Paradigm Oil & Gas, Reserve Reports to Validate Assets and Oil Production
9:53a ET August 4, 2014 (Market Wire) Print
Paradigm Oil and Gas, Inc. (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced that the Company is awaiting the completion of reserve reports which will allow its auditors to finalize and file current financials.
Required by the SEC to validate the projected value of oil and gas assets under pipe and in the ground, the reserve reports are being completed by MKM Engineering in Plano, TX. MKM provides third-party geological/engineering analysis to estimate mineral reserves which Paradigm's auditors need to accurately book Company assets. Paradigm's audit firm Turner and Stone, which specializes in serving oil and gas producing companies, anticipates a quick turnaround once the necessary research, assessment, and valuation has been completed. Reserve reports can take weeks and months of evaluation in studies that the engineers and geologists work on. We hired MKM over a month ago and their third party analysis should be completed any day and passed on to our auditors.
Vince Vellardita, Paradigm Oil and Gas CEO, offered insight into process, stating, "The good news is that the delay in filing is a direct result of our rapid and dramatic growth. Adding wells at such an aggressive pace has required additional, time consuming reporting that has taken longer to complete than expected."
Paradigm Oil and Gas currently operates more than 300 wells on 40 leases in Texas, Louisiana, and Oklahoma, with 7 properties actively producing oil and gas. Paradigm estimates that it has spent over 100k in 2014 on various studies and reports necessary to maintain SEC compliance and accurately reflect the Company's progress. Vellardita added, "Shareholders are making money while they sleep. We have 7 wells pumping 24/7, helping us show substantial profits. The reserve reports will validate our assets and demonstrate our immense potential to consistently generate revenue in the future."
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
