EUSTACE, Texas, Oct. 12, 2012 /PRNewswire/ -- Paradigm Oil and Gas, Inc., (OTCQB: PDGO) is no longer planning to acquire Lighthouse Petroleum, Inc., based on the reduction in share price since the merger was announced and feedback that most investors didn't want to merge the two companies while simultaneously attempting to rebuild.
Paradigm plans to begin exploring the following opportunities:
- Paradigm has begun discussion with LTS operating, an oil and gas operator currently operating over 180 wells in Texas. LTS and Paradigm currently have a working relationship based on the Clark Lease in Kemp, Texas. The goal of Paradigm's Management is is to secure a joint venture with LTS with a long term view towards Paradigm potentially acquiring LTS.
- Paradigm will focus on acquiring new properties in Eastern Texas and Northwestern Louisiana. One of Management's goals is to acquire a couple targeted wells in Gregg County, Texas.
- Paradigm recently signed a partnership agreement on a lease in West Caddo Parrish for 11 wells. The main investor in that project began discussion with Paradigm to potentially acquire the 11 wells that are currently producing oil.
- Management is also pursuing several other options that will be disclosed as developments, material information or agreements are available.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) is a dynamic company in business to both provide service work to the oil and gas marketplace and to produce oil. Paradigm's goal is to identify oil producing wells and use modern technology to make them profitable based on modern commodity pricing. For more information about Paradigm Oil and Gas, visit the website at www.paradigmoilinc.com.
Forward Looking Statements.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Paradigm Oil and Gas, Inc. is a company with limited experience in the oil and gas industry. At the time of this release Paradigm Oil and Gas, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the Company's shares to raise the necessary operating capital. Based upon industry standards Paradigm would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risks not mentioned may apply: failure to meet Paradigm's financial and contractual obligations, Paradigm's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
CEO Paradigm Oil and Gas, Inc.
SOURCE Paradigm Oil and Gas, Inc.