Paradigm Oil and Gas Inc. (OTC PINK: PDGO) has retired an additional 150 million shares of common stock and returned them to the treasury of the company's authorized shares. This, along with the 70 million shares the company cancelled a few weeks ago, decreases its issued and outstanding shares by 220 million. In the past few weeks alone, Paradigm has reduced the issued and outstanding shares by close to 50 percent.
The company is planning a share buy back from its outstanding float with an insider tender offer to purchase the necessary shares to keep the corporate structure to about 100 million shares issued and outstanding in its treasury.
Paradigm Oil and Gas Inc. provides service work to the oil and gas marketplace. The company strives to identify oil-producing wells and use modern technology to make them profitable based on modern commodity pricing. It has several proven oil production leases and options for many more, holds the rights to the Centurion Technology, and owns rigs that target shallow stripper wells.