Paradigm Oil press release
Paradigm Oil and Gas, Inc., a leading service provider to the oil and gas industry with expanding operations in oil and gas production, announced Sept. 10 that it has purchased a commercial facility in Athens to serve as its base for field service operations.
Situated on 4 acres along US Highway 175, less than an hour south of Dallas, the 4,000 square foot building features commercial real estate like offices and warehouse spaces with six 14′ bay doors. It was conservatively valued at $500,000 on warehouse space listings and Paradigm acquired the property in a self-financed cash and preferred stock transaction totaling $470,000.
“Given the facility’s proximity to hundreds of our wells in Texas and Louisiana, this location gives us the opportunity to establish a more efficient and cost-effective field services operation,” stated Vince Vellardita, Chairman and CEO of Paradigm Oil & Gas.
In addition to storing millions of dollars worth of trucks, trailers, pipe, pump jacks, tanks, generators, and other oil drilling and service equipment, Paradigm plans to situate mobile home on the property to accommodate crews traveling between work sites. Vellardita added, “While the facility will save us close to $7,000 per month in storage, rental, and hotel costs, having a consolidated oil services division will give us the opportunity to strategically grow yet another revenue stream for shareholders.”
As minor renovations on the field operations center get underway, Paradigm continues to service recently acquired properties in nearby Woodbine, Texas and expects the reactivation of new oil wells to begin in the next few weeks.
Companies that provide field service to customers could make use of ServiceMax software to manage warranty and contracts – https://www.servicemax.com/products/warranties-contracts
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