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 spud its 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.
Western Idaho Basin
The Corporation holds a 50% interest in over 110,000 acre land package in Idaho and Colorado. 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 Hamilton Project encompasses 30,000 acres and a recently completed independent engineering report recognizes in excess of 71.8 BCF of recoverable gas in the project area. The Corporation will begin its development drilling program on the project in August 2010. The development project anticipates the drilling of 5 wells. Upon completion of the development drilling program the Corporation plans to quickly move to production.
Willow Project
The Willow Project encompasses 6,000 acres and a recently completed independent engineering report recognizes in excess of 64.8 BCF of recoverable gas and 972 MSTB of recoverable liquids in the project area. The Corporation has planned a 40 mile seismic program for the summer which will be followed with its development drilling program on the project later this year. The development project anticipates the drilling of 5 wells. Additionally, The Corporation intends to continue to evaluate the remaining acreage and plans to commence further exploration drilling on other prospect areas upon completion of the above noted development programs.