CLARIFICATION of EGPI Firecreek, Inc. Signs Letter of Intent with Paradigm Oil and Gas, Inc. for Joint Venture

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--

EGPI Firecreek, Inc. EFIR wishes to issue the following clarification of its release, NewsItemID 20110908005824, (AZ-EGPI-FIRECREEK) "EGPI Firecreek, Inc. Signs Letter of Intent with Paradigm Oil and Gas, Inc. for Joint Venture" issued Thursday, Sept. 8, 2011:

EGPI Firecreek, Inc Updates Letter of Intent for Joint Venture

EGPI Firecreek, Inc. EFIR announced that due to a miscommunication between the two parties, the press release issued on the Joint Venture Partnership (“JVP”) with Paradigm Corporation (OTCBB: PDGO) was disclosed by EGPI Firecreek, Inc. premature to the factual signing of the documents.

Certain issues, relatively minor in nature, have been brought up and are in the process of being addressed, in order for a formal document to be executed. As of today, both parties are still in agreement to work together on formalizing a Joint Venture Partnership in order to build and utilize each company's technology, knowledge and strength.

Dennis Alexander, EGPI Firecreek, Inc., CEO and Chairman, stated, “We sincerely apologize for the confusion with our latest press release. Occasionally, when you are dealing with multiple corporate principles and representatives, an error such as this can occur. Regardless, we will continue to move ahead and we look forward to announcing a finalized document through a joint press release.”

All terms, conditions, and due diligence are currently being processed for review and shall be disclosed in a formal 8K filing upon the signing of a formal definitive document. Additionally, as of today, any type of stock swap between the two companies is not being considered.

About EGPI Firecreek, Inc.

EGPI Firecreek, Inc.'s business and acquisition strategy is focused on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc., and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources through their recently acquired Arctic Solar Engineering.

About Paradigm Oil and Gas Inc.

Paradigm Oil and Gas Inc. 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. By the deployment of their Transportable Enhanced Oil Recovery (referred as “T-EOR”) Platform technology, they can significantly reduce a wells operating and extraction costs.

Safe Harbor

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Paradigm Oil & Gas, Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.