Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that it moved the rig on location to complete the Willie #6 at the Senora formation in Pontotoc County Oklahoma. Wells in this formation in the area have a history of initial producing at rates 30 to 1100 Barrels of Oil per Day. The Company has four wells ready to be put to work with a track record of success in Oil Production
Additionally, the Company is thrilled to be back in action with its fleet of Completion Rigs, Swabbing Units and Winch Trucks. We are getting ready for contracts and the service business is being booked consistently now. "The Oil field is booming, we cannot keep up with the demand of our fleet; there is more work out there than there are available workers" stated Anthony Feezel, President of Paradigm Trucking and Well Services. Anthony Feezel was formerly a Field Supervisor for over 22 years with Mobile Oil where he supervised over two million dollar budget per month; before joining the Paradigm team.
It was recently discovered by Paradigm that two other wells (Carpenter Well #1 and the Carpenter Well #2) that were recently acquired by Paradigm in Pontotoc County Oklahoma acquisition; had been drilled and completed several years back, tested for 1,000,000 IP cubic feet of Gas per day (Carpenter well #1) and 1,500,000 IP cubic feet of gas per day (Carpenter Well #2). The State records indicate that the wells have been shut in and not produced, due to the fact that there was no gas gathering line and the low prices of natural gas in the area when the wells were drilled and completed. Over the last years a low pressure gas gathering line has been installed and the prices have increased by close to 700%. The Company doesn't believe a compressor will be needed however we intend to install a small low pressure compressor and install a line to connect to the gas gathering system. Recently, Vince Vellardita made a trip to the lease to inspect the wells. When the operator opened the bleed off valve it sounded like a loud jet plane. Because of the anticipated success, we will also be firing up Carpenter Well #1 this week." stated Vince Vellardita, President of Paradigm Oil and Gas.
What does this mean to the average person? Well it means that each well, based on today's prices of $3.58 CFG can produce as much as $32,000 per day, per well. Several years ago when these wells were capped off, they were not worth but about $0.50 CFG, producing $5,000 per day and in comparison they are now 7 times that amount. Based on historical data, even at 50% the wells alone can produce approximately $260,000 per month from these wells alone." stated Vince Vellardita, President of Paradigm Oil and Gas.
"From our other Oil field Services subsidiary which provides well completion and production testing, lease production on low volume wells, drilling, water removal and engineering analysis; the Company anticipates just under $200,000 per month in revenue. We have only just begun and have several contracts and proposals out in the industry and expect a profitable quarter" stated Vince Vellardita, President of Paradigm Oil and Gas.