Oil well purchases greatly increase Paradigm Oil and Gas production
Posted on Monday, June 9th, 2014 at 3:40 pm
Oil and gas service provider Paradigm Oil and Gas Inc. announced its acquisition of 50 new oil wells in Texas, thereby expanding their reach into oil and gas production, SYS-CON Media reported on June 2.
In a press statement, the company said more than 20 of the 50 newly acquired oil wells are already producing oil and yielding income. The purchases cover about 4,000 acres of land in the Houston and Dallas areas, obtained by acquiring the leases previously held by Bitter Creek Petroleum, Blackjack Services, and Magnum Oilfield Services.
Paradigm Oil and Gas CEO Vince Vellardita said that with its increased production capability, the company expects to earn a six-digit monthly revenue by the last quarter of this year.
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