FOR IMMEDIATE RELEASE
SOUTH FORT STOCKTON UPDATE
TEXAS GAS WELL
February 21, 2001 PXM-CDNX
Mr. Paul Conroy, President of Paramax Resources Ltd. (“Paramax”) is please to provide the
following update on the South Fort Stockton Texas gas well.
In the US, the trial date for the lawsuit against Weatherford by the working interest owners has
been rescheduled for September 4, 2001.
In March 1999, the working interest owners together with the operator, Baytech, Inc., filed a
lawsuit against Weatherford in state court in Pecos County, Texas. The lawsuit against
Weatherford seeks compensatory damages; exemplary damages and attorney fees as a
consequence of pipe failures of pipe supplies by Weatherford. Discovery is ongoing. The parties
have agree to a mediation of the case March 7
th
and 8
th
to explore settlement possibilities.
In an effort to mitigate its damages, Weatherford took over operations of the Winfield Ranch 17-
1E well and it attempting to sidetrack the well into the Ellenburger formation, at its sole risk and
expense. Weatherford kicked off the sidetrack at 21,540 feet and as of February 16, 2001 had
reached 23,685 feet for a total of 2,145 feet drilled from the kickoff point. The sidetrack attempt
will attempt to reach the Ellenburger Formation that was encountered at 24, 630 feet in the
original wellbore. Drilling progress has been intermittent of late due to downhole mechanical
difficulties
Paramax has a 6% before payout working interest in the Winfield Ranch 17 1E well.
“Signed”
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 |
