Business
Paradigm Shift as Paradigm Oil and Gas Files 2nd Quarter and Shows Revenue for the First Time in over a Year
Paradigm Shift as Paradigm Oil and Gas Files 2nd Quarter and Shows Revenue for the First Time in over a Year.
About this update from Paradigm Oil And Gas, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nParadigm Shift as Paradigm Oil and Gas Files 2nd Quarter and Shows Revenue for the First Time in over a Year\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nParadigm Shift as Paradigm Oil and Gas Files 2nd Quarter and Shows Revenue for the First Time in over a Year\n\nPR Newswire\n\nEUSTACE, Texas, Sept. 3, 2013\n\n\n\n\n\n\n\nEUSTACE, Texas, Sept. 3, 2013 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) (\"Paradigm\") today announced that it filed its 2nd quarter, ending June 30, 2013.\n\n\nParadigm Oil and Gas is pleased with its results, posting revenue for the first time in almost 2 years. As part of a comprehensive, on-going re-audit process covering the past 24 months of operation, the Company anticipates revised filings by September 30, 2013 which will be restated on the OTBB exchange.\n\n\n\"Several months ago I brought on C.P.A. David Dreslin and have worked closely with him to get the books prepared for the auditors. While we encountered unanticipated expenses, properly booking assets is a critical step in the process of turning the Company around and developing a corporate structure that supports our vision of a future on the American Stock Exchange,\" stated Vince Vellardita, President and CEO of Paradigm Oil and Gas.\n\n\nPointing to further evidence of a turnaround, Paradigm Oil and Gas successfully reduced liabilities from 1 million in the first quarter to 300,000 by June 30, 2013 and settled another 690,000 of debt in the last 90 days. In addition to resolving issues related to oil leases, resulting in nearly 200 wells ready for operation, the Company reports prepping its advanced Centurion oil and gas recovery equipment as well as support resources for contracts to service 50 wells, with 750 more possible in the next few months. \n\n\n\"I know that $40,000.00 in revenue doesn't sound like much, but it marks an important Paradigm shift for this corporation. When you look at the big picture, which includes a reduction of liabilities, the addition of revenue generating a...