Paradigm Oil and Gas CEO Issues Progress Reportadmin
DALLAS, Texas / ACCESSWIRE / March 14, 2014 / Paradigm Oil and Gas, Inc. (Paradigm) (OTC PINK: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today released a progress report to shareholders from Company CEO, Vince Vellardita.
Dear Fellow Paradigm Oil and Gas Shareholders:
Since being promoted to CEO on June 14, 2013, I have undertaken the responsibilities of my position with great passion, integrity, and unwavering optimism. During my nine month tenure, we eliminated nearly $1 million in debt, activated oil producing wells within our portfolio, and generated the first revenue in three years.
While our progress has positioned us for unprecedented growth and success, I do not believe that the range of our stock valuation accurately reflects the Company’s assets, achievements, or vast potential. With this as a backdrop, I’d like to detail key developments that will help explain my confidence in Paradigm Oil and Gas.
In September of 2013 I initiated a comprehensive, independent audit of the Company’s financials, including 2011 and 2012. In my enthusiasm to demonstrate our full disclosure; commitment to shareholders, I rushed to provide completion dates that were unexpectedly revised as the scope and complexity of the audit changed throughout the process. I sincerely apologize for any miscommunication. Several months of delays are directly attributed to: almost a thousand unexpected transactions; the intensive review and verification of nearly 300 wells on 30 leases, roughly 50,000 acres; and the discovery of additional assets not previously booked and potentially worth millions of dollars, including Canadian properties that are successful natural gas producers. We are currently finalizing and preparing to file Form 10, which will include 2011, 2012 and 2013 audit results and can now focus on the future. We anticipate filing and being totally caught up and fully reporting next week, subject to the Auditor’s revenue Letter and legal approval to release.
Oil and Gas Production
With impressive oil producing properties in Texas and Louisiana, Paradigm expanded its production initiative in March 2014 as full scale oil production began from newly acquired wells along the Tuscaloosa Marine shale formation in Louisiana. The Company also received approval (P5) to ship oil from our holding tanks in Texas and Louisiana, signaling the start of significant, steadily increasing revenue.
In a short period of time we have taken bold steps forward, transforming Paradigm Oil and Gas into a streamlined, fundamentally sound, fiscally responsible company worthy of shareholder confidence. As fellow shareholders, I hope that this update has provided clarity and reinvigorated enthusiasm in the Company’s future.
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their new web site at http://paradigmoil.com/.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGOD) 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. To be added to Paradigm’s mailing list, please email: Vince@paradigmoil.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.
Posted: March 17th, 2014 under ACCESSWIRE.