Exploration & Production | Service & Supply
Paradigm Oil and Gas Expanding Shift to Production
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Paradigm Oil and Gas, Inc., a leading service provider to the oil and gas industry with expanding operations in oil and gas production, has announced that 180 barrels of oil were shipped from holding tanks in Louisiana, driving 2014 production and sales totals to record highs.
Vince Vellardita, Paradigm Oil and Gas CEO said: "We've brought 368 barrels to market in the last month and anticipate another shipment from our Perry wells in June, besides Lucy Lee and Mina Travis.
The record levels of oil production and revenue send a clear message to shareholders that the Company is on the right course and poised for a breakout."
Boosting a robust 3rd quarter production and revenue forecast, 6 (of 50) new wells acquired last week in a transaction with Magnum Oilfield Services, Bitter Creek Petroleum, and Blackjack Services are producing at impressive levels, bringing the Company's portfolio of oil producing wells to 10 and plan another 10 in the next 60 days.
Following a comprehensive evaluation of the new properties, including analysis of production and geological data, Paradigm's management identified several priority low-risk, high-return opportunities and launched a repair initiative last week.
Detailing the reactivation campaign, Vellardita added: "We have a workover rig at one site and repair crews hard at work on several others. From Dallas to Midland and then San Antonio, the mission is to get these new wells online and contributing to a steadily growing flow of oil to market that we expect will generate monthly six figure revenue in 2014."
Vince Vellardita said: "Paradigm Oil and Gas closed on the Adobe and Miller Wells on June 6th, 2014 in a cash and preferred stock deal. We plan on having some wells producing cash flow by the end of the month."
We also closed on the Bittercreek properties last week. They are within 30 miles of the Perry Ranch property and hope to have them on line by July 2014.