Paradigm to Launch the Centurion One

EUSTACE, Texas, Sept. 10, 2012 /PRNewswire/ -- It is with great pleasure that the management of Paradigm Oil and Gas, Inc. (OTC: PDGO) plans to launch the Centurion One Platform for exaction of oil from shallow formations. We expect to begin having the Centurion One operational within the next two weeks.  Paradigm Management will be redesigning and rebuilding its mobile platform technology and deploying it as the Centurion One. "I believe we could begin making revenue for this product prior to the end of the year. This is significant news because Paradigm should be making its first revenue of the year with this deployment," said Todd Violette, CEO.

The Centurion One is made up of a group of pieces of oilfield equipment assembled that is currently being used in the oil field daily. It consist of an ESP pump, poly-urethane tubing on a steel drum, Diesel generator, standard oilfield connections and measuring meters, electrical motor (as used on a pumping unit), a hydraulic motor and pump. The equipment is the same equipment that would be used to produce a well that did not have electrical service yet. The Centurion One unit can serve a dual function. 

1. The first and primary function is to haul and install flexible tubing and an electrical submersible pump for permanent install of a wellbore for production just like a completion rig. The CENTURION ONE unit operates just like a completion rig in this sense –it has a cable or a short piece of flexible tubing attached to the long string of tubing that runs through the derrick long enough to set the tubing into a well head or slip.  The CENTURION ONE unit is backed up to a well. The tubing and electrical submersible pump is put in the well bore and set at the desired depth (standard procedure). Then the long string tubing line is hooked up to the meters on the truck (to measure fluid flow and compare to tank battery gauges) with a short piece of flexible production tubing and then from meters hooked up to the flow line that goes to the lease separator and tank batteries. The submersible pump is tied in just like a permanent install unless electricity isn't available and then run by the diesel generator until electric is made available. The pump is turned on and run for a set time to test the well. If the well produces commercially, the tubing and pump that was on the trailer and now installed in the well is left in the hole and detached from trailer meters and attached directly to the flow line bypassing trailer meters. The tubing and pump are left in the wellbore until mechanical failure of pump or until well quits producing economically.  If a flow line is not available, we do what any operator currently does when they test a well: we produce in a temporary tank then run the production through the flow line to the separator and tank batteries on the lease. Again we use standard methods to measure production by gauging the lease production tank batteries (standard to the industry –as every pumper/operator does). In every case it is simply a highly efficient installation rig.
2. If the well has good production shows but low speed delivery; as many shallow stripper wells do (some wells can take a month to fill up). Operators have, in the past—if they could afford it –put a pump and a timer on the well to pump 1 hour to once a month. The problem is the cost of equipment is so expensive, some wells can't be economical by purchasing its own equipment. Because of the advances in strength of the flexible tubing and hydraulics, we can equip a well much faster and safer; in about 15 to 20 minutes. This allows us to replace the timer and use the same production equipment over a few wells. Our field hands can use our unit to pull the production string and move that string to another well as often as time will allow. It pumps the well bore dry and we go install the pumping equipment into another well for an hour or a day—whatever the well needs.  We can now share the cost of production equipment over a few wells. So we can amortize the production equipment over a few wells instead of one well, making wells profitable to equip and produce. The same concept. All the production mechanics remain the same. Production gets put into a flow line, to the separator, then to a salt water tank and the oil tanks.

Our initial plan is for a three state testing stage of the Platform. Our three state test plan calls for us to use the product in Louisiana, Oklahoma and Texas. Our plan should run starting the week of September 17, and continue eight weeks. During the testing we plan to demonstrate the technology works.  The test should demonstrate the functionality of the systems and establish the economics of the Centurion One. 

About Paradigm Oil and Gas Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) is a dynamic company in business designed to provide service work to the Oil and Gas marketplace and produce Oil. Paradigm targets for oil production is identifying oil producing wells and using modern technology to make them profit based on modern commodity pricing.  For more information about Paradigm Oil & Gas, visit the website at www.ParadigmOilInc.com.

Forward Looking Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Lighthouse Petroleum, Inc. is an exploration company with limited experience in the oil and gas industry. At the time of this release Lighthouse Petroleum, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the company's shares to raise the necessary operating capital. Based upon industry standards Lighthouse would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risk not mentioned may apply: failure to meet Lighthouse's financial and contractual obligations, Lighthouse's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.

Contact:

Todd Violette , CEO 
Paradigm Oil and Gas, Inc.
[email protected]
1-214-784-3103

SOURCE Paradigm Oil and Gas, Inc.