Texas energy company Paradigm Oil goes into overdrive

Sept. 5, 2013 at 7:06 AM
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EUSTICE, Texas, Sept. 5 (UPI) -- An emerging U.S. energy company focused on southern prospects said it would work to increase production in response to disruptions overseas.

Oil prices on the international market have hovered above the $100 per barrel mark because of supply disruptions in Libya. Conflict in Egypt and Syria has led to broader concerns about stability in the Middle East and North African markets.

Paradigm Oil and Gas said it dispatched quick response teams to its lease areas in Texas, Louisiana and Oklahoma with the aim of bringing as many as three wells online within the next 10 days.

"We have set one goal for theses leases, get them online and producing," Chief Executive Officer Vince Vellardita said in a statement Wednesday. He said the company was working to respond to the overseas crisis.

The company did not provide a reserve estimate or production expectation from the targeted lease areas. Last month, Paradigm said some of its assets in Oklahoma were testing at 1 million cubic feet of natural gas per day. A fleet supervisor for the company said oil fields in Oklahoma were "booming."

The U.S. Energy Department said last month domestic crude oil production will exceed U.S. crude oil imports as early as this October, the first time this will have happened since February 1995.

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