ENERGY REVENUE AMERICA, INC. Paradigm Oil and Gas, Inc. announced that a Joint Venture was signed with Energy Revenue America, Inc. Paradigm Oil and Gas, Inc. has entered into a 50% Joint Venture Agreement with Energy Revenue America, Inc. to take advantage of each other's area of expertise in the Oil and Gas Industry. The objective of the joint venture is to exploit opportunities to rework and put in to production reclaimed wells that have a possibility of producing oil and gas. The first target area will be the Eastern Texas and woodbine formation which is the second largest reserves of oil in the United States.
Energy Revenue America will introduce Paradigm Oil to leases in Oklahoma that are available for re-work. ERA has a 65 mile natural gas pipeline and 3,000 acres of potential producing wells and target wells for secondary recovery that are easily put back in service. Paradigm will bring to the joint venture additional options; up to 5,000 acres of land prime for re-work within the Mid Continent Region.
Management of the companies believe that the venture brings the opportunity to be one of the top producers in the continent for both companies and allows an increase in potential profits by working together and give the opportunity to become one of the larger independent Oil & Gas companies in the region. This venture will supply Paradigm Oil & Gas with a third revenue stream adding natural gas and a 65 mile pipeline. The other two revenue streams are the Centurion Technology which the company has contracts on and several Oil Leases.
The venture calls for an initial investment of two million dollars cash and stock to support the first two projects. Both companies will not only benefit by increased revenue and bottom line earnings, but it will also increase shareholders' value in both Companies.
