Paradigm Oil & Gas
Paradigm Oil and Gas Inc. (PINKSHEETS: PDGO) Paradigm Oil and Gas 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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