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Microcap & Penny Stocks : paramax resources
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To: Flea who wrote (174)5/6/1999 10:00:00 AM
From: Diamond Daze  Read Replies (2) of 246
 
This is of interest...Looks like Paul was smart not to participate.
<<<The Company also announced that testing has been completed on the
Devonian and Atoka zones in its Winfield Ranch #17-1E well in
Pecos County, Texas. Both zones produced gas on test at rates of
up to 200 thousand cubic feet per day indicating the presence of
gas on the structure. However, in each case the reservoir was
considered too tight for a commercial completion. A decision to
temporarily abandon the well was made in order to make the
wellbore available for possible utilization at a later date for
a potential sidetrack or redrill of the Ellenburger formation
pending the outcome of the Company's litigation with Weatherford
International, Inc. and several Weatherford subsidiaries (News -
March 3, 1999.) The presence of hydrocarbons on the structure has
increased the likelihood of a commercial completion being made in
the fractured Ellenburger formation, the primary target in the
well.>>>
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