NEWS - more cash, more focusHave you ever heard the word "execution". It certainly seems this is what Joseph Casabona is about to do. He saw an opportunity to raise $363,953 and shed a smaller, less productive property while in turn concentrating efforts on Idaho (two successful wells, a third drilling ahead, and 2 more planned) and Fincastle (determining development program for a successful well).
In my opinion, this is a very smart move to concentrate on the big potential winners. Idaho only has the potential to hold 7 major prospects, each of which could produce in excess of $100 Million (with 10 wells pumping per prospect). This is exactly what I would do, they only need to hit on 2 of the 7 prospects and they would be company makers.
Interesting time ahead for Paramax.
Paramax sells Fosterton property to unnamed buyer
Paramax Resources Ltd (C:PXM)
Shares Issued 45,275,200
Last Close 4/15/2010
.31
Friday April 16 2010 - News Release
Mr. Joseph Casabona reports
PARAMAX RESOURCES LTD. SELLS SASKATCHEWAN PROPERTIES
Paramax Resources Ltd. has signed a binding agreement to sell to an arm's length party its complete interest in the Fosterton Saskatchewan property. The property consists of minority interests in two wells on 1/2 section of land. The Corporation had averaged approximately 9 BBL/day of production for the wells. Gross proceeds of $363,953 were received. The Corporation is awaiting final TSX-V approval of the sale.
Paramax is focusing all of its resources on its two other projects, both of which had recently announced successful wells. On the Idaho project, recent announcements made by the Corporation outlined the first two successful wells of its program. These wells are awaiting the arrival of a completions rig to complete the testing. The third well in the program is currently being drilled. On its Fincastle project, the Corporation has previously announced it had drilled both a successful oil and gas well, both of which are being evaluated to determine a development program.