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Microcap & Penny Stocks : paramax resources
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To: BEST BET who started this subject9/28/2000 5:25:28 PM
From: Lazarus Long  Read Replies (1) of 246
 
PARAMAX RESOURCES LTD SIGNS AGREEMENT
TO COMPLETE NATURAL GAS WELLS

September 28, 2000 PXM-CDNX

Paramax Resources Ltd. (“Paramax”) has signed a letter agreement with a private company to earn a 100% interest before payout (50% APO) in two natural gas wells located in the Grassy Area of northeastern British Columbia. Paramax can earn the interest by re-entering one or both wells and completing the well bores by installing a water disposal system. Operations will commence in October 2000.

The wells were drilled and tested in 1990, however excess water produced with the natural gas made the wells uneconomic. Paramax intends to use a water disposal system and inject the produced water to a porous zone below the natural gas producing formation. This system bas been field tested at other wells and proven effective in disposing of water on an economic basis.

One well at Grassy tested in excess of 12,000 mcf/d and produced approximately 1.5 BCF before it was shut in due to the water problem. A third party engineering firm has assigned proven producable reserves of 37 BCF to the property.

Paramax is a natural resource company with an interest in the South Fort Stockton, Texas well and diamond and gold interests in Brazil.

Paul Conroy,
President

For further information please contact:
Investor Relations:
Roy Peers, Bob Moxey Dave DiRicco
(604) 687-1334 Tel: 1-888-356-4843
Email: paramntv@axion.net Email: davidjdiricco@worldnet.att.net

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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