EUSTACE, Texas, Feb. 20, 2013 /PRNewswire/ -- (OTC PINKS:
PDGO) Vince Vellardita, President of
Paradigm Oil and Gas, Inc. announced today that a Joint Venture was
signed with Energy Revenue America, Inc., (OTCPINK:ERAO) based in
Dallas, Texas.
Paradigm Oil and Gas, Inc. has entered into a 50% Joint Venture
Agreement with Energy Revenue America, Inc. to take advantage of
each other's area of expertise in the Oil and Gas Industry.
The objective of the joint venture is to exploit
opportunities to rework and put in to production reclaimed wells
that have a possibility of producing oil and gas. The first target
area will be the Eastern Texas and
woodbine formation which is the second largest reserves of oil in
the United States. Energy
Revenue America will introduce Paradigm Oil to leases in
Oklahoma that are available for
re-work. ERA has a 65 mile natural gas pipeline and
3,000 acres of potential producing wells and target wells for
secondary recovery that are easily put back in service.
Paradigm will bring to the joint venture additional options;
up to 5,000 acres of land prime for re-work within the Mid
Continent Region. Management of the companies believe that the
venture brings the opportunity to be one of the top producers in
the continent for both companies and allows an increase in
potential profits by working together and give the opportunity to
become one of the larger independent Oil & Gas companies
in the region.
"With all of the signs pointing to a cleaner environment and
more cost efficient ways to create energy; the message is clear
that ERAO is in the right business!" stated Charles Havens, CEO & President of ERA.
"Having the opportunity in Natural Gas through the new venture
and Paradigm Oil & Gas being in traditional Oil Production, we
are now set up with three revenue streams for a Win-Win
situation!" stated Vince
Vellardita.
This venture will supply Paradigm Oil & Gas with a third
revenue stream adding natural gas and a 65 mile pipeline. The
other two revenue streams are the Centurion Technology which we
have contracts on and several Oil Leases. We recently started
to fire up the Clark Lease and are now waiting for approval and
soon the right to sell oil from this lease. In the first days
alone, we recovered close to 3,000 gallons. "I'm excited and can
hardly wait to get the wells up and pumping" stated Vince Vellardita.
The venture calls for an initial investment of two million dollars cash and stock to support the
first two projects. Both companies will not only benefit by
increased revenue and bottom line earnings, but it will also
increase shareholders' value in both Companies.
At the closing of the venture scheduled for March 30, 2013, the PDGO Shareholders will
receive a dividend in Energy Revenue America (ERAO) currently
trading on OTC Markets at $1.10 per
share, and in return the estimated 1300 Shareholders of ERA will
become Shareholders in Paradigm Oil & Gas (PDGO).
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) is a dynamic company
in business to both provide service work to the oil and gas
marketplace and to produce oil. Paradigm's goal is to identify oil
producing wells and use modern technology to make them profitable
based on modern commodity pricing. Paradigm Oil & Gas has
several proven oil production leases and options for many more and
also holds the rights to the Centurion Technology and we own rigs
that target the shallow stripper wells.
For more information about Paradigm Oil and Gas, visit the
website at www.paradigmoilinc.com. If you wish to added to
PDGO's mailing list, please email: vince@paradigmpdgo.com
About Energy Revenue America, Inc. (OTCPINK: ERAO). ERA was
formed to become an equity partner in various energy deals. Their
goal is to recognize the value in a transaction and provide the
capital to enhance the value of those projects, to the benefit of
all parties. ERA presently owns a 65 mile pipeline and 3,000
acres along it providing natural gas production. They have
many existing wells requiring re-work into the natural gas plays
and transporting third party natural gas production to their
purchaser.
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.
Contact:
Vince
Vellardita, President
Paradigm Oil and Gas, Inc.
vince@paradigmpdgo.com
1-727-595-8101
SOURCE Paradigm Oil and Gas, Inc.