Paradigm Oil and Gas, Inc. is pleased to announced execution of service contracts starting January 2013 for the Centurion. "There is nothing like starting the New Year with work contracts earning revenue. This marks the beginning of Paradigm's commitment to using new technology in the oil and gas industry and we expect to explore, acquire and use more technologies," said Vince Vellardita, President.
Paradigm has been contracted by CAVU Resources, Inc., ("CAVU"), (OTC PINKS: CAVR) of Tulsa, Oklahoma to work on a lease with up to 65 shallow wells in Northeast Oklahoma. Most of the wells are cased wells with no equipment. The Centurion is expected to assist CAVU in understanding the fluid level in each of the wells, provide information about potential recovery from the wells, assist in determining formation porosity and provide valuable information to the management of CAVU for determining its future investment expenses for equipping and reworking any of those wells.
"We are excited about utilizing this technology to prove the economics of our Hogshooter lease. With our new partners and large re-development project planned, having facts and proven results will allow us to maximize our returns and accelerate the project," stated William Robinson, CEO of CAVU.
The timing is right; the demand for domestic oil production is increasing and information about existing wells having only recovered a small percentage of the reserves keep coming out. Management believes the Centurion will be helpful to companies like CAVU which need the most real time data before making an investment in rework projects. Paradigm's ability to provide reoccurring service to companies like CAVU over time will be important to all parties. "Paradigm's goal is to have a fleet of 10 Centurion Trucks and crews in different geological regions and generating as much revenue as we can by the end of 2013 by utilizing our Centurion technology," stated Vince Vellardita.