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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: 1st.mate who wrote (3108)	6/13/2001 2:10:41 PM
From: Al Collard	Read Replies (2) \| Respond to of 11802

"Yep. Pxm should get news this week!" Matey, as you predicted, news from your pick PXM-v: Paramax starts rework operations at Grassy Lake Wed 13 Jun 2001 News Release Mr. Paul Conroy reports Equipment has been mobilized and rework operations have started in the Grassy Lakes natural gas field, British Columbia. Paramax has farmed into acreage on which there are two suspended Upper Debolt gas wells. The gas wells were on production from 1990 to 1991 and produced at a combined rate in excess of 20 million cubic feet per day of sweet gas. However, water production, a lack of water disposal facilities and relatively low gas prices rendered the project subeconomic. A new technology for disposing of water combined with good commodity prices enables this project to become profitable and a valuable asset for Paramax. The company will be focusing its efforts on the Upper Debolt C reservoir that has reserves in place of some 51.7 billion cubic feet of gas, of which only 2 per cent has so far been produced. Infrastructure, namely pipelines and dehydrators, are already in place at the location. Currently, the original down-hole packer assembly has been successfully recovered. Down-hole injection rate testing will proceed immediately to be followed by the installation of the newly designed down-hole water disposal assembly. Testing of this system will take place next week after which the well will be put on production. Paramax is a natural resource company with a six per cent before payout interest in the Winfield Ranch well, Texas.