import re

def gen_read_lines(file_name):
with open(file_name) as fp:
for line in fp:
yield line.strip()

def is_para_starting(line):
return True if re.match("^paragraph\d+:$", line) else False

def gen_read_para(file_name):
gen = gen_read_lines(file_name)

para = []
for line in gen:
if is_para_starting(line):
if para:
#returning the previous para
yield para
para = []
if ". " in line:
#resetting para.
para = []
continue
para.append(line)

#returning last para.

yield para

if __name__ == "__main__":
para_gen = gen_read_para("My_text_file.txt")
for para in para_gen:
print "\n".join(para)
print "~"*10