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 Corporation has completed its seismic and inital two well program at Fincastle. The well in Fincastle East has been successfully drilled and cased as a Sawtooth oil well. The Corporation is evaluating the completion and tie in options and will provide information in regard to production capabilities of this well as soon as possible. Fincastle West was drilled and cased as a gas well. Subsequent to flow testing, the well was shut in to perform a pressure build up evaluation. Once the testing results have been reviewed the Corporation will provide specific results. Various options are being considered to tie the well in and bring it on production.

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.