GUN BARREL CITY, TEXAS--(Marketwire - 04/11/11) - Paradigm Oil and
Gas Inc. (OTC.BB:PDGO - News) is pleased
to announce that the company has entered into a Letter of Intent
Agreement to acquire the Skinner Lease located in Navarro County, Texas.
The
Skinner lease is a 70 acre lease that was previously producing 450
barrels of oil per month from 11 existing wellbores. Initially the
property produced at a rate of 1500 barrels of oil per month. The Lease
comes complete with fully equipped pumping units on the well bores and
the necessary infrastructure to allow for production turn on.
The
Company plans to rework the existing wells and test each well utilizing
their Transportable Enhanced Oil Recovery Platform (T-EOR) to determine
each wells production rate. Additional enhanced oil recovery techniques
will then be applied. The Company believes initially production rates of
450 barrels per month can be achieved with upward growth expected with
further treatment and methods.
"Since the released our Joint
Venture Oil Production Program that utilizes the Transportable Enhanced
Oil Recovery Platform, we have been introduced to a number of
opportunities in Navarro County. With the recent signing of 2 Joint
Venture Oil Production agreements and the Oil production acquisition LOI
we announced on April 5, 2011 it makes sense to build our portfolio in
this region", said Paradigms President and CEO Ron Polli, "We are
excited about the number of opportunities we are reviewing that appear
to fit our criteria and as a result are attempting to advance our
activities to enable us grow our portfolio and asset value."
A
definitive purchase agreement is to be completed over the next 45 days
at which time terms of the agreement will be disclosed. On closing of
the definitive agreement, Paradigm will be assigned the lease and
operate the property under their bond.
About Paradigm Oil and Gas
Inc.
Paradigm Oil and Gas Inc. (OTC.BB:PDGO - News) identifies and
acquires energy properties with previously discovered known oil and gas
reserves that have not either been fully produced from, or fully
developed and defined. Utilizing new technologies like the Transportable
Enhanced Oil Recovery Platform, Paradigm expects to generate profit
from these previously producing wells. The company has acquired
properties covering 1,148 acres all located in the State of Texas, USA.
Combined there are a total of 23 existing previously producing wells and
available spacing to support the drilling of approximately 30 new wells
in the 3,800' to 9,000' range and approximately 100 new wells in the
800' to 1,800' range. For more information about Paradigm Oil & Gas,
visit the website at www.ParadigmOilInc.com.
About
the Transportable Enhanced Oil Recovery Platform (T-EOR)
The
T-EOR Platform, a new and innovative industry oil production system, is a
turnkey integrated and portable oil recovery platform that can be
deployed quickly and economically to recover oil from previously
producing oil wells with known oil reserves that have not been fully
developed.
Initially the T-EOR Platform will gather oil production
from the non producing existing wells on a rotating daily/weekly basis
to determine their natural flow rate. Wells that warrant a permanent
infrastructure will then be equipped accordingly. Depending on each
situation and level of effort and investment, Paradigm retains anywhere
from 50-80% of the net revenue from the resulting production. The
company has identified over 6,000 orphaned wells in the State of Texas
alone that are potential oil producing candidates for the T-EOR
Platform.
Safe Harbor
This press release contains
statements, which may constitute "forward-looking statements" within the
meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934, as amended by the Private Securities Litigation Reform Act of
1995. Those statements include statements regarding the intent, belief
or current expectations of Paradigm Oil and Gas Inc. with members of its
management team as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking statements.
Important factors currently known to management that could cause actual
results to differ materially from those in forward-statements include
fluctuation of operating results, the ability to compete successfully
and the ability to complete before-mentioned transactions. The Company
undertakes no obligation to update or revise forward-looking statements
to reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
DISCLAIMER:
OTCmomo based upon information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by OTCmomo to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities.OTCmomo is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. OTCmomo has been compensated by third party shareholders.
OTCmomo has been compensated by third party shareholders. OTCmomo has been compensated 300 million shares by third party shareholders of BKMP for dissemination of this opinion and other professional services.
OTCmomo‘s affiliates, officers, directors and employees may also have bought or may buy the shares discussed in this opinion and may profit in the event of a rise in value. OTCmomo will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market.
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 identified in a companies` annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and OTCmomo undertakes no obligation to update such statements.
Paradigm Oil and Gas Inc.(OTC.BB: PDGO)
