Paradigm Oil and Gas Successful Well Completed in Major Oil Sands Development Project
Posted on: Monday, 28 November 2005, 15:00 CST
Paradigm Oil and Gas Inc. (OTC BB: POGI)
Paradigm Oil and Gas Inc. (OTC BB: POGI) is pleased to announce that a successful well drilled by Precision Drilling at Sawn Lake has been completed with the testing stage to be started.
The well drilled at Sawn Lake in the Peace River area of North Western Alberta was drilled to a vertical depth of 752 meters followed by a horizontal leg of over 700 meters. It confirmed the pay zones as stated in a published Ryder Scott engineering report, and a high concentration of solution gas present.
The successful well has been cased and the operator anticipates beginning the testing phase in early December 2005.
The operator of the project recently announced the appointment of Mr. Leigh Cassidy as Chairman and CEO and conclusion of an $8,550,000 institutional financing for its interest in Sawn Lake project. Mr. Cassidy during his tenure as a senior management official at UTS Petroleum (TSX-V: UTS) was a key individual in the success of that oil sands company which currently has a market capitalization of over $1.5 Billion.
Paradigm Oil and Gas holds a farm in agreement with 1132559 Alberta Ltd., a private Alberta corporation, which owns a 10% working interest in 69.5 contiguous sections of oil sands leases at Sawn Lake. The majority interest partner is Deep Well Oil and Gas Inc. (OTC: DWOG).
Other joint venture partners include Pan Orient Energy Corp. (TSX-V: POE) with a 10% working interest equal in size to Paradigm's partner. On November 15, 2005, a leading research analyst initiated coverage of Pan Orient. The report stated reserves in place at Sawn Lake have been estimated by 3rd party engineers at 1.2 billion barrels (gross) pf 10-degree API oil; with a recovery under primary (cold) production of 8%. This would return net for 10% working interest 9.6 million barrels of oil. Secondary production could result in doubling or greater of the recoverable reserves. The report further stated this type of oil in the area is receiving approximately $45.00/b
Paradigm Oil and Gas with its participation in this first successful well validated its farm in agreement with 1132559 Alberta Ltd. In addition, the company holds an option with 1132559 Alberta Ltd. for future participation.
The completion of this well establishes Paradigm Oil and Gas in the current prolific development of the Northern Alberta Oil Sands. Other producing projects in close vicinity include Shell Peace River and Black Rock Ventures Inc. (TSX-V: BVI).
About Paradigm Oil and Gas Inc.
Paradigm is a junior oil and gas company headquartered in Calgary, Alberta, Canada. Its management believes in taking interest in low risk western Canadian energy projects and developing them jointly with experienced operators maintaining low overheads for the company. The company currently holds interests in the Todd Creek exploration project and options to participate in 7 addition sections. The Sawn Lake oil sands project is on 63 contiguous sections in North Western Alberta where Ryder Scott, a notable engineering firm, have estimated the original oil in place to be over 800,000 000 barrels
Forward-Looking Statement
This press release contains forward looking statements. The words "would be,""will allow,""intend to,""will likely result,""are expected to,""will continue,""is anticipated,""estimated,""project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the company's proposed oil and gas related business. The Company's business is subjected to various risks, which are discussed in the company's filings with the "Securities and Exchange Commission" (SEC). The company's filings may be accessed at the SEC's Edgar system at www.sec.gov.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact: Paradigm Oil and Gas Inc. Investor Relations Greg Werbowski 1-877-685-7719 Email - Contact via http://www.marketwire.com/mw/emailprcntct?id=214F07DD82DD8CB3 Website - www.paradigmoilandgas.com
SOURCE: Paradigm Oil and Gas Inc.
Source: MARKET WIRE
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