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South Fort Stockton Prospect-Texas
In October 1997, Paramax Resources Ltd., ("Paramax") a wholly owned subsidiary of Paramount entered into an agreement with Baytech, Inc. to participate in the exploration and development of the lands covering Baytech's South Fort Stockton Prospect located in Pecos county Texas, USA.
In consideration of the initial sum of US$260,000 paid to Baytech, Paramax has earned an assignment of an undivided 10% interest in the Initial Well and an undivided 7.5% interest in the Contract Lands of 5,280 gross acres (3,920 net acres). Paramax's interest in the initial well shall be subject to Baytech's 25% back-in after payout.
The adjacent Gomez Field to the northwest has produced 4.7 trillion cubic feet ("TCF") of gas of the seven TCF of recoverble reserves, while the adjacent McComb Field to the north has produced 50 billion cubic feet ("BCF") of the 160 BCF of recoverable reserves, and to the southeast has produced 3.8 TCF of the 5 TCF recoverable reserves.
Baytech is the operator of the Project and obtained a third party drilling contractor to drill the initial well. The primary objective is to drill to approximately 26,000 feet to test the Ellenburger formation, with the secondary objective being the Devonian Formation. The well was spudded on February 23, 1998 and as of September 27, 1998 has reached a depth of 23,645.
In September 1998 Paramax began trading on its own with approximately 5.7 million shares outstanding. It trades on the Vancouver Exchange under the symbol PXM-V.
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