MABANK, TEXAS — (Marketwire) — 09/09/11 — Paradigm Oil and Gas, Inc. (OTCBB: PDGO), announced that a Joint Venture Partnership agreement has not been executed with EGPI Firecreek, Inc. (EGPI) and that EGPI–s news release on September 8, 2011 was premature.
On September 8, 2011 a news release by EGPI Firecreek, Inc. announced that a Joint Venture between Paradigm Oil and Gas, Inc. was signed. This release was premature as this relationship is still in negotiation. If and when an agreement is reached and executed, Paradigm Oil and Gas, Inc. will make such an announcement.
About Paradigm Oil & Gas, Inc.
Paradigm Oil & Gas Inc. (OTCBB: PDGO) identifies and acquires energy properties with previously discovered known oil and gas reserves that have not either been fully produced from, or fully developed and defined. Utilizing new technologies like the Transportable Enhanced Oil Recovery Platform, Paradigm expects to generate profit from these previously producing wells. The company has acquired properties covering 1,148 acres all located in the State of Texas, USA. Combined there are a total of 23 existing previously producing wells and available spacing to support the drilling of approximately 30 new wells in the 3,800– to 9,000– range and approximately 100 new wells in the 800– to 1,800– range. For more information about Paradigm Oil & Gas, visit the website at .
Safe Harbor
This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Paradigm Oil & Gas, Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contacts:
Paradigm Oil and Gas Inc.
Terry Rutter
(903) 880-1161
Paradigm Oil and Gas Inc.
1307 W Main St Suite 247 B.
Gun Barrel City, Texas, USA, 75156