DALLAS, TX--(Marketwired - Jan 26, 2015) - Paradigm Oil and Gas, Inc. (OTC PINK: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, announced important new strategic partnerships, the reactivation of four newly rebuilt wells and the accumulation of a growing stockpile of oil that now exceeds 2,000 barrels.
Paradigm Oil and Gas plans to announce several strategic partnerships in the next 48 hours which will significantly increase the Company's financial resources, drilling assets and cost per barrel profitability. The group is comprised of significantly well positioned global investors and oil and gas service companies partnering on a joint venture basis. "These prominent investors and executives accompanied me on the recent tour of Paradigm's assets and quickly realized our immense potential," commented Vince Vellardita, CEO of Paradigm Oil and Gas. He added, "These partnerships represent a substantial infusion of capital to generate sustainable growth and will lower operational costs to make oil production profitable down to $35 a barrel."
Paradigm confirms that a new leadership team will be assembled to run the company and include executives from the newly formed alliance. Full details will be released once formal agreements are finalized.
From an operational standpoint, Paradigm reports the reactivation of four oil wells in Texas (2) and in Louisiana (2) following an estimated $250,000 of repairs and renovations. "We are very excited to get these wells back on line with enhanced capability to reach the significant oil resources beneath our leases," commented Vince Vellardita, CEO of Paradigm Oil and Gas. "With an estimated increase in sustainable production of 500 barrels per day, we expect a quick return on investment." The Company details the following scope of work for each well.
Lucy Lee, LA - Remove hydraulic ICI lift, install pea gravel base and concrete slab, install horse head pumping unit (456 Baker with 144" stroke with a natural gas engine), add 3,000 ft of new L-80 2 7/8" pipe as well as 3,000 ft of 1" T-66 Rods (increasing depth to 10,700 ft), conduct line repair work for water tank, oil tank, and existing flare lines including replacement of valves and gauges.
Mina Travis, LA - Remove hydraulic ICI lift, install pea gravel base and concrete slab, install horse head pumping unit, add 5,000 ft of new L-80 2 7/8" pipe as well as 5,000 ft of 1" T-66 Rods (increasing depth to 12,000 ft), conduct line repair work for water tank, oil tank, and existing flare lines including replacement of valves and gauges.
TW Greer, TX - Install new "American 25" pumping unit, pull, test, and reset existing 2500 ft of tubing, install 2500 ft of 5/8" rod and new down hole pump, conduct line repair work including replacement of valves and gauges.
TW Lee, TX - Install pea gravel base and concrete slab, install Bethlehem 160 pumping unit, install Gun Barrel 4x20 separating unit and 210 barrel battery tank, conduct line repair work including replacement of valves and gauges.
Regarding inventory, Paradigm Oil and Gas announced that storage tanks on well sites from Texas to Louisiana now hold more than 2,000 barrels of oil accumulated over the last few months. While severe weather delayed some scheduled shipments; the Company strategically maintained a reserve amid the recent decline in oil prices. "With confidence in an improved global oil market, we hedged our bets a bit," stated Vellardita. "As we expect solid increases in both our own production as well as crude futures; we will resume routine shipments to market this month."
About Paradigm Oil & Gas
Paradigm Oil and Gas Inc. (OTC PINK: 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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Forward-Looking
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.