Paradigm Oil and Gas clears debt and hires outside accounting firm

Source:Paradigm Oil and Gas, Inc.

Paradigm announced that it has cleared its balance sheet, eliminating approximately $400,000 in outstanding debts. Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it has cleared its balance sheet, eliminating approximately $400,000 in outstanding debts.

This marks a point in the company's history where only trade receivables remain outstanding.

We have hired an outside auditing firm to bring our books current and we anticipate having our filings up to date by the end of June. Once we have accomplished this our intention is to file to begin trading on the OTCBB.

We've officially started two of our contracts with the Centurion Technology. Paradigm recently earned its first revenue by leasing its Centurion One Platform, a self-sufficient oil recovery system designed for mobility. The Platform, an exclusive technology, tests orphaned wells to determine their oil production capabilities.

"We have now completed the first and second phase of our commitments to our investors; the first being the cleaning up of our balance sheet and getting our filings in order and the second, being the commencement of producing revenue. The third phase will be to take in the financing which will enable us to build our revenue from our existing assets and acquire new assets. In short, we are thrilled by this pace of growth," stated Vince Vellardita, President of Paradigm.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs