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

On September 2, 2008 the Corporation closed the acquisition of a 50% interest in approximately 100,000 acres of land in the Rocky Mountain basin in Idaho and Oregon.

The Corporation expects to spud the first wells into the Rocky Mountain Asset area during the first quarter of 2010. Its partner has submitted applications to drill five wells in the basin. 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 will be the first wells drilled on these prospects based on modern reprocessed seismic.

FINCASTLE

The first Canadian property is in the Taber area of Alberta (“Fincastle”) and consists of a joint venture with a private company. The Corporation has signed a farm in agreement on 7 sections of land in which the Corporation will hold a 50% working interest upon completion of a seismic program and drilling of initial wells.

The target for the drilling at both Fincastle locations is medium weight oil, analogous fields in the adjoining acreage have producing wells that produced in excess of 150,000 barrels per well, with cumulative production being greater than 500,000 barrels.

Exploration at Fincastle West has already begun and exploration at Fincastle East is planned in the next two months as well, the partners  have acquired the needed seismic information, the results of which have been used to finalize the drilling locations. It is expected that the initial well at Fincastle East will spud before the end of the year.

FOSTERTON

In addition to the Fincastle property, the Corporation holds interests on properties in Saskatchewan, Canada, which is referred to as the Fosterton Project. The first well on the project was drilled in February, 2006 and has been producing since August, 2006. The Corporation holds a 35% interest in this well before well payout and a 26% interest after and for the remaining term of the lease. 

The second well of the Fosterton Project was drilled in January, 2008 and started producing in the month of June, 2008. The Corporation has a 32% interest in this well before well payout and a 26% interest after and for the remaining term of the lease.