Paramax Resources Ltd., is an oil and gas exploration company engaged in the business of acquiring and exploring oil and gas projects in both Canada and the US.

 

US ASSETS

 

The Corporation holds a 50% interest in approximately 34,000 acres of land in the Rocky Mountain basin in Idaho.

 

The Corporation spud its first wells into the Rocky Mountain Asset area during the first quarter of 2010. The wells range in depth from 4,500 to 7,000 feet and will be targeting both shallow gas and deeper oil reservoirs. Several older wells flowed gas to surface at measured rates up to 400,000 cubic feet per day and two of the four deeper wells in the basin recorded oil shows. These are the first wells drilled on these prospects based on modern reprocessed seismic.

 

Western Idaho Basin

 

The Corporation holds a 50% interest in over 34,000 acre land package in Idaho. The Corporation along with its partner completed a 5 well exploration drilling program in early 2010. The successful drilling program identified two development areas, the Hamilton Project and the Willow Project.

 

Hamilton Project

 

The Corporation has completed its first phase of development drilling and has initiated tie-in into the Williams Northwest Pipeline.  Commercial production in excess of 5MMcf/d is anticipated out of the Hamilton prospect.  

 

Willow Project

 

The Corporation shot and interpreted 40 miles of seismic over the summer which identified several targets analogous to the ML Investments well which production tested at 5MMcf/d.  Two follow up locations were drilled in the fourth quarter of 2010, one of which has been production tested at over 1.25MMcf/d.  Following a small stimulation, a significant increase in the production rate is anticipated.