The stock has been on quite a tear and is up against its 200DMA. A break of that figure could see this stock rocket even further. However further weakness will likely send the stock back to wear the rally started from.
The company is behind on both its quarterly and annual filing requirements.
Here is the news that helped propel the stock:
CORSICANA, Texas, June 18, 2012 /PRNewswire via COMTEX/ -- Paradigm Oil and Gas, Inc., (OTC: PDGO), is pleased to announce that Todd Violette has been named as its new CEO and controlling shareholder to lead Paradigm in expanding its operations and to seek new opportunities that could grow the Company and achieve its production goals. Mr. Violette is currently the Chief Executive Officer of Lighthouse Petroleum, Inc., a Public Company trading under the symbol (OTC: LHPT) and he will be exploring opportunities for the Company and Lighthouse Petroleum to joint venture or possibly merge in a manner that will maximize shareholder value for both companies.
Both Paradigm and Mr. Violette has determined that this management change brings common sense possibilities and is in the best interest of both Companies. Paradigm did not have a current CEO or President and needed leadership and direction in order to become profitable.
Paradigm has 106 wells currently under lease and has needed this leadership and management role that will be focused on turning the wells into cash flowing assets. Lighthouse and Paradigm have already begun marketing 3 well packages for partners to farm in on the leases. The Company plans to offer packages with estimated costs to the farm in partners of between $150,000 to $250,000 per package while retaining a 20% carried interest in the wells. Paradigm has leases in Navarro County that has permitted injection wells. Management is exploring the possibility of an application to the state regulatory agency and with a modest investment could build a commercial water disposal facility. The geographic coverage for the combined assets of Lighthouse and Paradigm would cover areas from Louisiana to Eastern Texas and additional areas in Western Texas making a regional asset play.
With the appointment of Todd Violette, Brian Kennedy will resign from the Board of Paradigm and as its Chief Financial Officer to pursue other business interest. Brian was valuable to Paradigm for a number of years and Paradigm would like to thank Brian Kennedy for all his effort and wish him the best in his new business opportunity.
Management will hold a Conference Call Tuesday June 19, 2012 at 4:30 PM ET at the following number:
Phone Number: 1(559) 670-1000
Access code: 321599#
Please email firstname.lastname@example.org with all questions you would like addressed during the call. Upon request a playback number will be available.
About Paradigm Oil and Gas Inc.
Paradigm Oil and 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. The company has acquired properties covering 1,148 acres all located in the State of Texas, USA. For more information about Paradigm Oil & Gas, visit the website at www.ParadigmOilInc.com.
About Lighthouse Petroleum, Inc.