DALLAS, TX–(Marketwired – Aug 4, 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 the Company is awaiting the completion of reserve reports which will allow its auditors to finalize and file current financials.
Required by the SEC to validate the projected value of oil and gas assets under pipe and in the ground, the reserve reports are being completed by MKM Engineering in Plano, TX. MKM provides third-party geological/engineering analysis to estimate mineral reserves which Paradigm’s auditors need to accurately book Company assets. Paradigm’s audit firm Turner and Stone, which specializes in serving oil and gas producing companies, anticipates a quick turnaround once the necessary research, assessment, and valuation has been completed. Reserve reports can take weeks and months of evaluation in studies that the engineers and geologists work on. We hired MKM over a month ago and their third party analysis should be completed any day and passed on to our auditors.
Vince Vellardita, Paradigm Oil and Gas CEO, offered insight into process, stating, “The good news is that the delay in filing is a direct result of our rapid and dramatic growth. Adding wells at such an aggressive pace has required additional, time consuming reporting that has taken longer to complete than expected.”
Paradigm Oil and Gas currently operates more than 300 wells on 40 leases in Texas, Louisiana, and Oklahoma, with 7 properties actively producing oil and gas. Paradigm estimates that it has spent over 100k in 2014 on various studies and reports necessary to maintain SEC compliance and accurately reflect the Company’s progress. Vellardita added, “Shareholders are making money while they sleep. We have 7 wells pumping 24/7, helping us show substantial profits. The reserve reports will validate our assets and demonstrate our immense potential to consistently generate revenue in the future.”
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
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About Paradigm Oil and Gas, Inc.
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. 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.
Paradigm Oil and Gas, Inc.