EUSTACE, Texas, Sept. 3, 2013 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it filed its 2nd quarter, ending June 30, 2013.
Paradigm Oil and Gas is pleased with its results, posting revenue for the first time in almost 2 years. As part of a comprehensive, on-going re-audit process covering the past 24 months of operation, the Company anticipates revised filings by September 30, 2013 which will be restated on the OTBB exchange.
"Several months ago I brought on C.P.A. David Dreslin and have worked closely with him to get the books prepared for the auditors. While we encountered unanticipated expenses, properly booking assets is a critical step in the process of turning the Company around and developing a corporate structure that supports our vision of a future on the American Stock Exchange," stated Vince Vellardita, President and CEO of Paradigm Oil and Gas.
Pointing to further evidence of a turnaround, Paradigm Oil and Gas successfully reduced liabilities from 1 million in the first quarter to 300,000 by June 30, 2013 and settled another 690,000 of debt in the last 90 days. In addition to resolving issues related to oil leases, resulting in nearly 200 wells ready for operation, the Company reports prepping its advanced Centurion oil and gas recovery equipment as well as support resources for contracts to service 50 wells, with 750 more possible in the next few months.
"I know that $40,000.00 in revenue doesn't sound like much, but it marks an important Paradigm shift for this corporation. When you look at the big picture, which includes a reduction of liabilities, the addition of revenue generating assets, and other improvements to our service infrastructure, you can clearly see that we are on a course to grow our business and significantly enhance shareholder value," Vellardita added.
Paradigm's new management is pleased with the progress it has made auditing and reconciling the past two years of financials from a previous organizational structure that operated under two different management and accounting teams. The Company has undergone a comprehensive organizational transformation, transitioning to an effective, efficient, streamlined operation, crediting the vision and dedication of its experienced leadership team for the fundamental changes which now have the Company positioned for success.
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: email@example.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.