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PureSpectrum, Inc. Signs Joint Venture for Oil & Gas Drilling in Texas; Partners with Paradigm Oil and Gas for Revenues in Q1 2012
Jan 18, 2012 4:02:00 PM
Copyright Business Wire 2012

TORONTO--(BUSINESS WIRE)-- PureSpectrum, Inc. (PSRU - OTC Pink) announces today that it has signed a Joint Venture with Paradigm Oil & Gas, Inc. (OTCQB: PDGO) for a 30 well re-entry drilling program in Navarro County, Texas. As previously announced, the 30 wells are a workover of previously drilled, producing wells. This initiative marks Phase 1 of a larger, long-term initiative the two companies have agreed on as part of the overall terms. As well, the drilling program is already set up with the necessary infrastructure and equipment for immediate production and Paradigm will act as well operator per the JV. Phase 1 is expected to produce revenues for PSRU in the first quarter of 2012.

PSRU CEO, Cedric Atkinson, states, “We will begin promptly with action on 3 wells in what I feel will be a prosperous endeavor for PSRU and our shareholders. This Agreement sets the company for revenues almost immediately and I am confident that our actions, will provide inherent value for the company as well as long-term growth as we further position the company in a very profitable, relevant industry for years to come.”

PureSpectrum, Inc. expects to have further details on the launch of a corporate website with project overviews in the next few weeks and PRSU executives are pleased to announce that the company looks to announce further negotiations on another deal in the coming days.

Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.



PSRU

Cedric Atkinson

416-792-5555

[e-mail]

Source: PureSpectrum, Inc.


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