EUSTACE, Texas, Aug. 21, 2013 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it moved the rig on location to complete the Willie #6 at the Senora formation in Pontotoc County Oklahoma. Wells in this formation in the area have a history of initial producing at rates 30 to 1100 Barrels of Oil per Day. The Company has four wells ready to be put to work with a track record of success in Oil Production
Additionally, the Company is thrilled to be back in action with its fleet of Completion Rigs, Swabbing Units and Winch Trucks. We are getting ready for contracts and the service business is being booked consistently now. "The Oil field is booming, we cannot keep up with the demand of our fleet; there is more work out there than there are available workers" stated Anthony Feezel, President of Paradigm Trucking and Well Services. Anthony Feezel was formerly a Field Supervisor for over 22 years with Mobile Oil where he supervised over two million dollar budget per month; before joining the Paradigm team.
It was recently discovered by Paradigm that two other wells (Carpenter Well #1 and the Carpenter Well #2) that were recently acquired by Paradigm in Pontotoc County Oklahoma acquisition; had been drilled and completed several years back, tested for 1,000,000 IP cubic feet of Gas per day (Carpenter well #1) and 1,500,000 IP cubic feet of gas per day (Carpenter Well #2). The State records indicate that the wells have been shut in and not produced, due to the fact that there was no gas gathering line and the low prices of natural gas in the area when the wells were drilled and completed. Over the last years a low pressure gas gathering line has been installed and the prices have increased by close to 700%. The Company doesn't believe a compressor will be needed however we intend to install a small low pressure compressor and install a line to connect to the gas gathering system. Recently, Vince Vellardita made a trip to the lease to inspect the wells. When the operator opened the bleed off valve it sounded like a loud jet plane. Because of the anticipated success, we will also be firing up Carpenter Well #1 this week." stated Vince Vellardita, President of Paradigm Oil and Gas.
What does this mean to the average person? Well it means that each well, based on today's prices of $3.58 CFG can produce as much as $32,000 per day, per well. Several years ago when these wells were capped off, they were not worth but about $0.50 CFG, producing $5,000 per day and in comparison they are now 7 times that amount. Based on historical data, even at 50% the wells alone can produce approximately $260,000 per month from these wells alone." stated Vince Vellardita, President of Paradigm Oil and Gas.
"From our other Oil field Services subsidiary which provides well completion and production testing, lease production on low volume wells, drilling, water removal and engineering analysis; the Company anticipates just under $200,000 per month in revenue. We have only just begun and have several contracts and proposals out in the industry and expect a profitable quarter" stated Vince Vellardita, President of Paradigm Oil and Gas.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) is a dynamic company in business to 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. Paradigm Oil & Gas has several proven oil production leases and options for many more, holds the rights to the Centurion Technology, and owns rigs that target shallow stripper wells. For more information about Paradigm Oil and Gas, visit www.paradigmpdgo.com. If you wish to be added to Paradigm's mailing list, please email: firstname.lastname@example.org
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.