Paradigm Oil & Gas Confirms $5.1 Million in Oil, Ready to File
Marketwired
Paradigm Oil & Gas August 11, 2014 9:30 AM
DALLAS, TX--(Marketwired - Aug 11, 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 the completion of reserve reports which will enable the Company to complete accounting and file financials necessary to gain reinstatement on the OTC trading platform by September 2014.
The reserve reports, required by the SEC to substantiate the projected value of oil and gas assets under pipe, provides third-party geological/engineering analysis including past production data to estimate mineral reserves. MKM Engineering conducted a comprehensive review and analysis of Paradigm's five active wells situated on its Adobe, Miller, Perry, Lee and Mina Travis leases, appraising oil reserves at $5.1 million, a net of $3.5 million.
Vince Vellardita, Paradigm Oil and Gas CEO stated, "The reserve reports confirm we have active wells sitting on significant oil reserves. The Company still has seven more wells to fire up on those leases, validating the success of our acquisition strategy and providing a solid foundation of future oil production and revenue."
MKM will continue to review and report on an estimated 295 additional wells in Paradigm's portfolio which will guide the Company's future reactivation strategy. Vellardita commented, "We have $5.1 Million under just five of our nearly 300 wells. As we explore the vast cumulative reserve of oil and gas yet to be tapped, I'm excited by the massive revenue potential the future holds for shareholders."
Amidst other important business developments, Paradigm Oil and Gas highlights:
Revised Oil Production Reports
Paradigm Oil and Gas was notified by state authorities of an error in oil production reporting for 2014. Paradigm apologizes for any miscommunication this may have caused and has taken the necessary steps to revise and refile documentation which will accurately reflect past production.
In advance of revised regulatory reports, Paradigm provides the following as accurate June 2014 production which totaled 677.2 (bbl): Perry 139.2, Lucy Lee 202, Mina Travis 184, and Adobe Miller 152.
New Wells Activated
Paradigm reports activating 3 new wells in Texas, one outside of Midland and two others situated in a promising area known as the "Woodbine Play." Located in Madison, Leon, and Grimes counties, the "Woodbine Play" is an organic rich, laminated sand zone that industry analysts believe has the equivalent oil production potential of the "Lower Eagle Ford Shale Formation" of South Texas.
Revenue
With the recent addition of 3 wells and plans to continue an aggressive slate of reactivation, Paradigm reaffirms revenue projections to exceed 7 figures by the end of 2014.