EUSTACE, Texas, Feb. 4, 2013 /PRNewswire/ -- (OTCPINK: PDGO) Vince Vellardita, President of Paradigm Oil and Gas, Inc., announced today that while testing one of the wells that had been shut down for the past years -- "We Struck Oil"!!
"Since our wells have been shut down, an H-I5 Test must be performed for the Railroad Commission in compliance with Texas Law. Upon completion this would allow us to turn the pumps back on. We took our Centurion One Trailer to our Clark Lease Property to begin the process of getting it ready for contract fulfillment. While testing our #2 well, WE PRODUCED OIL at less than 1000 feet and it was a beautiful sight ( paradigmoilinc.com/oil.htm)," stated Vince Vellardita, President. Water intrusion from Woodbine Formation is the mechanism pushing oil through the reservoir toward the producing wells. Our test proves the Clark Lease has plenty of oil and water. The source rock for the oil in East Texas is the lower-lying Eagle Ford Shale.
Paradigm Oil & Gas is looking at a bright future having the Centurion One Technology under contract for 48-65 wells and ready to start producing revenue and earnings for the Company. Clark Lease property is expected to have two wells online and producing within the next few weeks. "I'm extremely happy for the shareholders as we now have leases that will be oil producing and a Technology Company with two streams of revenue," stated Vince Vellardita.
About the CENTURION ONE TRAILERParadigm Oil & Gas owns the Centurion Technology. The Centurion One Platform is a unique trailer that is designed as a self sufficient oil recovery system. It requires only a 4.5 inch or wider clean casing and can reach up to eleven hundred feet. The main components on the Centurion One are: a 50KW generator, 1100 feet of flexible tubing and a 3 1/2 inch wide submersible pump. The system is also capable of being tied directly into flow lines.