Paradigm Oil and Gas jumps to profitabilityStaff writer ▼ | September 5, 2013
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.
"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.
Pointing 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, Paradigm Oil and Gas 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.
"I know that $40,000 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 assets, and other improvements to our service infrastructure, you can clearly see that we are on a course to grow our business and significantly enhance shareholder value," said Mr. Vellardita. ■