EUSTACE, Texas, Feb. 20, 2013 /PRNewswire/ -- (OTC PINKS: PDGO) Vince Vellardita, President of Paradigm Oil and Gas, Inc. announced today that a Joint Venture was signed with Energy Revenue America, Inc., (OTCPINK:ERAO) based in Dallas, Texas.
Paradigm Oil and Gas, Inc. has entered into a 50% Joint Venture Agreement with Energy Revenue America, Inc. to take advantage of each other's area of expertise in the Oil and Gas Industry. The objective of the joint venture is to exploit opportunities to rework and put in to production reclaimed wells that have a possibility of producing oil and gas. The first target area will be the Eastern Texas and woodbine formation which is the second largest reserves of oil in the United States. Energy Revenue America will introduce Paradigm Oil to leases in Oklahoma that are available for re-work. ERA has a 65 mile natural gas pipeline and 3,000 acres of potential producing wells and target wells for secondary recovery that are easily put back in service. Paradigm will bring to the joint venture additional options; up to 5,000 acres of land prime for re-work within the Mid Continent Region. Management of the companies believe that the venture brings the opportunity to be one of the top producers in the continent for both companies and allows an increase in potential profits by working together and give the opportunity to become one of the larger independent Oil & Gas companies in the region.
"With all of the signs pointing to a cleaner environment and more cost efficient ways to create energy; the message is clear that ERAO is in the right business!" stated Charles Havens, CEO & President of ERA.
"Having the opportunity in Natural Gas through the new venture and Paradigm Oil & Gas being in traditional Oil Production, we are now set up with three revenue streams for a Win-Win situation!" stated Vince Vellardita.
This venture will supply Paradigm Oil & Gas with a third revenue stream adding natural gas and a 65 mile pipeline. The other two revenue streams are the Centurion Technology which we have contracts on and several Oil Leases. We recently started to fire up the Clark Lease and are now waiting for approval and soon the right to sell oil from this lease. In the first days alone, we recovered close to 3,000 gallons. "I'm excited and can hardly wait to get the wells up and pumping" stated Vince Vellardita.
The venture calls for an initial investment of two million dollars cash and stock to support the first two projects. Both companies will not only benefit by increased revenue and bottom line earnings, but it will also increase shareholders' value in both Companies.
At the closing of the venture scheduled for March 30, 2013, the PDGO Shareholders will receive a dividend in Energy Revenue America (ERAO) currently trading on OTC Markets at $1.10 per share, and in return the estimated 1300 Shareholders of ERA will become Shareholders in Paradigm Oil & Gas (PDGO).
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. Paradigm Oil & Gas has several proven oil production leases and options for many more and also holds the rights to the Centurion Technology and we own rigs that target the shallow stripper wells.
SOURCE Paradigm Oil and Gas, Inc.
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