Paradigm acquired the property
Situated on 4 acres along US Highway 175, less than an hour south of Dallas, the 4,000 square foot building features offices and warehouse space with six 14' bay doors. Conservatively valued at 500,000.00 Paradigm acquired the property in a self-financed cash and preferred stock transaction totaling 470,000.00. "Given the facility's proximity to hundreds of our wells in Texas and Louisiana, this location gives us the opportunity to establish a more efficient and cost-effective field services operation," stated Vince Vellardita, Chairman and CEO of Paradigm Oil & Gas.
In addition to storing millions of dollars worth of trucks, trailers, pipe, pump jacks, tanks, generators, and other oil drilling and service equipment, Paradigm plans to situate mobile home on the property to accommodate crews traveling between work sites. Vellardita added, "While the facility will save us close to 7k per month in storage, rental, and hotel costs, having a consolidated oil services division will give us the opportunity to strategically grow yet another revenue stream for shareholders."
As minor renovations on the field operations center get underway, Paradigm continues to service recently acquired properties in nearby Woodbine, Texas and expects the reactivation of new oil wells to begin in the next few weeks.
About Paradigm Oil & Gas
Paradigm Oil and Gas Inc. is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm is a growing oil and gas producer, currently holding 30 leases with nearly 300 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities.